Recent weeks have seen increased volatility in the A-share market, with capital rotating between tech-growth and defensive assets. As listed companies release their interim reports and overseas 13F filings surface, the latest positioning of major private equity funds is becoming clearer, offering a glimpse into how these institutions are adapting to the current environment.

Data from 私募排排网 indicates that as of mid-to-late August, stock private fund positions remained near yearly highs, with close to 70% of such funds holding over 80% in equity exposure. Notably, funds with assets under management exceeding RMB 5 billion maintained higher position levels compared to their smaller counterparts. This suggests that the recent market turbulence has not triggered a significant reduction in overall risk appetite, with top-tier funds showing a stronger willingness to hold stocks.

According to statistics from 私募排排网, by the end of August, more than 50 private funds with assets over RMB 10 billion had appeared on the top-ten circulating shareholder lists of listed companies that disclosed their interim reports. Their combined holdings reached RMB 91.351 billion, up 16.83% from RMB 78.194 billion at the end of the first quarter. Sector allocation is undergoing rebalancing, shifting from a concentrated focus on technology tracks like electronics and computers toward more diverse areas such as machinery and equipment, power equipment, and pharmaceuticals and biotech.

In parallel, second-quarter 13F filings from the US market shed light on divergent strategies across institutions. Cross-referencing these adjustments with frontline research activities reveals that many moves are backed by logical support from recent due diligence. 高毅资产 displayed an aggressive stance at the end of the second quarter. In the A-share market, its manager Deng Xiaofeng appeared on the top-ten shareholder lists of 紫金矿业, 万华化学, and 北新建材. Meanwhile, Feng Liu increased positions in 安琪酵母 and 瑞丰新材, while initiating new positions in 传音控股 and 爱博医疗. Overseas, 高毅资产's top five holdings were 台积电, 华住, 拼多多, BOSS直聘, and 携程; 台积电 received an 11.64% increase, becoming the largest holding, while 美光科技 and 闪迪 saw substantial increases of over 283% and 192%, respectively. The move toward semiconductor positions aligns with earlier research patterns, as 高毅资产 surveyed A-share targets including 立讯精密, 京东方A, 深南电路, 敏芯股份, and 中航光电 between April and June, with the electronics supply chain dominating its research agenda throughout the quarter. It is worth noting that Feng Liu participated in multiple surveys of 海康威视 during the second quarter while simultaneously reducing his stake, illustrating that joining research sessions does not necessarily equate to a bullish outlook, as final decisions hinge on broader assessments.

景林资产's positioning reflects a reallocation strategy. Its US equity portfolio value dropped to USD 2.19 billion by the end of Q2, down over 43% from USD 3.88 billion at the end of Q1. The firm fully exited positions in Meta, Amazon, and Nvidia, which together accounted for nearly 17% of its portfolio at the start of the quarter, while also trimming stakes in Google, Intel, and NetEase. New positions focused on optical module maker AAOI and semiconductor equipment names such as ASML and Applied Materials. In its mid-year letter to investors, 景林资产 stated that its core allocation remains in semiconductors and AI infrastructure, with a focus on global advanced foundry and AI infrastructure opportunities. The strategy of reducing AI application stocks with overly stretched valuations while buying AI infrastructure names is broadly consistent with its stated mid-year outlook.

淡水泉, known for its diligent research efforts, conducted in-depth surveys around the tech AI theme in Q2, while also covering auto intelligence and pharma and biotech sectors. According to 万得数据, companies surveyed multiple times included communication and materials firms like 中天科技 and 安泰科技, AI perception and robotics-focused 奥比中光, and auto electronics supplier 科博达, with pharma and biotech also a key focus. Moving into July and August, 淡水泉 sustained its attention on AI computing power and high-end manufacturing, surveying 京东方A, 中际旭创, 炬光科技, and 源杰科技 across the optical communication/CPO chain, alongside auto and consumer sectors. This research path mirrors the firm's recent monthly commentary suggesting market opportunities are broadening beyond a single theme, with plans for relatively balanced allocation focusing on internal AI opportunities, crossover areas impacted by AI spillovers, and non-AI sectors with significant growth expectation gaps.

The divergent approaches of these leading funds come amid continued industry-wide expansion. Data from 中基协 shows that as of end-July 2026, total surviving private fund assets reached RMB 25.73 trillion, including RMB 9.10 trillion in private securities funds. Compared to RMB 5.88 trillion a year earlier, private securities fund scale has grown over 54% year-on-year. Statistics from 私募排排网 reveal that new private securities fund registrations have already surpassed the 10,000 mark by August 25, earlier than the November timing seen last year, with stock strategy products accounting for nearly 70% of new launches, demonstrating that issuance pace has not slowed despite market fluctuations.

Alongside this expansion, the regulatory and disclosure framework is also tightening. The new "Administrative Measures for Information Disclosure Supervision of Private Investment Funds" took effect on September 1, 2026, strengthening disclosure in three key areas: elevating legal status from self-regulatory association rules to CSRC departmental regulations, thereby enhancing enforcement authority; clarifying manager accountability as the primary disclosure party while detailing verification duties for custodians and sales institutions and requiring affiliated parties to cooperate; and mandating look-through disclosure for nested investments to reveal underlying asset strategies, amounts, and holding ratios. A representative from 淡水泉 noted that the measures will prompt institutions to refine disclosure processes and internal controls, reduce selective disclosure and information asymmetry, and drive more refined, standardized industry development.

In summary, the private fund industry is expanding, providing room for differentiated choices across positions, sectors, and stocks. At the same time, stronger disclosure oversight is pushing the sector toward greater standardization and transparency. Together, expansion and compliance tightening form the two key dimensions shaping the current behavior of top-tier private funds.