According to the Zhitong Finance APP, on October 27, the Fullgoal Tianhui Growth Mixed Securities Investment Fund managed by Zhu Shaoxing disclosed its 2026 third-quarter report.
During the reporting period, the fund's newly established heavily weighted targets were CXMT and Guizhou Moutai, and it significantly increased its position in Zhongji Innolight, maintaining its pursuit of AI and balanced allocation to long-term core assets amid a volatile market.
Zhu Shaoxing stated that he will persist in seeking value in high-quality stocks, waiting for the realization of value created by the companies themselves and the cyclical return of market sentiment at some point in the future.
In this reporting period, the fund's net value growth rates were as follows: Fullgoal Tianhui Growth Mixed (LOF) A/B was -10.68%, Fullgoal Tianhui Growth Mixed (LOF) C was -10.86%, and Fullgoal Tianhui Growth Mixed (LOF) D was -10.68%.
In terms of holdings, the fund's top ten heavily weighted stocks in order were: Bank of Ningbo (002142.SZ), Jerry Shares (002353.SZ), Zhongji Innolight (300308.SZ), Chunfeng Power (603129.SH), Zejing Pharmaceutical (688266.SH), Guanggang Gas (688548.SH), CXMT (688825.SH), CATL (300750.SZ), Guizhou Moutai (600519.SH), and Binjiang Group (002244.SZ).
Compared with the second-quarter report, in terms of changes to the top ten holdings at the end of the third quarter, the fund heavily bought into CXMT as a new position, holding 10 million shares at the end of the third quarter with a market value of up to 548 million yuan, making CXMT the fund's seventh-largest holding.
The fund also increased its holdings of Guizhou Moutai by 100,000 shares, and Guizhou Moutai also returned to the fund's top ten heavily weighted stocks.
At the same time, the fund substantially increased its position in Zhongji Innolight against the market trend in the third quarter, with the number of shares held rising from 560,000 to 950,000, an increase of nearly 70%.
On the reduction side, the fund's holdings of CATL fell sharply, cutting more than 40% of its CATL position in the third quarter, with the number of shares held decreasing from 3.1 million to 1.65 million.
In the third quarter, the CSI 300 Index fell 12.49%, and the ChiNext Index fell 27.8%.
In July, technology stocks plunged sharply, driving the index through a significant correction in a relatively short period during the third quarter. Apart from the dividend style, individual stock opportunities were lackluster.
In the third quarter, exports maintained a good trend, real estate remained in a fragile bottom-seeking process, and consumption data continued to be sluggish.
Zhu Shaoxing stated that China-US trade relations are in a phase of temporary easing, especially in the AI field, which has a long-term impact on the investment of related industry chain companies. The China-Europe trade dispute will be a new source of investment uncertainty for some time to come. A series of risks such as high oil prices caused by geopolitical conflicts have not yet been eliminated. Equity investors' risk appetite is not high, and the equity market is under pressure.
He pointed out that it is difficult to make accurate judgments on the above numerous macroeconomic matters. What is important is to do a good job in portfolio response, maintain portfolio liquidity in the short term, and ensure the quality of holdings to resist headwinds.
In the medium and long term, he remains optimistic. After the previous sharp declines, the overall market valuation level has clearly declined, and a considerable number of excellent individual stocks have returned to good buying prices.
At the level of individual stock selection, the fund prefers to invest in companies with good "corporate genes," sound corporate governance structures, and excellent management. He believes that such companies are more likely to create value for investors in the future.
Sharing the capital market returns brought by the companies' own growth is an important way for growth-oriented funds to obtain returns.
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