Track and thematic stocks have high valuations, public funds are beginning to pay attention to undervalued and stable varieties.

Against the background of the gradual pressure on valuations of popular tracks and clustered stocks, the layout strategy of public funds is shifting from track beta market to alpha. With the release of market profit effect, fund-held stocks are facing performance tests after high valuations, and fund preferences are shifting from industry stories to performance landing, relying on beta market trends or themes may gradually retreat. Many fund managers are starting to avoid high-priced clustered stocks and turn to deep digging into low attention, low institutional coverage, and independent fundamental stocks alpha.