A 30-year-old man named Xie Tianyuan replaced his Penghua Selected Return Flexible Allocation Mixed Fund's top holding, a liquor distiller's shares, with Labubu doll maker Pop Mart's shares. With this, his fund has delivered 24% returns so far this year, helping him outperform 97% of nearly 2,300 mutual funds. Xie's strategy relies heavily on "emotional consumption".