Since the beginning of this year, the Shanghai and Shenzhen stock indices have shown a "slow bull" trend with fluctuating gains, with market focus concentrated in the technology and growth sectors. Active equity funds have generally increased holdings in electronics, communications, and power equipment while reducing exposure to traditional consumer industries such as food and beverages and home appliances. Against the backdrop of rising indices, a number of equity funds have achieved significant performance breakthroughs.
As of October 31, 2025, the average net value growth rate of active equity funds in the first 10 months reached 27.48%, with the average return of ordinary stock funds soaring to 32.93%. However, it has been observed that the performance of funds managed by Qianhai Open Source fund manager Qu Yang has been highly volatile. For example, the Qianhai Open Source Quality Enterprise 6-Month Holding Mixed A/C posted returns of -39.46% and -41.76%, respectively, while the Qianhai Open Source Juli One-Year Holding Mixed A/C recorded returns of -17.15% and -17.47%. The Qianhai Open Source National Comparative Advantage Mixed C also suffered a return of -42.30%.
**Qu Yang's Funds Report 39.46% Loss** According to data from Tian Tian Fund Network, Qu Yang joined Southern Fund in July 2008, serving as a research analyst, fund manager assistant, and manager of the Southern Global Selected Fund. From November 2009 to January 2013, he was assigned to Southern Fund’s Hong Kong subsidiary, CSOP Asset Management, where he worked as a fund manager assistant and industry analyst.
From February 2012 to January 2013, he managed the China New Balanced Opportunity Fund at CSOP Asset Management (Hong Kong). From February 2013 to July 2014, he served as the manager of the Southern Global Selected Fund. In July 2014, he joined Qianhai Open Source Fund Management Co., Ltd. With a cumulative tenure of 11 years and 364 days, he currently manages funds totaling RMB 15.088 billion, with the best fund performance under his management yielding 192.36%.
The Qianhai Open Source Quality Enterprise 6-Month Holding Mixed A fund, established on January 8, 2021, has underperformed, with its current size at RMB 2.976 billion. As of November 10, its net asset value per share stood at 0.6054. Since inception, the fund has recorded a return of -39.46%, with year-to-date returns at 16.49%. Over the past three months, it gained 6.43%, while six-month returns reached 14.38%. One-year, two-year, and three-year returns were 15.23%, 18.15%, and 13.01%, respectively.
The fund has shown a strong preference for Kweichow Moutai, holding 448,400 shares in Q1 2021. However, its holdings gradually declined over subsequent quarters, reaching 158,900 shares by Q3 2025. During this period, Moutai’s stock price fell by 18%.
Similarly, the fund initially held 2.8 million shares of Wuliangye in Q1 2021 but exited by Q3 2021, during which the stock price dropped by 25%. Subsequent re-entries in Q4 2022 and Q4 2024 also resulted in losses of 12% and 25%, respectively.
The fund also invested in GF Securities (01776), buying 50 million shares in Q3 2021 and exiting by Q3 2022, with the stock price declining by 15% during the holding period.
Another notable holding was Mindray Medical, where the fund initially bought 405,100 shares in Q1 2021, increasing holdings to 1.8339 million shares by Q4 2021. However, it exited by Q3 2022, with the stock price falling by 30%. Subsequent trades in Mindray yielded mixed results, including a 20% loss in Q1 2025.
**High-Position Buys in East Money—Has the Investment Strategy Failed?** The Qianhai Open Source Juli One-Year Holding Mixed A fund, launched on October 26, 2021, has also struggled, with a net asset value per share of 0.8285 as of November 10. Since inception, it has posted a return of -17.15%, with year-to-date returns at 17.40%. Investors have expressed frustration, with some noting that despite four years of holding, they remain in the red.
The fund heavily invested in East Money Information Co., Ltd. (300059), buying 1.2793 million shares in Q4 2021 and increasing holdings to 3 million shares by Q2 2022. However, by Q1 2023, it had exited the position, with the stock price declining by 29% during the holding period.
Other holdings included Huadian Power and Luzhou Laojiao, both of which saw declines during the fund’s investment periods.
The fund’s underperformance has been attributed to misaligned sector allocations, ineffective investment strategies, and declining managerial effectiveness. Despite a "slow bull" market, its persistent poor performance has led to investor redemptions upon the expiration of the one-year holding period.
As of September 30, 2025, the fund’s net assets stood at RMB 400 million, a 6.83% increase from the previous period.
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