Zheng Quan Zhi Xing·2025-08-27 13:25Fund Overview - The fund is named Penghua Fengrun Bond Fund (LOF) and is managed by Penghua Fund Management Co., Ltd. with China Construction Bank as the custodian [3][4] - The fund aims to create higher current returns for its holders while strictly controlling investment risks [3] - The fund's total shares at the end of the reporting period were 186,987,350.59 shares [3] Investment Strategy - The fund employs an active investment strategy to identify various potential value growth opportunities, aiming to achieve returns that exceed benchmarks [3] - Asset allocation strategies involve dynamic adjustments between bonds, stocks, and cash based on macroeconomic analysis and interest rate trends [3] - The fund utilizes various strategies for bond investments, including duration strategy, yield curve strategy, and spread strategy, to enhance total returns while ensuring long-term capital safety [3][4] Financial Performance - The fund's realized income for the reporting period was 3,208,069.78 RMB, with a weighted average net profit margin of 1.04% [6] - The net asset value at the end of the reporting period was 208,830,332.52 RMB, with a net asset value per share of 1.1168 RMB [6][19] - The cumulative net value growth rate since the fund's inception is 97.51% [6] Market Context - The bond market experienced adjustments in the first quarter due to high funding rates and a lack of interest rate cuts, while the second quarter saw a recovery with a more abundant liquidity environment [13] - The fund primarily invested in medium to high-rated credit bonds and engaged in tactical operations with interest rate bonds during the reporting period [13][14] - The macroeconomic outlook suggests a stable economic environment with limited risks of significant downturns, supported by proactive domestic policies [14] Management and Governance - Penghua Fund Management Co., Ltd. has been operational since December 22, 1998, managing a total asset scale of 1,251.3 billion RMB across various funds [8] - The fund management team has extensive experience in investment management and risk control, ensuring compliance with relevant regulations and fund contracts [12]