【晨星焦点基金系列】：掘金港股中小盘机会

Core Viewpoint - The article highlights the performance and investment strategy of the FuGuo China Small and Medium Cap Mixed (QDII) fund, managed by Zhang Feng, emphasizing its long-term returns and risk management capabilities [4][23]. Fund Overview - Fund Code: 100061 - Fund Type: QDII Greater China Mixed Equity and Debt - Benchmark Index: MSCI Golden Dragon [2] - Established Date: September 4, 2012 - Fund Size: 38.85 billion RMB as of September 30, 2025 [3]. Performance Metrics - The fund has achieved an annualized return of 12.06% since Zhang Feng took over in September 2012, outperforming the Morningstar China Small and Medium Cap Index by 6.30% and the benchmark CSI Hong Kong China Small Cap Composite Index by 7.56% as of November 30, 2025 [4][23]. - The fund's performance has shown good consistency, with annualized returns over the last year, three years, and five years surpassing both the Morningstar China Small and Medium Cap Index and the CSI Hong Kong China Small Cap Composite Index [23]. Investment Strategy - Zhang Feng employs a reasonable valuation growth investment strategy, focusing on bottom-up stock selection and emphasizing the importance of valuation risk management [4][14]. - The fund primarily invests in Hong Kong-listed small and medium-cap Chinese concept stocks, with at least 80% of its equity assets allocated to this segment [12][13]. - The investment portfolio includes sectors such as consumer discretionary, healthcare, and telecommunications, with a focus on companies with stable earnings growth [14][23]. Risk Management - The fund's standard deviation and downside risk metrics are lower than the average of its peers, indicating effective risk control [4][30]. - The fund's comprehensive fee rate is 2.33%, which is lower than the average of 2.71% for similar funds, benefiting from a larger management scale that spreads operational costs [4][32]. Manager Profile - Zhang Feng has 24 years of experience in the securities industry, with 13 years specifically in managing Hong Kong stocks. His background includes roles at Morgan Stanley and other institutions focusing on stock research [7]. - The fund management team is stable, allowing Zhang Feng to focus on investment decisions without significant administrative distractions [7]. Asset Allocation - As of September 30, 2025, the fund's asset distribution is 88.63% in equities, 0% in bonds, and 10.85% in cash, aligning with its investment strategy [19]. - The fund's sector allocation shows a significant focus on cyclical and consumer discretionary sectors, with a notable underweight in technology compared to its benchmark [20].