Li Bei's Banxia Investment Discloses Significant Net Value Pullback; Fund Cuts Equity Position to 50% on June 21

According to BlockBeats, Li Bei, founder of Banxia Investment Management, disclosed on June 21 in an open letter to investors that her fund experienced significant net value pullback due to large declines in four sectors: energy, real estate, consumer goods, and building materials. The fund's current equity net position stands at 50%, having reduced holdings and cleared positions with insufficient certainty.

In the letter, Li Bei expressed understanding toward investors losing patience and respecting decisions to redeem for cash. However, she cautioned investors planning to redirect redeemed funds into chasing AI rallies, stating she would advise them to exercise extreme caution. She cited signs of AI bubble deflation, including slowing revenue growth at downstream model companies like Anthropic, and identified the sector as in a phase warranting gradual exit rather than additional entry.