The first batch of funds with a "zero profit ratio" has been disclosed following the release of 2026 interim reports. Several products, including the Fuguo Yuanjian Selection Three-Year Open-Ended Fund, the Jingshun Changcheng Jiying Growth Two-Year Fund, the Jingshun Changcheng Value Steady Progress Three-Year Open-Ended Fund, and the Xin'ao Bojian Growth One-Year Open-Ended Fund A, have all appeared on this list.
Among the eight funds featured on this list with a zero profit ratio, Fuguo Yuanjian Selection Three-Year Open-Ended Fund stands out due to its unique circumstances. Established on December 4, 2023, this fund is currently within its initial lock-up period. As of the end of August 2026, its cumulative return since inception remains at 16.58%, indicating it has not consistently been in a loss-making state. Furthermore, during the past year's statistical window (from July 1, 2025, to June 30, 2026), the fund's net value only declined by 1.01%, marking the smallest drawdown among the eight zero-profit-ratio products.
As a three-year open-ended fund, its next redemption window is expected to open on December 4, 2026. At that point, the decision of holders to stay or leave will serve as the most direct test of the fund's investment strategy. Fund manager Pu Shilin acknowledged operational missteps in the 2026 interim report. He stated that the fund underestimated the surge in computing power investment driven by the unexpected rapid progress of AI, which resulted in a failure to fully capitalize on this round of AI technology investment opportunities.
Reflecting on the first half of the year, the large-scale application of AI agents in fields such as programming, along with continuous model iterations, drove exceptional performance across the AI-related industrial chain, particularly in upstream segments. Despite this, the fund's portfolio adhered to its established low-valuation stock selection strategy, reducing equity exposure and concentrating on stable, low-valuation sectors such as real estate, home appliances, agriculture, banking, and utilities. Although these companies demonstrated solid fundamentals and even marginal improvements, their overall performance remained weak under sustained capital outflows.
With 18 years of industry experience, Pu Shilin currently serves as Deputy Assistant to the Head of Equity Investment and Senior Equity Fund Manager at Fuguo Fund, while also managing several other products, including Fuguo Urban Development and Fuguo Balanced Strategy. Based on the holdings structure as of June 30, 2026, the fund's top ten heavy-weight positions collectively accounted for 42.69% of net asset value and 59.50% of stock market value. Notably, the portfolio contains few AI-related targets, maintaining its focus on leading companies within traditional industries.
It is worth highlighting that over half of the top ten holdings recorded negative returns during the statistical period. Among them, Yifeng Pharmacy experienced a steep decline of 24.75%, significantly dragging down the overall portfolio performance.