Where to begin
In 2026, the ChiNext board marks its sixteenth anniversary since launch. Over the past sixteen years, this exchange has consistently expanded and refined its listed company mix, attracting high-quality tech enterprises in artificial intelligence, advanced manufacturing, new energy, and biotech, solidifying its position as a core growth investment venue within the A-share market. In 2020, with the comprehensive rollout of ChiNext's registration-based IPO reform, market mechanisms were further enhanced. The first batch of two-year strategic placement funds was officially approved for issuance, and one of them, the Fullgoal ChiNext Two-Year Regular Open Fund managed by "Double Ten" fund manager Cao Jin, has been dedicated to capturing investment opportunities in high-quality growth companies on the ChiNext board.
Entering 2026, this nearly six-year-old product continues to deliver outstanding results. According to Wind data, as of June 30, 2026, the Fullgoal ChiNext Two-Year Regular Open Fund achieved a 56.81% return over the past six months, far outpacing its benchmark's 18.39% gain. Over a longer horizon, its one-year and two-year returns reached 134.44% and 191.15%, respectively, dramatically outperforming the benchmark's 47.66% and 76.55% gains. This generated excess returns of 86.78% over one year and 114.60% over two years.
Beyond its impressive long-term performance, the Fullgoal ChiNext Two-Year Regular Open Fund has also demonstrated strong risk control during relatively extreme market conditions. From 2021 to 2022, the ChiNext board underwent a significant correction, with the index falling nearly 40% from its peak. In this environment, among the ChiNext closed-end funds launched in July and August 2020, the Fullgoal ChiNext Two-Year Regular Open Fund maintained a minimum net asset value of 0.88 yuan per unit, making it one of the few products in its peer group that effectively balanced gains with controlled volatility.
Why just one standout manager?
The core driver enabling it to navigate through volatility consistently is fund manager Cao Jin. He has not only sustained solid long-term performance but also possesses strong short-term explosive power, particularly excelling in bull markets. At the same time, he demonstrates excellent drawdown control and resilience among growth-style investors. Behind this lies Cao Jin's continuously evolving research and investment framework, underpinned by deep industry experience. He has personally witnessed multiple technology industry cycles and is one of the few fund managers who has tracked the development of sectors like photovoltaic, the Apple supply chain, and new energy vehicles for over a decade. For instance, he was heavily invested in new energy as early as 2020, and in 2023, he firmly believed that "AI represents the next industrial trend," leading him to allocate in AI hardware and application companies within his portfolio.
Specifically, Cao Jin's investment framework can be summarized as "industrial trend investing with a global perspective." Anchored by global industry cycles, he employs a top-down approach to select high-prosperity sectors and a bottom-up method to pick leading stocks. The core logic of this framework is that upward earnings revisions are the primary source of excess returns. In terms of sector allocation and portfolio construction, Cao Jin prefers industry leaders. His top ten holdings are mainly mid-to-large-cap stocks, and he demonstrates flexibility in switching between sectors. When facing macroeconomic uncertainty, he proactively reduces equity exposure and scales back exposure to overseas markets.
This system has also been validated in other products managed by Cao Jin. According to Wind data, as of June 30, 2026, his managed funds—Fullgoal Small and Mid-Cap Select Fund, Fullgoal Inflation and Deflation Theme Rotation Fund, and Fullgoal Meticulous Select 12-Month Holding Period Fund—delivered one-year returns of 179.01%, 190.90%, and 202.42%, respectively, all significantly outperforming their benchmarks. Furthermore, the Fullgoal Small and Mid-Cap Select Fund and the Fullgoal Inflation and Deflation Theme Rotation Fund have both joined the "Double Ten" active equity fund ranks, with annualized returns of 21.38% and 23.41% over the past decade, respectively.
Cao Jin himself is a "Double Ten" fund manager, having served for over ten years and achieving an annualized return of over 10% across his managed products over the past decade. Beyond the fund manager's grasp of industrial trends, the product's strong long-term performance is also supported by the company's investment research platform. As one of the "old ten" public fund companies with a 27-year history, Fullgoal Fund has long adhered to an active equity investment strategy of "in-depth research, bottom-up approach, respect for individuality, and long-term returns." It encourages fund managers with different styles to delve deep within their respective circles of competence, forming diverse yet complementary investment capabilities based on fundamental research. It is within this fertile ground that the Fullgoal ChiNext Two-Year Regular Open Fund has consistently managed to control drawdowns while keeping pace with growth.
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