Zheng Quan Zhi Xing·2025-08-29 10:04Core Viewpoint - The report provides an overview of the performance and management of the Guangfa Ju Li Bond Fund (LOF) for the first half of 2025, highlighting its investment strategy, financial performance, and market conditions affecting the fund [1][2][11]. Fund Overview - Fund Name: Guangfa Ju Li Bond Fund (LOF) - Fund Manager: Guangfa Fund Management Co., Ltd. - Fund Trustee: China Construction Bank Co., Ltd. - Total Fund Shares at Period End: 2,039,823,596.18 shares [2][3]. Financial Performance - For the period from January 1, 2025, to June 30, 2025, the A class fund achieved a net value growth rate of 0.94%, while the C class fund achieved a growth rate of 0.78% [12][13]. - The total realized income for the A class was 50,834,476.26 RMB, and for the C class, it was 19,436,829.65 RMB [3][4]. - The net asset value at the end of the reporting period for the A class was 2,151,951,869.99 RMB, and for the C class, it was 754,797,220.44 RMB [4][16]. Investment Strategy - The fund aims to provide stable returns above the performance benchmark by actively managing investments while controlling risks [2][11]. - The investment strategy includes analyzing macroeconomic trends, interest rate movements, and credit risks to determine asset allocation [2][12]. Market Conditions - The report notes a weakening domestic real estate market and low inflation, contributing to macroeconomic uncertainty [12][13]. - The central bank's monetary policy has shifted towards maintaining liquidity through measures such as MLF net injections and interest rate cuts [12][13]. Performance Comparison - The fund's performance is benchmarked against the China Bond Index, with the A class showing a cumulative net value growth rate of 140.10% and the C class at 23.56% since inception [3][4]. - The report indicates that the fund's performance has been affected by market conditions, with a notable recovery in the second quarter after a decline in the first quarter [12][13]. Compliance and Governance - The fund management adheres to relevant laws and regulations, ensuring compliance in its operations and investment decisions [11][15]. - The trustee has fulfilled its responsibilities in overseeing the fund's asset management and ensuring no harm to the interests of fund holders [15].