Zhang Kun’s Q3 Holdings: AI Semiconductors Top Solo-Managed Fund

The signal here is less about any single name than about how a veteran active manager is repositioning: rotating out of baijiu and electronics into utilities, Hong Kong internet and healthcare, while letting global AI semiconductor leaders dominate his solo fund's top holdings. That mix pairs a concentrated AI hardware bet with defensive and recovery-oriented sleeves, which is a notable combination rather than a pure momentum chase. How much of this reflects conviction versus benchmark or liquidity considerations is unclear from the disclosure alone. Worth watching is whether the AI semiconductor concentration persists into the next reporting period, and whether the utility and healthcare additions are built out or trimmed.