The first batch of 18 active ETFs was officially approved recently, marking the public fund industry's formal entry into a new phase of "active management plus ETF operation." In this collective launch that simultaneously opened for subscription on October 23 with a total fundraising cap of 36 billion yuan, each manager has put considerable thought into product design.
Looking at the strategy distribution across the 18 products, there are 9 balanced strategy products, 4 value strategy products, 3 dividend strategy products, 1 quality strategy product, and 1 large-cap growth strategy product. Within the value strategy camp, the Fullgoal Value Preferred Quantitative Stock Selection Active Management ETF (158901.OF) presents notably distinctive characteristics. The product adopts an "active quantitative" operation model, with its performance benchmark anchored to the CSI 800 Value Index, and is intended for listing on the Shenzhen Stock Exchange.
Against the backdrop of the first batch generally adopting a dual fund manager configuration, this fund is solely managed by Fullgoal Fund's Wang Baohe, making it one of only 3 single-manager products among the first batch of 18, placing higher demands on the fund manager's comprehensive capabilities spanning both investment research and operations. Public information shows that Wang Baohe holds a doctoral degree and joined Fullgoal Fund in July 2006, with over 19 years of securities industry experience (since July 2006) and 15.65 years as an investment manager. He currently serves as Assistant General Manager of Fullgoal Fund, concurrently holding the positions of General Manager of the Quantitative Investment Department and Senior Quantitative Fund Manager.
From his track record, his circle of competence covers passive index, index enhancement, and active quantitative strategies. He currently manages 11 funds with total assets under management of 25.877 billion yuan, including products such as the Fullgoal SSE Composite Index ETF, Fullgoal CSI 1000 Preferred, and Fullgoal ChiNext Enhanced Strategy ETF. His relatively long-cycle passive and quantitative hands-on experience provides a certain foundation for him to balance stock selection and daily operations in active ETFs.
Data source: WIND. In terms of performance, as of October 20, Wang Baohe's investment manager index has delivered a year-to-date (YTD) return of -3.02%, compared with a 10.32% decline in the CSI 300 over the same period, achieving certain excess returns relative to the benchmark; over a longer horizon, his three-year return stands at 46.50%, versus 18.27% for the CSI 300 over the same period.
Data source: WIND. Objectively speaking, his six-month return is -13.33%, during which the maximum consecutive six-month return once reached 48.43%, reflecting the high elasticity and volatility characteristics of quantitative strategies under specific market conditions. Unlike some products in the same batch that adopt a "subjective plus quantitative" combination, Fullgoal Value Preferred explicitly adopts a pure "active quantitative" strategy.
According to public information, the product employs the classic "PB-ROE" strategy, which uses financial factors such as price-to-book ratio (PB) and return on equity (ROE) to screen targets across the entire market that balance low valuation with profitability. The characteristic of this model lies in the fact that the stock selection process relies more on the discipline of quantitative models rather than the fund manager's subjective preference for a single industry.
Since active ETFs have relaxed the requirements for constituent stock and weight replication, portfolio construction does not need to strictly adhere to the original weights of the CSI 800 Value Index, and theoretically can search for stocks meeting the dual-factor criteria across the entire market. Looking at products Wang Baohe has previously managed, such as Fullgoal Zhihong Quantitative Stock Selection A and Fullgoal Zhihang Quantitative Stock Selection A, both reflect his pure quantitative stock selection approach.
In terms of issuance arrangements, the fund's subscription period runs from October 23 to October 30, totaling 8 days, placing it among the shorter windows in the first batch; the fundraising unit cap is 2 billion units, with a 3-month closed period, and the custodian is China Merchants Bank.
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