富国天成红利灵活配置混合：2025年第四季度利润1569.78万元 净值增长率2.96%

Core Viewpoint - The report highlights the performance and strategy of the FuGuo TianCheng Dividend Flexible Allocation Mixed Fund (100029) for Q4 2025, indicating a profit of 15.6978 million yuan and a net asset value growth rate of 2.96% during the quarter [2]. Fund Performance - As of January 22, the fund's unit net value was 1.018 yuan, with a three-month return of 5.18%, a six-month return of 8.87%, a one-year return of 20.48%, and a three-year return of -9.89% [3]. - The fund's Sharpe ratio over the past three years was -0.0978, ranking 1212 out of 1275 comparable funds [9]. - The maximum drawdown over the past three years was 31.26%, with the largest single-quarter drawdown occurring in Q1 2022 at 21.54% [11]. Fund Strategy and Holdings - The fund manager noted a balanced allocation strategy in Q4 2025, with a focus on stable dividend stocks and gradual increases in low-valued sectors such as travel, chemicals, and consumer goods [2]. - The average stock position over the past three years was 70.1%, compared to the industry average of 72.57% [14]. - As of Q4 2025, the fund's top ten holdings included Ningbo Bank, China Ping An, China Shenhua, China Pacific Insurance, Wens Foodstuff Group, Shaanxi Coal and Chemical Industry, Ping An Bank, Baosteel, China Southern Airlines, and Guokai Tiancheng [18]. Fund Size - The fund's total size as of the end of Q4 2025 was 535 million yuan [15].