In the first quarter of 2026, global markets experienced volatility amid multiple uncertainties, testing asset management institutions' capabilities in all-weather investing, cross-cycle allocation, and precise risk control. Leveraging deep investment research expertise and strong platform advantages, ICBC Credit Suisse Asset Management navigated market fluctuations and delivered impressive medium- to long-term performance, demonstrating professional value through solid capabilities.
According to the latest performance and rating rankings from Morningstar China, as of March 31, 2026, 25 of the company's funds (combining A/C share classes) ranked among the top ten in their respective categories across long-term horizons, including three-year, five-year, seven-year, and ten-year periods. This outstanding performance has earned high recognition from professional institutions. Data from the same period shows that 13 ICBC Credit Suisse funds received Morningstar’s ten-year five-star rating, 11 secured the five-year five-star rating, and 18 obtained the three-year five-star rating. These ratings span equity, fixed income, index, and other diversified product lines, fully reflecting the company’s strong medium- to long-term investment management capabilities and comprehensive multi-asset allocation strength.
Active Strategies Lead the Way: Deep Alpha Focus Drives Multi-Dimensional Value Across Cycles
During the first quarter, A-shares and Hong Kong stocks experienced fluctuations with accelerated sector rotations, increasing the challenges for active equity fund management. ICBC Credit Suisse’s equity team adhered to deep research and value investing principles, focusing on industry and stock selection to achieve “short-term highlights, medium-term support, and long-term foundation” in equity investments.
Morningstar China data indicates that over medium- to long-term periods such as three, five, seven, and ten years, 15 of ICBC Credit Suisse’s equity funds ranked in the top ten of their respective categories, with 15 equity funds receiving five-star ratings, reflecting a dual resonance of capability and reputation.
In long-term horizons exceeding seven years, ICBC Credit Suisse has cultivated several core products that have stood the test of time. ICBC New Finance Stock A ranked first in the financial and real estate sector stock category over both seven-year (1/60) and ten-year (1/36) periods. ICBC Strategic Transformation Stock A secured second place in the large-cap value equity category over seven-year (2/80) and ten-year (2/51) periods. ICBC Research Selected Stock ranked second among 205 funds over seven years and seventh among 106 funds over ten years in the large-cap balanced equity category. ICBC Selected Balanced Mixed Fund ranked second among 49 funds over seven years and ninth among 28 funds over ten years in the standard mixed fund category. Notably, it is one of the few funds to simultaneously receive three-, five-, and ten-year five-star ratings, demonstrating robust performance across market cycles.
The team also exhibited precise industry research capabilities in sectors such as advanced manufacturing, agriculture, consumer goods, and healthcare. ICBC Intelligent Manufacturing Stock A ranked among the top ten in the large-cap growth equity category over both three-year (7/460) and seven-year (8/175) periods and received Morningstar’s three-year and five-year five-star ratings. ICBC Agriculture Industry Stock ranked seventh among 47 funds in the consumer sector stock category over seven years. In healthcare, ICBC Frontier Healthcare Stock A, ICBC Pension Industry Stock A, and ICBC Healthcare Stock all ranked in the top five of the pharmaceutical sector stock category over ten years (2/33, 4/33, 5/33) and remained in the top ten over seven years (4/63, 8/63, 9/63). Additionally, ICBC Logistics Industry Stock ranked tenth among 175 funds over seven years and second among 97 funds over ten years in the large-cap growth equity category, highlighting ICBC Credit Suisse’s breadth and depth in full-market, cross-sector allocation.
Fixed Income as a Foundation: Multi-Strategy Coordination and Steady Allocation Highlight Value
The domestic bond market experienced overall volatility and divergence in the first quarter, presenting both challenges and opportunities. ICBC Credit Suisse’s fixed income team focuses on meticulous management, building a comprehensive fixed income investment research system covering rates, credit, convertible bonds, and multi-asset enhancement to provide performance support balancing safety and growth for diversified portfolios. Morningstar China data shows that 14 of ICBC Credit Suisse’s fixed income funds received five-star ratings, with five achieving dual three-year and five-year five-star ratings, underscoring the team’s expertise in fixed income investing and multi-strategy coordination.
In pure bond investing, ICBC Credit Suisse strengthens its foundation through precise duration management and layered credit bond allocation. ICBC Zunyi Short-to-Medium Term Bond A ranked ninth among 373 short-term bond funds over five years, consistently generating solid coupon income through flexible operations. As a recently prominent bond index fund, ICBC Bloomberg China Development Bank Bond 1-3 Year Index A also received dual three-year and five-year five-star ratings for its long-term steady performance. In credit bond funds, ICBC Credit Pure Bond A also achieved dual three-year and five-year five-star ratings.
In convertible bonds, “fixed income+”, and mixed bond-focused strategies, ICBC Credit Suisse captures market opportunities while controlling drawdowns through dynamic equity-bond balancing and selective stock and bond picking. In convertible bonds, ICBC Convertible Bond ranked first among 78 convertible bond funds over three years (1/78). The “fixed income+” fund ICBC Tianfu Bond A received dual three-year and five-year five-star ratings. Mixed bond-focused funds also performed strongly, with ICBC Ju’an Mixed A ranking third among 208 Shanghai-Hong Kong-Shenzhen conservative mixed funds, and ICBC Juxiang Mixed A ranking fifth among 1,098 conservative mixed funds over three years. Additionally, ICBC Yinheli Mixed and ICBC Harvest Return Flexible Allocation Mixed A both received dual three-year and five-year five-star ratings, demonstrating ICBC Credit Suisse’s comprehensive strength in multi-strategy coordination, precise operations, and asset allocation, providing investors with high-quality, diversified fixed income options.
Diversified Portfolio: Complete Toolbox Captures Global Allocation Opportunities
In the ETF and index space, ICBC Credit Suisse has established five major families: broad-based, sector-themed, Hong Kong stock indices, multi-asset allocation, and enhanced index funds, achieving full-dimensional coverage from domestic to international markets and from broad indices to niche sectors. Among them, ICBC Credit Suisse Shenzhen IoT 50 ETF earned a Morningstar three-year five-star rating for its precise sector positioning, serving as an efficient tool for capturing dividends from new quality productivity.
In QDII business, ICBC Credit Suisse actively assists investors in global diversification, with overseas investment capabilities consistently delivering results. Morningstar China data shows that over three-year, five-year, seven-year, and ten-year periods, four of the company’s QDII funds ranked in the top ten of their categories. In QDII Greater China equity funds, ICBC Hong Kong Small-Mid Cap Stock (RMB and USD share classes) ranked fourth and fifth among 21 funds over seven years, and fourth and fifth among 16 funds over ten years, respectively. Among QDII global equity funds, ICBC Global Selected Stock ranked third among 11 funds over seven years and third among ten funds over ten years, leading its peers long-term. ICBC Global Stock ranked fourth among ten funds over ten years, effectively meeting investor demand for cross-border asset allocation.
Additionally, ICBC Credit Suisse performed notably in absolute return strategies, further completing its “full-spectrum” allocation landscape. Morningstar China data indicates that ICBC Credit Suisse Absolute Return Strategy Mixed Initiative A ranked sixth among 16 funds over three years, fourth among 17 funds over five years, first among seven funds over seven years, and second among seven funds over ten years in the market-neutral fund category. ICBC Preferred Hedge Strategy Flexible Allocation Mixed A ranked seventh among 17 funds over five years in the same category, demonstrating relatively strong return capabilities and resistance to volatility, providing an effective hedging tool for turbulent markets.
Platform Empowerment: Evolving from Individual Efforts to Systematic Success with a Long-Term Perspective
Behind the impressive performance lies the robust support of ICBC Credit Suisse’s “platform-based, team-oriented, integrated, multi-strategy” investment research system, as well as the company’s long-term commitment to value investing and professional expertise.
In investment research, the company has built a deep research platform covering all industries, assets, and cycles, breaking down barriers between sectors and assets to enable collaborative sharing across equity, fixed income, and multi-asset research, providing strong support for cross-domain asset allocation. To date, the company has established a professional investment research team of over 220 members, with an average industry experience exceeding 12 years. Over 70% of fund managers are internally developed, forming a stable pyramid-shaped research梯队 that has transitioned from “individual efforts” to “team collaboration,” contributing to long-term stability in product performance.
In risk management, the company has established a comprehensive, full-process risk control system with “three lines of defense,” applying internal ratings stricter than external standards to rigorously control drawdowns and credit risks, effectively safeguarding investor interests in volatile markets.
Looking ahead, as China’s economic transformation and upgrading continue and new quality productivity accelerates, capital markets maintain a positive long-term trend. ICBC Credit Suisse remains committed to its founding principle of “investing for the people,” aiming to share long-term value dividends with investors through more professional investment capabilities, steadier performance, and richer allocation tools, striving for sustained excellence and new achievements in the capital market journey.
Data Notes: 1. The specific sales fees applicable to all products mentioned in this material are subject to the fund’s legal documents and sales机构 rules effective at the time on the fund manager’s official website. 2. Ratings and rankings are from Morningstar, as of March 31, 2026. 3. Funds including ICBC New Materials New Energy Stock, ICBC Intelligent Manufacturing Stock A, ICBC Logistics Industry Stock A, ICBC Research Selected Stock, ICBC Credit Suisse Shenzhen IoT 50 ETF, ICBC Emerging Manufacturing Mixed A, ICBC Credit Suisse Harvest Return Flexible Allocation Mixed A, ICBC Yinheli Mixed, ICBC Xindeli Mixed, ICBC Xinshengli Mixed, ICBC Credit Suisse Jufeng Mixed A, ICBC Juxiang Mixed A, ICBC Ju’an Mixed A, ICBC Convertible Bond, ICBC Tianhui Bond A, ICBC Tianfu Bond A, ICBC Credit Pure Bond A, and ICBC Credit Suisse Bloomberg China Development Bank Bond 1-3 Year Index A received three-year five-star ratings. 4. Funds including ICBC New Materials New Energy Stock, ICBC Intelligent Manufacturing Stock A, ICBC Research Selected Stock, ICBC Emerging Manufacturing Mixed A, ICBC Credit Suisse Harvest Return Flexible Allocation Mixed A, ICBC Yinheli Mixed, ICBC Tianfu Bond A, ICBC Pure Bond A, ICBC Credit Pure Bond A, ICBC Zunyi Short-to-Medium Term Bond A, and ICBC Credit Suisse Bloomberg China Development Bank Bond 1-3 Year Index A received five-year five-star ratings. Funds including ICBC Logistics Industry Stock A, ICBC Beautiful Town Theme Stock, ICBC State-Owned Enterprise Reform Theme Stock, ICBC Culture and Sports Industry Stock A, ICBC New Blue Chip Stock A, ICBC Research Selected Stock, ICBC Strategic Transformation Stock A, ICBC Pension Industry Stock A, ICBC Frontier Healthcare Stock A, ICBC New Finance Stock A, ICBC New Trend Flexible Allocation Mixed A, ICBC Credit Suisse Harvest Return Flexible Allocation Mixed A, and ICBC Consumer Services Mixed A received ten-year five-star ratings. 5. Specific rankings include: ICBC New Finance Stock A ranked first in financial and real estate sector stocks over seven-year (1/60) and ten-year (1/36) periods; ICBC Credit Suisse Absolute Return Strategy Mixed Initiative A ranked sixth (6/16), fourth (4/17), first (1/7), and second (2/7) in market-neutral funds over three-year, five-year, seven-year, and ten-year periods, respectively; ICBC State-Owned Enterprise Reform Theme Stock ranked ninth (9/205) and fifth (5/106) in large-cap balanced equity over seven-year and ten-year periods; ICBC Credit Suisse Hong Kong Small-Mid Cap Stock (QDII) USD ranked fifth (5/21) and fifth (5/16) in QDII Greater China equity over seven-year and ten-year periods; ICBC Juxiang Mixed A ranked fifth (5/1098) in conservative mixed funds over three years; ICBC Credit Suisse Preferred Hedge Strategy Flexible Allocation Mixed A ranked eighth (8/16) and seventh (7/17) in market-neutral funds over three-year and five-year periods; ICBC Intelligent Manufacturing Stock A ranked seventh (7/460) and eighth (8/175) in large-cap growth equity over three-year and seven-year periods; ICBC Credit Suisse Hong Kong Small-Mid Cap Stock (QDII) RMB ranked fourth (4/21) and fourth (4/16) in QDII Greater China equity over seven-year and ten-year periods; ICBC Ju’an Mixed A ranked third (3/208) in Shanghai-Hong Kong-Shenzhen conservative mixed funds over three years; ICBC Agriculture Industry Stock ranked seventh (7/47) in consumer sector stocks over seven years; ICBC Research Selected Stock ranked tenth (10/326), second (2/205), and seventh (7/106) in large-cap balanced equity over five-year, seven-year, and ten-year periods; ICBC Pharmaceutical Health Stock A ranked third (3/63) in pharmaceutical sector stocks over seven years; ICBC Global Selected Stock (QDII) ranked ninth (9/22), third (3/11), and third (3/10) in QDII global equity over five-year, seven-year, and ten-year periods; ICBC Convertible Bond ranked first (1/78) in convertible bond funds over three years; ICBC Selected Balanced Mixed ranked second (2/49) and ninth (9/28) in standard mixed funds over seven-year and ten-year periods; ICBC Zunyi Short-to-Medium Term Bond A ranked ninth (9/373) in short-term bond funds over five years; ICBC Healthcare Stock A ranked ninth (9/63) and fifth (5/33) in pharmaceutical sector stocks over seven-year and ten-year periods; ICBC Innovation Drive Stock ranked seventh (7/80) in large-cap balanced equity over seven years; ICBC Frontier Healthcare Stock A ranked fourth (4/63) and second (2/33) in pharmaceutical sector stocks over seven-year and ten-year periods; ICBC Pension Industry Stock A ranked eighth (8/63) and fourth (4/33) in pharmaceutical sector stocks over seven-year and ten-year periods; ICBC Consumer Services Mixed A ranked eighth (8/42) in consumer sector mixed funds over ten years; ICBC Strategic Transformation Stock A ranked second (2/80) and second (2/51) in large-cap balanced equity over seven-year and ten-year periods; ICBC Logistics Industry Stock A ranked tenth (10/175) and second (2/97) in large-cap growth equity over seven-year and ten-year periods; ICBC Culture and Sports Industry Stock A ranked sixth (6/106) in large-cap balanced equity over ten years.
Risk Disclosure: Fund managers manage and utilize fund assets with diligence, honesty, prudence, and due care but do not guarantee fund profitability or minimum returns. Funds investing in overseas securities markets are subject to impacts from different stages of industrial cycles across countries or regions, affecting fund performance. Overseas markets also have unique social, political, legal, and economic conditions that may react differently to specific negative events. Some markets, like the U.S., U.K., and Hong Kong, have no daily price fluctuation limits, leading to potentially larger price swings. These factors may cause sharp market volatility, increasing investment risks. Overseas funds investing in emerging markets face direct or indirect impacts from unique regulatory environments (e.g., market access, foreign exchange controls) and market instability. Equity funds carry higher risks and potential returns than mixed, bond, or money market funds. Mixed funds have moderate risk and return profiles, lower than equity funds but higher than bond and money market funds. ETF funds, as equity funds, have higher long-term average risks and expected returns than mixed, bond, and money market funds. Index funds primarily replicate target indices, bearing similar risk-return characteristics to the indices and their represented markets. ETF investments involve risks such as index volatility and tracking error. Funds eligible for Hong Kong Stock Connect investments face additional risks including exchange rate fluctuations and unique risks from differences in investment environment,标的, market systems, and trading rules. Past performance does not predict future results, and other funds managed by the manager do not guarantee the performance of this fund. Funds carry risks; investors should carefully read the Fund Contract, Prospectus, Product Key Facts, and updates, understand product details, fee structures, and sales channel charges, consider suitability opinions, and invest according to their risk tolerance. Invest with caution.
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