Zheng Quan Zhi Xing·2025-08-27 15:55Fund Overview - The fund is named Penghua CSI 800 Real Estate Index Securities Investment Fund (LOF) and is managed by Penghua Fund Management Co., Ltd. [1] - The fund aims to closely track the CSI 800 Real Estate Index, with a target of keeping the average tracking deviation within 0.35% daily and annual tracking error within 4% [2][3]. Financial Performance - As of June 30, 2025, the fund's A class share net value growth rate was -7.21%, while the benchmark growth rate was -7.56% [8]. - The C class share net value growth rate was -7.35%, and the I class share net value growth rate was -5.28% [8]. - The fund's total assets amounted to approximately 236.29 million RMB at the end of the reporting period [14]. Investment Strategy - The fund employs a passive index investment strategy, constructing an investment portfolio based on the benchmark weights of the index constituents [2]. - Adjustments to the stock investment portfolio will be made according to changes in the index constituents and their weights, as well as legal and regulatory investment limits [2][3]. Market Context - The real estate market showed signs of weak recovery, with a 10.1% year-on-year increase in transaction volume for the top ten cities in the first five months [7]. - The fund's performance was impacted by factors such as fund positioning, large subscriptions and redemptions, and adjustments in constituent stocks [7]. Management and Compliance - Penghua Fund Management Co., Ltd. has been managing assets totaling approximately 1.25 trillion RMB, with a focus on compliance with relevant laws and regulations [4]. - The fund management strictly adheres to fair trading practices and has not engaged in any actions that would harm the interests of fund shareholders during the reporting period [6][12].