ChainThink reports that on June 21, Li Bei, founder of Shanghai Banxia Investment Management Center, released an open letter to investors stating that the fund's net asset value experienced a significant decline due to decreases in equity holdings across four sectors: energy, real estate, consumer goods, and building materials.
The fund's net long position is currently at 50%, having been moderately reduced and positions with low conviction have been unwound. Li Bei noted that the related holdings have come under significant pressure recently, with corrections in domestic demand and real estate sectors exceeding expectations.
She understands the impatience of investors and respects the choice to redeem funds and hold cash, but cautions those planning to redirect redeemed funds into AI-related assets to "proceed with extreme caution."
Regarding the reasons for not chasing AI, Li Bei believes that the conditions triggering the bursting of the AI bubble have already emerged. Represented by the annualized revenue growth rate of downstream model company Anthropic, relevant revenue growth has clearly slowed down and is likely to fall below the market’s previously optimistic expectations by year-end. A subsequent decline in capital expenditure expectations is highly probable.
She also noted that the current AI industry chain is in a phase characterized by "high profitability and valuations, leading indicators declining, and lagging indicators still rising," making it theoretically a window for gradual exit rather than further buying.
It still believes that leading companies tied to domestic demand are trading at extremely low valuations, with the price-to-earnings ratios of consumer leaders having fallen from over 50 times at their peak to under 10 times.