【晨星焦点基金系列】：制造业与硬科技投资热潮下，如何脱颖而出？

Core Viewpoint - The article emphasizes the significance of high-end manufacturing as a core driver of economic growth during China's economic transformation, highlighting the role of public funds in providing investment opportunities in this sector [4][5]. Fund Overview - The fund, managed by Bi Tianyu, focuses on high-end manufacturing companies and employs a growth investment strategy that combines macro industry analysis with bottom-up research [2][11]. - As of May 2025, the fund achieved an annualized return of 9.57% during the manager's tenure, outperforming the benchmark by 5.90% [22]. Performance Metrics - The fund's recent three-year and five-year annualized returns were -5.98% and 2.11%, ranking 70% and 42% among peers, respectively [22]. - The fund's Sharpe ratio during the manager's tenure was 0.52, ranking 21% among similar funds [22]. Investment Strategy - The fund adopts a concentrated investment approach, with top ten holdings accounting for 45% to 65% of the portfolio from 2019 to 2024, indicating a preference for leading growth stocks [12]. - The fund's annual expense ratio is 1.70%, slightly above the average of 1.59% for similar funds [27]. Sector Allocation - The fund's sector allocation as of December 2024 shows a significant focus on cyclical (44.22%) and technology (35.33%) sectors, compared to the benchmark [17]. Manager's Experience - Bi Tianyu has 25 years of experience in the securities industry and has been managing the fund since its inception, demonstrating a strong track record in stock selection across various sectors [5][19].