Core Insights - Ruiyuan Fund disclosed its Q1 2025 report, showing significant adjustments in its portfolio with notable reductions in major holdings like China Mobile and Tencent Holdings compared to Q4 2024 [1][2] Fund Performance - Ruiyuan Growth Value Fund, managed by Fu Pengbo and Zhu Lin, reported net asset growth rates of 2.45% and 2.35% for its A and C shares, underperforming the benchmark by 0.16 and 0.26 percentage points respectively [2] - Ruiyuan Balanced Value Fund, managed by Zhao Feng, achieved a net asset growth of 5.79%, with Tencent Holdings as the largest holding at 9.51% [3][4] - Ruiyuan Stable Configuration Fund, managed by Rao Gang, outperformed its benchmark with growth rates of 3.01% and 2.94% for its A and C shares, respectively [5] Portfolio Adjustments - Ruiyuan Growth Value Fund increased its holdings in Shenghong Technology by 13.12 million shares, while reducing positions in major stocks like CATL and China Mobile [2][5] - Ruiyuan Stable Configuration Fund significantly reduced its stake in China Mobile by over 43%, holding 4.1 million shares at the end of Q1 2025 [5] - Ruiyuan Balanced Value Fund added new positions in stocks like Focus Media, while exiting from China Pacific Insurance [3][4] Market Outlook - The fund managers expressed optimism about the macroeconomic environment, anticipating government measures to stimulate domestic demand and economic growth [6][7] - They noted that the real estate market's downward trend is stabilizing, with signs of recovery in first-tier cities [7]