According to Zhitong Finance APP, on October 27, the Ruiyuan Growth Value Mixed Fund, jointly managed by Fu Pengbo and Zhu Lin, disclosed its third quarter 2026 report. The scale of Ruiyuan Growth Value Mixed A and Ruiyuan Growth Value Mixed C stood at 14.381 billion yuan and 1.337 billion yuan, respectively.
During the third quarter, the fund maintained a high equity allocation position. In terms of sector allocation, electronics, communications, manufacturing and pharmaceuticals were the key sectors.
In the third quarter, the fund's top ten holdings were, in order: Luxshare Precision (002475.SZ), Eoptolink Technology (300502.SZ), Dongshan Precision (002384.SZ), Juguang Technology (688167.SH), Maxwell Technologies (300751.SZ), Victory Giant Technology (300476.SZ), Victory Giant Technology (02476), Zhongji Innolight (300308.SZ), Lianxun Instruments (688808.SH), Han's Laser (002008.SZ), and Guangzhi Technology (300489.SZ).
In terms of position adjustments, compared with the second quarter, Luxshare Precision, Eoptolink Technology, Juguang Technology and Victory Giant Technology's A shares were all slightly reduced; Maxwell Technologies, Zhongji Innolight and Han's Laser were increased, with Zhongji Innolight's shareholding surging from 647,800 shares to 1,186,900 shares. In addition, Victory Giant Technology's H shares, Lianxun Instruments and Guangzhi Technology newly entered the top ten holdings, while CATL (300750.SZ) and Juxing Technology (002444.SZ) exited the top ten holdings.
At the sector allocation level, stock positions were mainly distributed across "manufacturing" and "information transmission, software and information technology services," accounting for 84.44% and 2.58% of the fund's net asset value, respectively.
In terms of performance, as of the end of the reporting period, the net value of Ruiyuan Growth Value Mixed A fund units was 2.0724 yuan. During the reporting period, the net value growth rate of this class of fund units was -25.87%, while the benchmark performance return rate for the same period was -6.16%. As of the end of the reporting period, the net value of Ruiyuan Growth Value Mixed C fund units was 2.0110 yuan. During the reporting period, the net value growth rate of this class of fund units was -25.95%, while the benchmark performance return rate for the same period was -6.16%.
The report showed that compared with the second quarter, the proportion of the top ten holdings in the fund's net value declined somewhat in the third quarter, with significant changes in the composition of individual stocks. Among the new faces entering the top ten by net value proportion were companies benefiting from the continuous expansion of optical module and optical chip production, which drove substantial growth in sales of communication testing instruments and optoelectronic device testing equipment, as well as companies focused on the two rare metals germanium and indium and their industrial chains, with outstanding indium phosphide positioning and building an AI optical industry chain platform. At the high-speed development stage of the downstream industry chain, these companies have strong profitability and outstanding performance growth in the second half of the year. At the same time, the net value proportion of photovoltaic and new energy companies was adjusted. Other key holdings from the second quarter remained in the top ten, with absolute numbers increasing or decreasing but with little change overall. In addition, individual stocks in the pharmaceutical sector were added, as well as stocks involved in the semiconductor equipment and materials industry, and leading companies mainly engaged in display panels and glass substrates.
Fu Pengbo stated that in the first half of 2026, benefiting from the high prosperity of the AI industry chain and high-end manufacturing sectors, the A-share technology growth style stood out, and structural market conditions intensified. At the beginning of the third quarter, negative news from the global AI industry chain increased, while expectations of tightening overseas liquidity and recurring uncertainties in Middle East geopolitical situations caused the A-share market to undergo a relatively large correction overall. Short-term sector rotation accelerated, and the growth sectors that performed strongest in the first half saw notable adjustments, with some stocks related to the AI industry chain falling more than 30%.
He continued that in the third quarter, technology growth and dividend styles showed a certain "seesaw" effect. Against the backdrop of increased volatility in growth styles and declining market risk appetite, the relative allocation value of dividend assets re-emerged. Since the fourth quarter, expectations of overseas interest rate hikes have risen, revenue growth of computing power companies has declined, and combined with the need for increased stimulus in the domestic economy, dividend styles and defensive sectors have become the best choice for balanced allocation and reducing exposure to volatility in the technology sector.
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