Several high-performing actively managed equity funds have hit the brakes on large subscriptions, with some even halting all new purchases entirely.
On May 27, Chutong Fund announced that to ensure stable fund operation and protect the interests of its shareholders, it would suspend large purchases, scheduled fixed-amount investments, and transfers into the Chutong Growth Select Hybrid Securities Fund, managed by its Deputy General Manager and Equity Investment Director, Jin Zicai, effective immediately. The daily purchase limit per account is set at ¥10,000.
This marks the first time a product under Jin Zicai's management has implemented a full-channel large-amount purchase restriction. According to Wind data, as of the end of the first quarter, the Chutong Growth Select fund had assets under management of ¥3.306 billion. Its top ten holdings, reflecting a distinct tech and growth style, were Eoptolink Technology Inc.,Ltd. (300502.SZ), Guangdong Dtech Technology Co.,Ltd. (301377.SZ), Zhongji Innolight Co.,Ltd. (300308.SZ), Yuanjie Semiconductor Technology Co.,Ltd. (688498.SH), Shengyi Electronics Co.,Ltd. (688183.SH), Shenzhen Han'S Cnc Technology Co.,Ltd. (301200.SZ), Jiangsu Etern Company Limited (600105.SH), Wus Printed Circuit(Kunshan)Co.,Ltd. (002463.SZ), Shengyi Technology Co.,Ltd. (600183.SH), and Fiberhome Telecommunication Technologies Co.,Ltd. (600498.SH).
In terms of performance, as of May 26, 2026, Chutong Growth Select A had achieved a year-to-date return of 82.47%, ranking 8th among 2,341 similar funds. Its one-year return reached an impressive 366.56%, placing 3rd among 2,334 comparable products.
Also on May 27, Founder Sealand Fund announced that, effective May 28, it would suspend large purchases, scheduled fixed-amount investments, and transfers into the Founder Sealand Core Advantage Mixed fund, with a daily limit of ¥300,000 per account. Wind data shows that as of May 26, this fund's year-to-date performance stood at 103.02%, currently ranking first in its category, with a one-year return of 132.77%.
As of the end of Q1, the top ten holdings of the Founder Sealand Core Advantage Mixed fund were Shenzhen Longsys Electronics Co.,Ltd. (301308.SZ), Shenzhen Techwinsemi Technology Co.,Ltd. (001309.SZ), Shannon Semiconductor Technology Co.,Ltd. (300475.SZ), Gigadevice Semiconductor Inc. (603986.SH), Biwin Storage Technology Co.,Ltd. (688525.SH), Puya Semiconductor(Shanghai)Co.,Ltd. (688766.SH), Netac Technology Co.,Ltd. (300042.SZ), L&K Engineering(Suzhou)Co.,Ltd. (603929.SH), Acter Technology Integration Group Co., Ltd. (603163.SH), and Shenzhen Seichi Technologies Co.,Ltd. (688627.SH).
In fact, several top-performing actively managed equity funds have recently tightened their subscription limits. Many of these products hold significant positions in core optical module industry chain stocks like Eoptolink Technology Inc.,Ltd., Zhongji Innolight Co.,Ltd., and others, or focus on hot sectors such as fiber optic communication and semiconductor memory chips. For example, GF Vision Smart Select, with a year-to-date return exceeding 94%, reduced its daily purchase cap to just ¥1,000 starting May 18. Following suit, Yongying Pioneer Semiconductor Select, with an 80.09% year-to-date return, imposed a ¥100,000 limit starting May 26. Other standout performers like Huatai-Pinebridge Quality Growth Mixed, Huatai-Pinebridge Quality Select, E Fund Pioneer Growth, and E Fund Vision Growth have all set daily purchase caps at ¥100,000. Additionally, funds like Huashang Balanced Growth, Huashang Zhiyuan Return, and Huashang Advantage Industry Mixed have implemented a daily limit of ¥10,000.
Beyond purchase limits, some high-performing funds have opted to completely close their doors to new investments. Funds such as Qianhai Kaiyuan Shanghai-Hong Kong-Shenzhen Enjoy Life, Puying An Sheng Global Intelligent Technology, and Qianhai Kaiyuan Artificial Intelligence have all suspended subscriptions entirely.
Industry experts note that fund purchase restrictions, by controlling the pace of capital inflows, help maintain the stability of investment strategies and reduce impulsive chasing of rallies by investors, thereby optimizing the holding experience. They emphasize that such restrictions are not a sign of bearishness on the market but rather a proactive measure to protect the effectiveness of the strategy. The core issue after a surge in assets under management is the mismatch between a strategy's capacity and market liquidity. Purchase limits help guide investors towards rational investing, discourage blindly entering at market peaks, and encourage risk reduction through methods like systematic investment plans.
Looking ahead, BOC Fund Management suggests the market may enter a phase of relatively strong volatility with increased sector rotation. First, the U.S.-Iran situation, which escalated over the weekend, suddenly eased, with both sides announcing they were close to an agreement to open the Strait of Hormuz. Against this backdrop, short-term crude oil prices may decline, potentially easing risks related to rising U.S. bond yields and concerns about global economic stagflation. Second, while recent increased crowding in tech stock trades has led to greater market volatility, overall market warning signals from a trading perspective are neither numerous nor severe. In the medium term, the key determinants of market trends remain corporate earnings and industry trends. The probability of a significant liquidity or regulatory tightening before mid-to-late June is considered low. However, it is noteworthy that as the tech rally accelerates, the pace of sector rotation may increase subsequently. It is advisable to monitor directions with marginal positive catalysts.
Bosera Fund points out that in the medium term, with CPI rising, attention should be paid to the AI industry trend. In the short term, geopolitical tensions in the Middle East and overseas liquidity conditions are disturbing risk appetite, and the broader market may maintain a pattern of high-level consolidation. Structurally, the current market exhibits significant divergence, with the tech sector facing high crowding in the short term, necessitating caution against overheating risks. Simultaneously, consideration should be given to opportunities in both traditional and new energy sectors arising from the elevated oil price environment.
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