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

Specifically, the Baoying Modern Service Industry Mixed Fund (Code: 009223), despite bearing the name "Modern Service Industry," has concentrated its actual investment portfolio heavily in the pharmaceutical and biotechnology sector, showing significant deviation from its contractual theme.

From a holdings structure perspective, as of the end of Q2 2025, the fund's top ten holdings were almost entirely composed of pharmaceutical and Hong Kong technology sector stocks. Among these, Corden Pharma Biopharma-B held a market value of approximately 25.91 million yuan, accounting for 8.78% of net asset value. Despite a 31.07% reduction from the previous period, it remained the largest holding. Tencent Holdings, BeiGene-U, Baiyu Tianheng, Innocare-U, and other pharmaceutical and technology stocks also occupied important positions. The combined top ten holdings represented a high proportion of net asset value, demonstrating extreme industry concentration with weak correlation to "service industry" related fields such as social services and modern consumption.

Source: Wind as of 20250630

In terms of performance, the fund exhibits characteristics of high volatility and high elasticity. The return rate since 2025 reached 64.73%, with a one-year return of 73.28%, ranking among the top in its category. However, over longer periods, the fund declined 11.91% and 9.32% in 2021 and 2022 respectively, and also fell 3.7% in 2024, indicating obvious deficiencies in performance sustainability and drawdown control capabilities. Since its establishment in July 2020, the total return was 31.62% with an annualized return of 5.52%, failing to significantly outperform its benchmark and the CSI 300 Index.

Source: Wind as of 20250825

Source: Wind as of 20250825

The fund's style deviation is not a short-term behavior; it was already very apparent when current fund manager Yao Yi took over in January 2023.

From the Q1 2023 holdings report, in the first reporting period after her takeover, the top ten holdings were exclusively healthcare stocks, covering innovative drug, medical device, and medical service companies in both A-share and Hong Kong stock markets. These included Aier Eye Hospital (accounting for 7.94% of net asset value), Baiyu Tianheng (6.32%), Privus (5.55%), NorthStar (5.40%), Corden Pharma (5.27%), and others, with a combined proportion exceeding 50% of net asset value, completely deviating from the "modern service" theme.

Source: Tiantian Fund as of 20230331

Since taking office, although Yao Yi achieved a total return of 46.78% and an annualized return of 15.85%, ranking in the top 10% among peers, her strategy failed to continue the previous fund manager's holding style and did not adjust the product toward the "service main business" direction.

In her latest Q2 report, she continued to explicitly state that she is "optimistic about the innovative drug sector," believing it has a "favorable policy environment, low geopolitical risks, and BD transactions exceeding expectations." She emphasized continued strategic positioning in innovative drugs while allocating to Hong Kong technology leaders. This discourse shows clear misalignment with the fund's name and thematic positioning.

Source: Wind as of 20250825

The fund has a total scale of 295 million yuan, with institutional investors accounting for 20.29%, indicating some external oversight, though individual investors remain the primary holders. Despite excellent short-term performance, its style drift behavior not only creates compliance issues but may also cause investors to bear unexpected risks due to thematic misunderstanding.

Source: Wind as of 20250825

Overall, the Baoying Modern Service Industry Mixed Fund has become a typical example of "thematic fund style drift." Its investment behavior deviating from contractual commitments not only affects fund evaluation results but also involves fundamental issues of public fund fiduciary responsibility and investor suitability management. The market will continue to monitor whether this product will adjust its strategy to return to its theme in the future.