The annual report for 2025 of the Fullgoal Tianhui Selected Growth Mixed Securities Investment Fund (LOF), managed by Zhu Shaoxing, was disclosed on March 31. The report revealed the fund's top ten holdings as follows: Bank of Ningbo, Jereh Group, Contemporary Amperex Technology Co., Limited, Kweichow Moutai, CFMOTO, Zhongchuang Zhiling, Zijin Mining Group, Ruifeng High-Material, Sinocera Functional Material, and XCMG Machinery. Notably, Zijin Mining Group and XCMG Machinery were newly added to the top ten holdings, while the position in Kweichow Moutai was reduced.
Holdings ranked 11th to 20th were, in order: Sailun Tire, Binjiang Group, Jaochen Ultrasonic, Jifeng Auto Parts, Luxshare Precision Industry, Siquan New Materials, Shenzhen Agricultural Products Group, Wuxi Apptec, Zeling Pharmaceutical, and Cambricon Technologies. An analysis of position changes shows that Sailun Tire, Siquan New Materials, Wuxi Apptec, Zeling Pharmaceutical, and Cambricon Technologies saw their positions increased, while holdings in Binjiang Group, Jaochen Ultrasonic, and Luxshare Precision Industry were decreased.
Regarding sector allocation, the fund maintained a significant overweight in the manufacturing industry, with holdings reaching a fair value of 16.374 billion yuan, accounting for 72.82% of the fund's net asset value. This was followed by allocations to the financial sector, mining industry, and information transmission, software, and information technology services industry, which accounted for 7.70%, 3.73%, and 2.72% respectively.
In terms of performance, the net asset value per share for the reporting period was 2.9087 yuan for the Fullgoal Tianhui Growth Mixed (LOF) A/B share class, 2.8046 yuan for the C share class, and 2.9091 yuan for the D share class. The cumulative net asset value per share was 5.9567 yuan for the A/B share class, 3.1096 yuan for the C share class, and 2.9091 yuan for the D share class. The net asset value growth rate for the period was 20.03% for the A/B share class, 19.07% for the C share class, and 20.04% for the D share class. The comparable benchmark returns for the same period were 11.92% for all share classes.
In the annual report, Zhu Shaoxing analyzed that investment enthusiasm in the 2025 market increased significantly, with investment hotspots broadening. The TMT sector experienced a rally throughout the year, with optical modules delivering exceptionally significant excess returns. The non-ferrous metals sector also performed well for the entire year. Innovative drugs provided substantial阶段性 returns. High-quality companies not within thematic hotspots did not see significant valuation expansion, but their stock prices steadily increased, driven by corporate earnings.
Zhu noted that the real economy in 2025 was in a phase of slow recovery following a bottoming-out period. Exports performed strongly for the full year, while consumption and the real estate sector remained sluggish. Monetary policy remained relatively accommodative, and fiscal policy was proactive. A series of positive policies introduced on September 24 significantly reversed the extremely pessimistic expectations of investors, leading to a substantial increase in investor risk appetite.
As a growth fund, it maintained a high portfolio allocation throughout the year, with the portfolio biased towards stocks of companies with stable operations and sound fundamentals, while maintaining balanced sector and style allocations.
Looking ahead to 2026, Zhu Shaoxing believes the trend of real economic recovery will continue. The risk of renewed trade conflicts in the near future has decreased, potentially providing a valuable window of eased external conditions. However, the long-term intense competitive dynamic between major powers will not change. The export sector is expected to face more challenges this year, and static observations of real estate industry data remain lackluster. Considering the full year, he sees no need for continued pessimism. The recovery in consumption might be delayed, but a positive aspect is the rapid industrial upgrading process of leading enterprises and the significant enhancement of global competitiveness among many listed companies. Ultimately, enterprises are the main force in technological and trade competition.
Zhu pointed out that after the broad market rise in 2025, overall market valuations have increased significantly, with signs of bubbles even appearing in some popular sectors. However, the market overall is experiencing a reversal after several consecutive years of decline, and overall valuations remain within a reasonable range, especially for the many high-quality companies not currently in the spotlight, whose valuations are more attractive. Combined with current bond yield levels, equities remain the most attractive asset class.
At the individual stock selection level, the fund prefers to invest in companies with strong corporate DNA, sound governance structures, and excellent management. Generating returns by sharing in the growth of the companies themselves through capital market gains is the optimal path for a growth fund to achieve performance.
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