Zhi Tong Cai Jing·2025-07-21 00:09Core Viewpoint - Liu Gesong, the fund manager of GF Fund, has made significant adjustments to the holdings of six funds under his management, reducing positions in the new energy vehicle supply chain and semiconductor equipment companies while increasing exposure to new consumption, the internet, and military industries in Q2 2025 [1][2]. Fund Performance and Adjustments - In Q2 2025, the net value growth rate of the A-class shares of the GF Small Cap Growth Mixed Fund was 2.38%, while the C-class shares grew by 2.28%, compared to a benchmark return of 3.10% [1]. - The GF Small Cap Growth Mixed Fund experienced a notable reallocation of assets, marking the most significant adjustment in five years, attributed to the addition of two new fund managers [1][2]. Investment Focus - The GF Small Cap Growth Mixed Fund has maintained a high position in A-shares, focusing on technology growth, particularly AI-related stocks, and the defense industry [2][3]. - The fund has newly invested in Inner Mongolia First Machinery Group, Torch Electronics, AVIC Chengfei, Guorui Technology, and AVIC Shenyang Aircraft, marking their first entry since the fund's inception in 2005 [2]. Market Outlook - Liu Gesong expressed optimism about the resilience of the domestic economy, anticipating a recovery in overseas markets and a gradual easing of geopolitical tensions [6]. - The focus remains on identifying investment opportunities aligned with technological changes and the restructuring of global order, particularly in AI applications and undervalued Chinese defense assets [3][6]. Top Holdings - The top ten holdings of the GF Small Cap Growth Mixed Fund include companies such as Seres, Deyue Shares, Inner Mongolia First Machinery, and Guangdong Hongda, with significant allocations to each [5][8].