业绩狂奔后按下“限购键”：这只基金近一年涨超110%，小盘股成关键推手

Core Viewpoint - The announcement of a purchase limit for the NuAn Multi-Strategy Mixed Fund indicates a strategic shift in response to its strong performance, particularly driven by small-cap stocks under the management of Kong Xianzheng [2][3]. Group 1: Fund Performance - As of July 9, 2025, the A-class shares of the NuAn Multi-Strategy Mixed Fund have seen a year-to-date net value increase of 44.72%, ranking 60th among peers, and a one-year cumulative return of 112.07%, ranking 14th [2]. - The fund's performance has been significantly influenced by its heavy investment in small-cap stocks, with all top ten holdings having market capitalizations below 5 billion yuan, the highest being 3.6 billion yuan for Bangji Technology [2]. - Under Kong Xianzheng's management, the fund's turnover rate reached 10 times in the first half of 2023, with individual stock holdings being closely balanced, indicating a diversified approach [3]. Group 2: Management Changes - Kong Xianzheng's appointment in February 2023 marked a significant change in the fund's investment strategy, shifting focus from sectors like pharmaceuticals and banking to small-cap stocks [2][3]. - The fund's performance in the third and fourth quarters of 2023 showed net value increases of 10.65% and 8.06%, respectively, while many other products experienced declines [3]. Group 3: Comparison with Other Funds - The NuAn Multi-Strategy Mixed Fund A has achieved a cumulative return of 57.00% during Kong Xianzheng's tenure, with a six-month net value growth of 48.17%, placing it in the top 2% of its category [5]. - In contrast, the NuAn Selected Value Mixed Fund, managed by Tang Chen, outperformed the NuAn Multi-Strategy Mixed Fund by over 20 percentage points in the last six months, driven by a focus on innovative drug companies [5][6]. Group 4: Market Insights - Tang Chen highlighted that the innovative drug sector is entering a phase of value realization, with many products expected to complete negotiations for medical insurance inclusion between 2024 and 2025, which will drive revenue growth [6]. - The current market environment suggests a re-evaluation of the value of research pipelines, with some companies expected to reach breakeven by 2026, indicating a clear growth momentum [6].