In recent years, regulatory authorities have continuously strengthened oversight and constraints regarding the "style drift" phenomenon in public mutual funds. However, during the second quarter of this year, products from multiple fund companies still exhibited significant style deviations, drawing widespread market attention.

Specifically, the Qianhai-Kaiyuan Big Safety Core Mixed Fund, despite its "big safety" theme, shows certain deviations between its actual holdings and thematic definition.

According to the 2025 second quarter report, the fund's top ten holdings span multiple industries including semiconductors, software development, aviation equipment, insurance, and automotive components, featuring stocks such as Jeja Micro, Beijing Compass Technology Development Co.,Ltd., AECC Aviation Power, New China Life Insurance, Ping An Insurance (Group) Company Of China, Ltd., Innolight Technology, and Hengbo Co., Ltd. From an industry distribution perspective, technology accounts for 45.31%, manufacturing 34.64%, and finance 16.86%.

Source: Wind as of June 30, 2025

The fund contract defines the "big safety" theme extremely broadly, covering more than ten areas including national defense and military industry, information security, energy security, ecological security, and food safety. This enables some holdings like AECC Aviation Power and Beijing Compass Technology Development Co.,Ltd. to still be interpreted within the thematic scope. The allocation to insurance sector stocks like New China Life Insurance and Ping An Insurance (Group) Company Of China, Ltd. may be explained by the fund manager as components of "financial security" or "national security," though such connections appear relatively indirect and far-fetched.

Notably, the fund maintains high stock concentration, with the top ten holdings accounting for 63.62% of total stock market value and 59.72% of fund net asset value, demonstrating fund manager Liu Hong's high stock selection concentration and active management capabilities.

From a performance perspective, as of September 2025, the fund achieved a remarkable one-year return of 105.62%, two-year return of 87.02%, five-year return of 81.70%, total return of 199.80%, and annualized return of 10.91%, consistently ranking at the forefront among peers.

Source: Wind as of September 9, 2025

Current fund manager Liu Hong has been managing the fund since August 8, 2022, achieving a total return of 53.27% during his tenure with an annualized return of 14.80%.

Source: Wind as of September 9, 2025

Particularly noteworthy is the extremely aggressive investment style with consistently high turnover rates. Data shows the fund's turnover rate reached 1143.55% in the first half of 2025, and 813.82% at the end of 2024, indicating exceptionally frequent portfolio adjustments. The combination of high turnover rates and thematic investment deviation further highlights the significant flexibility of its investment strategy, while raising questions about style consistency and stability. Although this high-frequency trading behavior contributed considerable returns in certain periods, it also harbors significant volatility risks and transaction cost erosion.

Source: Daily Fund as of September 9, 2025

In the second quarter report, Liu Hong stated that at the beginning of the second quarter of 2025, as the United States imposed equivalent tariffs on major global countries and China implemented retaliatory equivalent tariffs, U.S. stocks experienced significant declines, and A-shares were also affected to some extent, resulting in substantial drops. However, as subsequent in-depth negotiations between China and the U.S. led to tariff delays, and domestic supportive policies were introduced to offset tariff impacts, A-shares experienced a significant rebound. By June 30, major indices were all above their end-of-March levels. Structurally, after the April impact, A-shares showed broad-based gains with sector rotation across all segments. The fund will focus on listed companies' medium-term performance trends and industry trends, concentrating layouts in TMT, non-banking financial, and machinery sectors.

Source: Fund Announcement

The fund has assets under management of 153 million yuan, which while not large, remains well above liquidation thresholds and operates stably. Overall, the Qianhai-Kaiyuan Big Safety Core Mixed Fund demonstrates clear style drift characteristics in its investment practice, with holding structures and industry allocations inconsistent with the thematic investment direction suggested by the fund name, reflecting deviations between product positioning and investment execution among some funds. For investors, this fund serves as a warning: when selecting funds, one must never rely solely on names but must carefully examine actual holdings and investment logic in periodic reports to avoid falling into "style drift" traps.

Source: Wind as of September 9, 2025