Private fund performance diverges: Those betting on AI and tech stocks rake in profits, while Yunzhou Capital,半夏投资, and others see assets shrink

Odaily Planet Daily News: Driven by the "tech bull" market in A-shares, capital is rapidly concentrating on the AI industry chain, leading to a clear divergence within the private fund industry. Some institutions heavily invested in AI and computing power have achieved leading returns, while subjective private funds that failed to keep pace with the trend are facing net value drawdowns and asset shrinkage. Data shows that Yunzhou Capital, once a 10-billion-yuan subjective private fund, has seen its management scale drop below 5 billion yuan. Previously, established 10-billion-yuan private funds such as半夏投资 and Tongben Investment also experienced scale declines. Li Bei, founder of半夏投资, responded to her fund's drawdown, stating that she is unwilling to blindly follow the AI trend, believing that the triggers for an AI bubble burst have already appeared. Industry insiders believe that whether a fund has aligned with the rhythm of the AI industry chain has become a key dividing line for the performance of subjective private funds. (Caixin)