Xin Lang Ji Jin·2025-08-21 10:04Core Insights - The A-share market has reached a ten-year high, drawing attention to equity funds, with over 90% of the 1,053 equity funds showing positive returns over the past decade [1] Fund Performance - The top-performing fund, Dachen Gaoxin A, has achieved a cumulative return of 373.82% over the past ten years, with a fund size of 17.916 billion [2] - Dachen Gaoxin A has a total return of 400.83% since its inception, with an annualized return of 16.49%, ranking first among ordinary equity funds [3] - The fund's performance in recent years includes a return of 10.82% this year, 27.12% over the past year, and 43.18% over the past three years [3][7] Historical Returns - Dachen Gaoxin A has shown strong performance across various market conditions, with returns of 60.26% in 2020 and 27.95% in 2021, while it only declined by 17.92% in 2022, outperforming benchmarks [5][7] - The fund's returns for the last few years include 10.82% in 2025, 29.01% in 2024, and 5.23% in 2023 [6][7] Management Stability - The fund has been managed by only two managers since its inception, with an average tenure of 6.84 years, indicating management stability [7] - Current manager Liu Xu has achieved a total return of 397.35% since taking over in 2015, significantly outperforming the benchmark [7] Portfolio Composition - As of June 30, 2025, the fund's top holdings are concentrated in telecommunications, home appliances, manufacturing, and energy sectors, with a total market value close to 10 billion [9] - The fund has made slight adjustments to its holdings, increasing positions in companies like Midea Group and China National Offshore Oil, while reducing stakes in Tencent Holdings and China Unicom [9][10] Investment Strategy - Dachen Gaoxin A's success is attributed to in-depth fundamental research and strict value investment standards, showcasing the long-term viability of value investing in complex market environments [11]