According to a report, on October 21, the Qianhai Open Source Multi-Strategy Mixed Fund under Qianhai Open Source Fund released its third-quarter report.
In terms of portfolio operations, the fund adhered to a "Value Plus" strategy, significantly increasing the proportion of defensive assets such as banks and power, reducing some AI technology sector holdings, and increasing cyclical sector holdings represented by non-ferrous metals, with the investment strategy leaning toward defense.
In terms of net value performance, over the past three months, among the Qianhai Open Source Multi-Strategy Mixed Fund, Class A was -0.76% and Class C was -0.78%, while the benchmark over the same period was -7.29%. Both classes significantly outperformed the benchmark by about 6.5 percentage points.
Specifically, in the third quarter, the top ten heavily held stocks of the Qianhai Open Source Multi-Strategy Mixed Fund were: Sichuan Chuantou Energy Co.,Ltd. (600674.SH), China Yangtze Power Co.,Ltd. (600900.SH), CHINA MOBILE (00941), China Merchants Bank Co.,Ltd. (600036.SH), Sdic Power Holdings Co.,Ltd. (600886.SH), Gd Power Development Co.,Ltd. (600795.SH), CCB (00939), Beijing-Shanghai High Speed Railway Co.,Ltd. (601816.SH), China Coal Xinji Energy Co.,Ltd. (601918.SH), and Zhongjin Gold Corp.,Ltd. (600489.SH).
Compared with the end of the second quarter, the fund clearly increased its positions in bank stocks this quarter and further added to power utilities. Sdic Power Holdings Co.,Ltd., Gd Power Development Co.,Ltd., and CCB all entered the top ten holdings. AI technology-related sectors basically exited the top ten. Four AI-related targets from the top ten in Q2 — Advanced Micro-Fabrication Equipment, Naura Technology, Eoptolink Technology, and Zhongji Innolight — had already been substantially reduced, and the fund's style shifted toward defense.
On the market side, the stock market experienced a rare AI boom in the second quarter, but due to extremely crowded trading and deterioration in the macroeconomic environment, it saw a huge pullback in the third quarter. During the period, the CSI 300 Index fell 12.5%, the ChiNext Index with higher AI exposure fell 27.8%, and the STAR Composite Index fell 28%. Correspondingly, dividend value sectors rebounded, with the Dividend Low Volatility Index rising 9.8%. The Hong Kong stock market, which has lower AI exposure, recovered somewhat in the third quarter, with the Hang Seng Index rising 7.6% during the period.
Fund manager Tian Wei said that the domestic macro environment in the third quarter of 2026 continued to show a K-shaped recovery. The AI industry and exports remained prosperous, supporting economic growth, while other areas performed relatively steadily. The challenges facing investment came more from uncertainty in the international macro environment. First, the situation in the Middle East deteriorated again in the third quarter, with oil prices rising again to around $100, intensifying energy inflation and casting a shadow over global economic growth. On the other hand, the U.S. economy, stimulated by demand from AI capital expenditure and fiscal expansion, entered an overheating phase, and combined with the oil supply shock, this forced the Federal Reserve to raise interest rates in response, with U.S. Treasury yields across maturities rising in tandem. He said that persistently high oil prices, a tighter monetary environment, and higher U.S. Treasury yields have become realistic constraints currently faced.
Looking ahead from the current point in time, the unfavorable international macroeconomic factors affecting market operations since the third quarter do not yet appear to show signs of improvement, and uncertainty remains significant in the short term. Looking further ahead to 2027, there is also a considerable probability that this uncertainty will further evolve into real risks, such as the sustainability of U.S. AI capital expenditure and whether high interest rates will ultimately cause the U.S. economy to move from overheating to stagflation or even recession.
Tian Wei pointed out that in the coming period, uncertainty at the international macro level will always be an important challenge for investment. His response strategy is to base himself on defense while seeking structural opportunities that can resist or even benefit from this uncertainty. He will adhere to a "Value Plus" strategy, expand the proportion of core value holdings in a timely manner, and at the same time seek suitable structural opportunities, striving for this strategy to help navigate the fog and ultimately achieve steady returns.
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