As the disclosure season for half-year reports draws to a close, the second-quarter positioning changes of large-cap subjective private funds have come into focus. Tracking data from the Haomai Fund Research Center shows that as of the end of the first half, computer and electronics sectors — broadly defined as tech — remained the core allocation for these funds, together accounting for roughly 50% of holdings. Basic chemicals and non-ferrous metals ranked as the second-largest allocation, while machinery and electrical equipment, which carry export and broad AI exposure, took the third spot.
In terms of holding shifts, the AI and broader tech sectors saw sharp and rapid gains during the second quarter. Private funds, while keeping pace with the rally, actively rebalanced their books, rotating into other areas with stronger cyclical momentum or relatively undervalued positions. Specifically, Gaoyi Asset trimmed computer, electrical equipment, and electronics holdings while boosting positions in non-ferrous metals and basic chemicals. Chongyang Investment reduced real estate exposure and added to computers. Jumin Investment cut communications and increased electrical equipment and machinery. Ruijun Asset pared back electronics, basic chemicals, and light manufacturing, while Renqiao Asset reduced pharmaceuticals and agriculture, forestry, animal husbandry, and fishery while increasing real estate.
At the individual stock level, Gaoyi reduced holdings in previously favored names such as CNGR Advanced Material, BNBM, and Hikvision. In contrast, Chongyang Strategy significantly increased its stake in Hikvision, while Jinglin cut its position in Shiji Information. This divergence across managers on the same stock also mirrors differing long-term outlooks on the AI battleground.
Danshui Quan believes the market remains split between bulls and bears on the AI narrative, making a sustained sideways range hard to break in the near term. However, from an industry standpoint, AI penetration across vertical applications is accelerating, with robotics and autonomous driving poised to grow into decade-long mega-trends. Jumin Investment notes that AI hardware demand remains robust, though the picture beyond 2028 grows murky. The firm has retained part of its AI positions while adding traditional sectors like coal and chemicals. Hongchou Investment, meanwhile, argues that AI investing is transitioning from a pure tech narrative to a broader macro variable. The era of indiscriminate sector beta is likely over, requiring investors to move from simply “being in the trade” to a stricter, more disciplined selection of companies and sub-segments.
Comments