The 2026 semi-annual fund reports have brought the first mandatory disclosure of the "proportion of profitable investors" metric under new public fund information rules. Wind data shows that among 5,621 funds that have disclosed this indicator, more than 3,000 funds have over 90% of their investors in profit, and 121 funds achieved 100% profitability across the board.
However, the bottom eight funds with a "zero-profit ratio" stand out starkly, and Founder Fubon Xinyi One-Year Open Mixed A (hereinafter referred to as Founder Fubon Xinyi) is one of them. This fund was established in April 2022 and was solely managed by Cui Jianbo from inception until March this year. From March to July of this year, it was co-managed by Cui Jianbo and Tang Ge, and since July, it has been managed solely by Tang Ge.
During the statistical period (July 1, 2025 to June 30, 2026), the fund posted a return of -5.94%. As of August 31, 2026, its year-to-date return has widened further to -13.34%. In terms of scale, as of June 30, 2026, the A-share class had net assets of 4 million yuan, while the C-share class stood at 1 million yuan, down 10.94% and 10.91% respectively from the prior period, leaving a combined scale of only about 6 million yuan.
Notably, among the eight zero-profit-ratio funds, Founder Fubon Xinyi is the only product held 100% by individual investors. Its most recent open period was June 29, 2026, and the statistical interval above almost fully covers the complete historical performance leading up to the start of the subsequent closed-end operation cycle. Looking at the portfolio structure as of June 30, the fund's top ten holdings were all chemical industry stocks, with the top five positions being Xinan Chemical, Rongsheng Petrochemical (rights protection), Putailai, Shida Shenghua, and Kingfa Technology, showing extreme concentration in the chemical sector.
The fund manager admitted in the quarterly report that as capital increasingly converges on the AI mainline, industries with weaker ties to AI underperformed despite decent earnings. Meanwhile, the investor structure within AI itself deteriorated rapidly, and the market could only correct overly consistent expectations and excessively concentrated positions through sharp volatility, leaving the second-quarter A-share market turbulent, with few successful attempts to rotate into other sectors. The report further pointed out that exports, especially high-end manufacturing exports, are currently the primary driver of economic growth, closely linked to the rapid demand growth from AI infrastructure construction. Meanwhile, insufficient new investment and lackluster consumption recovery have left many related industries' fundamentals lingering at the bottom.
On one hand, surging AI demand has fueled explosive earnings growth in related sectors; on the other, industries tied to the investment and consumption chain remain depressed, resulting in extreme divergence in A-share price movements. Looking ahead to the third quarter, the fund manager believes that with the mid-year earnings season approaching, the market will place greater emphasis on earnings support for stock prices. The AI mainline direction, given its strong earnings certainty, carries relatively manageable risks. At the same time, quality earnings in some other sectors may stage a phased return to investor attention after the mid-year reports, offering structural opportunities. However, for Founder Fubon Xinyi—with negative interval returns, deeply fallen net value, shrinking assets, and an all-retail shareholder base—whether these judgments can reverse its predicament remains to be seen.