With the completion of Q2 2025 fund report disclosures, the portfolio adjustment strategies of top fund managers including Zhang Kun, Liu Gesong, Xie Zhiyu, and Liu Yanchun have emerged.
Each top fund manager has distinct focuses: Zhang Kun maintains his position in liquor stocks while increasing exposure to internet healthcare; Liu Gesong actively pursues semiconductors and new energy; Xie Zhiyu heavily weights biomedical stocks; and Liu Yanchun reduces liquor holdings while positioning in the duty-free sector.
While star fund managers' adjustments may offer reference value for ordinary investors, industry professionals caution that retail investors should maintain rationality when referencing these moves. Star fund managers possess professional investment teams and extensive experience, basing their adjustments on thorough research and analysis. Ordinary investors may lack such resources and capabilities and should not blindly follow trends.
"Star fund managers' portfolio moves are indeed market hotspots, reflecting their professional judgment on market conditions, industries, and company fundamentals. However, fund periodic reports have inherent lag. Retail investors should focus more on understanding and verifying fund managers' investment frameworks and logic, using their adjustment information as a starting point for personal research rather than simply copying strategies," notes Zhang Bixuan, a research analyst at济安金信基金评价中心.
**Zhang Kun Significantly Increases JD Health Holdings, Liquor Leaders Remain Core Assets**
Zhang Kun's position changes are traditionally viewed as market indicators. Wind data shows that as of June 30, Zhang Kun's funds maintained preference for liquor stocks in Q2 while significantly increasing JD Health holdings by 70.55 million shares.
Specifically, four of Zhang Kun's top six holdings are liquor stocks. Besides top-ranked Tencent Holdings and Alibaba-W, Wuliangye, Jiannanchun, Kweichow Moutai, and Shanxi Fenjiu ranked third through sixth respectively, with market values exceeding 4.9 billion yuan each. Jiannanchun received the largest increase of 9.5285 million shares among liquor stocks.
Performance of these four liquor stocks has varied year-to-date. As of September 5 close, both Jiannanchun and Shanxi Fenjiu gained over 10% since year-start, while Kweichow Moutai posted slight declines.
Additionally, Zhang Kun significantly increased JD Health holdings. Wind data shows his funds added 70.55 million shares of JD Health, with market value reaching 2.767 billion yuan, representing 2.20% of the stock's tradable market cap. JD Health has performed exceptionally well this year, gaining 124.51% year-to-date and 51.62% over 60 days.
Hong Kong stocks comprise a significant portion of Zhang Kun's portfolio. Despite the substantial JD Health increase, Tencent Holdings and Alibaba-W remain his top two holdings with market values of 5.388 billion yuan and 5.222 billion yuan respectively.
Beyond traditional heavy positions, Zhang Kun increased allocation to consumer and service sectors. Yum China, Trip.com Group-S, and H World Group-S all entered his top fifteen holdings. SF Holding received an increase of 39.4601 million shares, with market value reaching 2.719 billion yuan.
**Xie Zhiyu Weights Semiconductors and Biomedicals, Reduces Luxshare Precision and Xiaomi**
Xingzheng Global Fund's star manager Xie Zhiyu's top five holdings are Juhua Group, Amlogic, Luxshare Precision, Xiaomi Group-W, and Lens Technology.
Xie Zhiyu's funds significantly increased Juhua Group holdings by 4.7649 million shares, with market value reaching 2.236 billion yuan, representing 2.89% of tradable shares. Amlogic also became a key focus, with holdings valued at 2.122 billion yuan, accounting for 7.11% of tradable shares. This semiconductor stock has performed well year-to-date, gaining 32.03%.
In biomedicals, Xie Zhiyu increased Innovent Biologics by 12.2633 million shares, with market value at 877 million yuan. Nkmax also received an increase of 48.367 million shares, valued at 578 million yuan, representing 2.74% of tradable shares.
Conversely, Xie Zhiyu reduced positions in some consumer electronics stocks. Luxshare Precision was reduced by 4.5243 million shares, decreasing market value by 157 million yuan, though maintaining 1.799 billion yuan in holdings at third position. Xiaomi Group-W was also reduced by 10.7895 million shares, decreasing market value by 590 million yuan.
In emerging growth sectors, Xie Zhiyu increased Lens Technology by 47.7778 million shares, adding 1.065 billion yuan in market value. Focus Media also received an increase of 97.8641 million shares, with market value at 711 million yuan.
**Liu Yanchun Reduces Liquor Leaders, Increases Home Appliances and Duty-Free Exposure**
Jingshun Great Wall Fund's star manager Liu Yanchun significantly reduced Wuliangye by over ten million shares while increasing Midea Group and China Tourism Group Duty Free.
Liu Yanchun's top five holdings are Kweichow Moutai, Haid Group, Mindray Medical, Shanxi Fenjiu, and Midea Group, with combined market value exceeding 15 billion yuan.
Liu Yanchun's liquor sector operations showed clear differentiation. Though Kweichow Moutai remains his largest holding at 3.463 billion yuan market value, he reduced it by 131,300 shares in Q2. More significant reduction occurred in Wuliangye, with total reduction of 10.1544 million shares, decreasing market value by 1.207 billion yuan, dropping Wuliangye from previous quarter's top ranking to sixth position. Shanxi Fenjiu was also reduced by 1.9525 million shares, decreasing market value by 344 million yuan.
These operations may relate to recent weak performance in the liquor sector, with both Kweichow Moutai and Wuliangye posting negative year-to-date returns.
Contrasting with liquor reductions, Liu Yanchun increased Midea Group by 771,400 shares, adding 55.6951 million yuan in market value. China Tourism Group Duty Free also received an increase of 6.515 million shares, adding 397 million yuan in market value to reach 2.087 billion yuan.
Mindray Medical, as Liu Yanchun's third-largest holding with 3.365 billion yuan market value, was slightly reduced by 171,200 shares in Q2. Conversely, Aier Eye Hospital received an increase of 13.2077 million shares, adding 165 million yuan in market value.
**Liu Gesong Weights Semiconductors and New Energy, Reduces Solar Exposure**
Guangfa Fund's Liu Gesong significantly increased semiconductor and new energy sector exposure in Q2 while reducing solar and some consumer electronics positions.
In Q2 2025, Liu Gesong made significant portfolio adjustments, substantially increasing semiconductor stocks like Neoconex and Co-Create Data while reducing solar and consumer electronics positions including JinkoSolar and Zhenhua Technology.
Data shows Liu Gesong significantly increased optical module leader Neoconex by 778,500 shares, with market value reaching 98.9902 million yuan. This stock has performed remarkably this year, gaining 324.75% as of September 5 close. Co-Create Data also received an increase of 452,600 shares, adding 38.9471 million yuan in market value to total 90.3199 million yuan.
In new energy, Liu Gesong maintains active positioning. Sungrow Power Supply holdings reached 1.537 billion yuan market value. As of September 5 close, this stock gained 86.42% year-to-date and 116.86% over 60 days. Though EVE Energy was reduced by 9.2111 million shares, holdings still reached 1.583 billion yuan market value.
In stark contrast to increases, the fund manager significantly reduced solar sector exposure. JinkoSolar was reduced by 142 million shares, decreasing market value by 737 million yuan. Zhenhua Technology was also reduced by 20.3511 million shares, decreasing market value by 1.019 billion yuan.
For Hong Kong stocks, the fund manager slightly increased Tencent Holdings by 43,900 shares, adding 20.1388 million yuan in market value to total 525 million yuan. As of September 5, Tencent Holdings gained 46.47% year-to-date. Hong Kong Exchanges and Clearing also received an increase of 1.4531 million shares, with market value reaching 555 million yuan.