私募业绩分化：押中AI、科技股者狂赚，运舟资本、半夏投资等规模缩水

Odaily Planet Daily News: Amid the "tech bull" rally in A-shares, capital is rapidly concentrating around the AI industrial chain, leading to a clear divergence within the private fund industry. Institutions heavily positioned in AI and computing power have reaped leading returns, while subjective private funds that failed to ride this trend are facing net value drawdowns and significant scale contractions. Data shows that Yunzhou Capital, once a hundred-billion-scale subjective private fund, has seen its AUM (Assets Under Management) shrink to below 5 billion yuan. Previously, other established hundred-billion-scale private funds like Banxia Investment and Tongben Investment also experienced scale declines. In response to the drawdown of their funds, Li Bei, founder of Banxia Investment, stated that they are unwilling to follow the herd and chase AI, believing that the trigger conditions for an AI bubble burst have already emerged. Industry insiders believe that whether one has correctly timed the rhythm of the AI industrial chain has become a defining watershed for the performance of subjective private funds. (Caixin)