Sou Hu Cai Jing·2025-04-17 09:33Group 1 - The core viewpoint of the article highlights the portfolio adjustments made by Ruiyuan Fund's managers, Fu Pengbo and Zhao Feng, in response to market conditions and anticipated economic changes [2][8] - In Q1 2025, Fu Pengbo and Zhu Lin increased their holdings in Ruiyuan Growth Value, with a 93.62% equity investment ratio, up 4.91% from the previous quarter [3][5] - Zhao Feng's Ruiyuan Balanced Value also saw a 90.05% equity investment ratio, an increase of 2.27% from the last period [8][9] Group 2 - The net asset value of Ruiyuan Growth Value at the end of the reporting period was 18.43 billion yuan, slightly down from 18.73 billion yuan at the end of the previous year [4] - The top ten holdings of Ruiyuan Growth Value included Tencent Holdings and Sanofi Biologics, with significant reductions in holdings for China Mobile and Giant Star Technology, both over 20% [5][6] - Ruiyuan Balanced Value's net asset value was 12.06 billion yuan, showing little change from the previous year's end value [9] Group 3 - Fu Pengbo expressed optimism about the A-share market despite the challenges posed by increased US trade tariffs, believing that government measures will mitigate the impact on exports [7][12] - Zhao Feng noted that the market's equity risk premium has returned to a reasonable level, and if macroeconomic stability is achieved, equity assets will remain attractive [11][12] - The report indicated that Ruiyuan Growth Value's performance in Q1 lagged behind its benchmark by 0.16% to 0.26% [5]