Fidelity Fund's Vice President and Fund Manager Zhu Shaoxing has released the 2025 fourth-quarter report for his fund. As of the end of Q4 2025, the net asset value of the Fidelity Tianhui Selected Growth fund managed by Zhu Shaoxing was 22.484 billion yuan. In terms of performance during the reporting period, the return for Fidelity Tianhui Growth Mixed (LOF) A/B was 1.12%, for the C share class was 0.91%, and for the D share class was 1.12%. The comparative benchmark returns for the same period were -0.09% for all three share classes.
The 2025 Q4 report reveals that the top ten holdings of Fidelity Tianhui Selected Growth were Bank of Ningbo (002142.SZ), Jereh Group (002353.SZ), CATL (300750.SZ), Kweichow Moutai (600519.SH), CFMOTO (603129.SH), Zhongchuang Zhiling (601717.SH), Zijin Mining Group (601899.SH), Ruifeng New Material (300910.SZ), Sinocera Functional Materials (300285.SZ), and XCMG Machinery (000425.SZ).
An analysis of the portfolio adjustments shows significant strategic shifts by Zhu Shaoxing. Compared to the previous quarter, a "reversal operation" was executed on Zijin Mining, which was bought back in the second half of the year after being completely sold off in the first half, and it was listed as the seventh-largest holding. XCMG Machinery entered the top ten holdings for the first time. The new energy vehicle sector saw reductions, with Luxshare Precision exiting the top ten holdings and others like Zhongchuang Zhiling being reduced. Furthermore, CATL received an additional increase in its position during the fourth quarter of 2025.
In his latest quarterly commentary, Zhu Shaoxing analyzed that monetary policy remained accommodative in the fourth quarter, while fiscal policy continued to exert its influence. After a period of intense competition, Sino-US relations entered a phase of détente, which subsequently boosted investor risk appetite. High-growth sectors such as communications, electronics, and non-ferrous metals performed well. A series of policies aimed at curbing internal competition are gradually being reflected in the corporate operating environment and will continue to impact the fundamentals of listed companies in the future. Market opportunities have, to some extent, broadened.
Zhu Shaoxing indicated that the overall valuation of the A-share market has risen considerably but remains within a reasonable range over the long term. Currently, equity assets demonstrate significant relative attractiveness among all major asset classes. Of course, following the rise in the index's center, bottom-up stock selection for alpha generation has become more crucial than before. Over a longer time horizon, he believes the real economy will ultimately achieve a robust recovery. High-quality equity assets will benefit further from this. Investors should currently maintain their positions in equities.
Zhu Shaoxing stated that he will continue to focus on identifying value among high-quality stocks. At the individual stock selection level, the fund prefers to invest in companies with strong "corporate DNA," sound governance structures, and excellent management. He believes such companies have a higher probability of creating value for investors in the future. For a growth fund, the optimal path to generating returns is to share in the capital market gains derived from the companies' own growth.
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