Public quantitative fund launches are accelerating. Wind data shows that as of August 31, newly issued active quantitative funds this year have raised a combined total of more than 35.3 billion yuan, while in the same period of 2025 the number and scale of new comparable products were only 20 funds and 7.38 billion yuan, respectively. The shift in issuance activity is directly tied to deeper changes in market structure. With more than 5,000 listed companies and increasingly rapid sector rotation, the traditional stock-picking approach that relies on individual effort to cover the entire market faces clear constraints, and demand for systematic screening is rising accordingly. Against this backdrop, the Fullgoal Zhitai Return Quantitative Stock Selection Fund (028681) officially launched on October 12. Driven by quantitative investment models, the fund scans relevant targets within its investment scope and executes signals with discipline, aiming to offer investors a new tool for participating in quantitative investing.
Earnings improvement and rapid shifts in hot spots are occurring simultaneously, making stock selection more complex. Wind data shows that as of August 31, the year-on-year growth rate of net profit attributable to parent companies across all A-shares rose from 8.2% in the first quarter to 17.5% in the second quarter. The number of investable targets has increased, but opportunities are more dispersed and hot-spot rotation has accelerated, raising the difficulty of concentrated holdings. For investors who want to capture equity opportunities while also caring about net value fluctuations, broad-range stock selection and volatility management need to be considered together. (Data source: Wind, as of 2026/08/31.)
This demand is also pushing active quantitative products into a new development cycle. In recent years, public quantitative funds have experienced rapid scale expansion as well as a cooling-off period after programmatic trading regulations took effect, and industry competition has returned to a contest of investment research strength. Over the past year or two, the application of artificial intelligence technology in factor mining, nonlinear pattern recognition and other areas has deepened, and the iteration speed of quantitative models and their adaptability to complex markets have continued to improve. This year's market has featured fast rotation and relatively short-lived hot spots, making manual tracking and coverage difficult, which has highlighted the advantages of systematic screening. Wind data shows that as of August 31, there were 836 public quantitative funds in the market with a combined scale of 546.395 billion yuan, including 335 active quantitative funds with a scale of 243.894 billion yuan. In terms of performance, the average return of active quantitative funds since the start of 2026 was 6.86%, with 28 products returning more than 20% (historical index performance does not represent future results and does not predict future fund performance. Funds involve risk, and investment requires caution.). Attention to active quantitative strategies among public products is rising, and they are gradually becoming a tool for some investors allocating to equity assets. Whether they can continue to gain market recognition ultimately depends on the live performance of the strategy and the team's investment research accumulation.
Product design: dual portfolios with coordinated risk control
In terms of allocation approach, the equity position of the Fullgoal Zhitai Return fund can be adjusted between 60% and 95%, with the remaining assets mainly allocated to bonds and other instruments. A stock-bond mix helps diversify portfolio risk. According to Wind statistics, as of September 16, 2026, over the past ten years the illustrative portfolio of "80% CSI All Share + 20% short- and medium-term government bonds" had an annualized volatility of 15.7%, lower than mainstream indices such as the CSI All Share and CSI 300 over the same period, and its maximum drawdown was also relatively smaller. (Data source: Wind, 2026/09/16. The base date of the CSI All Share Index is December 31, 2004. Since the base date through 2026/09/16, its cumulative gain was 472.37%. Its returns for the five complete fiscal years from 2021 to 2025 were 6.19%, -20.32%, -7.04%, 7.43%, and 24.60%, respectively. The base date of the China Bond Treasury Bond Total Price (1-3 years) Index is December 31, 2012. Since the base date through 2026/09/16, its cumulative gain was 7.90%. Its returns for the five complete fiscal years from 2021 to 2025 were 1.08%, 0.29%, 0.68%, 2.14%, and -0.62%, respectively. This only represents the index at a specific point in time and may change in the future with the compilation methodology and market conditions. Historical index performance does not represent future results and does not predict future fund performance. Funds involve risk, and investment requires caution.) The fund's equity portion adopts a "domain-based modeling" approach, constructing defensive and return-enhancement portfolios with different factors. The defensive low-volatility portfolio focuses on high-dividend, low-volatility stocks and uses defensive factor weighting to reduce volatility and provide a buffer for net value. The return-enhancement portfolio selects stocks from the entire market, is driven by Alpha factors, and pursues return elasticity under risk constraints. The two portfolios have different sources of return and risk roles. Weights are dynamically allocated according to risk contribution, tilting toward the defensive side when risk rises and restoring the enhancement side within budget after risk subsides. The fund will also construct a market diffusion index to measure the proportion of stocks covered by an upward trend, and dynamically adjust equity positions accordingly, reducing positions step by step when the index weakens and gradually restoring them after improvement. On stock selection signals, the fund incorporates both fundamental and AI price-volume information into the same framework. Fundamental signals revolve around factors such as valuation, profitability, growth and quality, and are used to identify targets with medium- to long-term investment value. AI price-volume signals analyze price and trading data to capture short-term opportunities and other factors. The two types of signals complement each other, so that sources of return are not limited to a single dimension. Risk control is not an after-the-fact remedy, but is embedded in every step of portfolio construction. In terms of portfolio constraints, the fund maintains balanced market capitalization and style exposure, and manages concentration through volatility constraints. In stress testing, it evaluates potential losses by referring to historical extreme decline scenarios and feeds the results back into portfolio optimization. In daily tracking, it continuously monitors actual risk levels. When volatility exceeds expectations, it introduces defensive assets in a timely manner and adjusts positions.
Fullgoal Quant Investment Director Cai Ka'er has thirteen years of deep experience in quantitative investing, with verifiable live results
The proposed fund manager of Fullgoal Zhitai Return is Cai Ka'er, currently Quantitative Investment Director in the Quantitative Investment Department of Fullgoal Fund. His accumulation in the quantitative investment field dates back to joining Fullgoal Fund in 2013 and now exceeds 13 years. Fullgoal Hong Kong Stock Connect Quantitative Selection A, which Cai Ka'er has managed for a relatively long time, provides verifiable data on the live performance of his strategy. According to Galaxy Data, as of August 31, the fund's net value growth rate over the past three years reached 55.19%, while its benchmark rose 38.24% over the same period, delivering excess return of 16.95% and ranking 1/15 among comparable Hong Kong Stock Connect standard equity funds (Class A). Data source: fund performance and ranking data and corresponding periods are from Galaxy Securities, with the comparable category referring to 1.9.1 Hong Kong Stock Connect standard equity funds (Class A), as of 2026-08-31. Fullgoal Hong Kong Stock Connect Quantitative Selection Equity Fund's benchmark is the Hang Seng Stock Connect Index return * 90% + China Bond Treasury Bond Total Price (1-3 years) Index return * 5% + demand deposit benchmark rate * 5%. Fullgoal Hong Kong Stock Connect Quantitative Selection Equity A was established on 2018/05/30. Its net value growth rates for the past five complete years (2021-2025) (and benchmark returns over the same period) were -15.72% (-14.74%), -9.57% (-16.96%), -6% (-13.01%), 27.52% (15.58%), and 31.67% (29.44%). Data comes from fund periodic reports, as of 2025/12/31. Fullgoal Hong Kong Stock Connect Quantitative Selection Equity C was established on 2021/12/07. Its net value growth rates for the past four complete years (2022-2025) (and benchmark returns over the same period) were -9.76% (-16.96%), -6.17% (-13.01%), 26.68% (15.58%), and 31.41% (29.44%). Data comes from fund periodic reports, as of 2025/12/31. Changes in fund managers during the period: Cai Ka'er (2018/05/30 to present), Zhang Feng (2018/05/30-2020/06/11), Xu Youhua (2018/05/30-2024/07/12). Fund returns do not represent investors' actual returns, and fund unit net value is only the net asset value of each fund unit. The fund's past performance and net value levels do not predict its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of this fund's performance. Funds involve risk, and investment requires caution. Behind this live performance is more than a decade of sustained investment by the Fullgoal Fund quantitative investment research team. The team was formed in 2009 and is one of the earliest public fund teams in China to conduct quantitative investment. Its product line covers passive index, index enhancement, absolute return and other strategies, and it has created several industry firsts in index investing: in December 2009 it issued China's first quantitative enhanced fund, Fullgoal CSI 300 Index; in September 2011 it issued China's first quantitatively enhanced CSI 500 index enhanced public fund, Fullgoal CSI 500 Index Enhancement; and in November 2008 it issued the market's first CSI Dividend Index enhanced strategy fund, Fullgoal CSI Dividend Enhancement. From factor definition to portfolio adjustment, from A-shares to Hong Kong Stock Connect, Fullgoal Zhitai Return uses a systematic framework to provide one solution to the question of how to continuously screen among thousands of stocks. The broader the market, the more a repeatable method is needed, and the discipline of the strategy shows its value in precisely such an environment.
Fullgoal Zhitai Return Quantitative Stock Selection Mixed fee structure
Management fee 1.20% per year; custody fee 0.20% per year; subscription/purchase fee amount (M) rate: M<5 million 0.50%; M鈮? million 1,000 yuan per transaction; redemption fee holding period (N) rate: N<7 days 1.50%; 7 days鈮icon<30 days 1.00%; 30 days鈮icon<180 days 0.50%; N鈮?80 days 0. Note: Investors subscribing to this fund through direct sales institutions are not charged a subscription fee. For investors subscribing to this fund through distribution institutions, the subscription fee rate shall be implemented in accordance with the Fund Prospectus and the fund product information summary. Markets involve risk, and investment requires caution. This product is issued and managed by Fullgoal Fund, and distribution institutions do not bear responsibility for the product's investment or repayment. Investors should read legal documents such as the Fund Contract, Fund Prospectus, and Product Information Summary to understand the fund's risk-return characteristics, especially its specific risks, and determine whether it suits their own risk tolerance based on their investment objectives, investment experience, and asset status. Investors are requested to carefully read the product legal documents and make prudent decisions according to their own risk tolerance. The fund's investment scope includes stock index futures, treasury bond futures, stock options, asset-backed securities, credit derivatives and other instruments, and it will face specific risks related to the relevant investment instruments and businesses. The fund may invest in depositary receipts. In addition to bearing the common risks of investing in domestically listed and traded stocks, it will also bear specific risks related to depositary receipts, innovative enterprise issuance, overseas issuers, and trading mechanisms. The fund may invest in Hong Kong Stock Connect target stocks and STAR Market stocks, and will bear specific risks arising from differences in investment environment, investment targets, market systems, and trading rules under various mechanisms. As assessed by Fullgoal Fund, the risk level of this fund is R4 medium-high risk, suitable for investors with risk tolerance of C4 and above. The risk level of this fund and the matching investor level shall be subject to the assessment results of the sales institution. A MACD golden cross signal has formed, and these stocks are rising well!
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