浮动管理费基金的6周年

Core Insights - The Guotai Research Select Fund, established on December 24, 2019, has demonstrated exceptional performance with a cumulative return of 164.70%, ranking first among the first six floating management fee funds and second in maximum drawdown [2][12] - Over the past year, the fund ranks in the top 8% of its peers, and in the last five years, it is approximately in the top 10% [2][12] Fund Performance - The fund's performance from 2020 to the first half of 2025 shows a net value growth of 55.77% compared to its benchmark of 21.73%, with varying performance across different periods [4][14] - The fund's performance data is verified by the custodian bank, and it is noted that past performance does not guarantee future results [4][14] Fee Structure - The fund has a unique fee structure with a management fee of 0.8% per year, which is lower than the typical level for active equity products [7][17] - Performance fees are tied to the fund's performance, with fees only charged if the annualized return exceeds the benchmark of 8% [7][17] - The fund encourages long-term investment through a two-year holding period design, which stabilizes the fund's capital structure and aligns the interests of fund managers and investors [7][17] Fund Management - The fund manager, Xu Zhibiao, employs a deep research approach, focusing on long-cycle, upward-trending companies, particularly those that are not yet on the market's radar [9][19] - Xu emphasizes the importance of long-term value investment and believes that thorough research can create significant value [9][19] - The fund's risk management is based on strict stock selection criteria and balanced industry allocation to mitigate risks from single industry volatility [10][20] Market Outlook - Xu Zhibiao anticipates that the current slow bull market in A-shares will continue, with a favorable outlook on technology growth sectors [10][20] - Companies that have completed "going out" strategies, which involve localizing operations alongside international giants, are expected to benefit significantly from global market expansion [10][20]