2025年冠军基金出炉，斩获240%收益，打破17年纪录‌

Core Viewpoint - The article highlights the exceptional performance of Yongying Technology Smart A Fund, managed by Ren Jie, which achieved a cumulative annual return of 239.78% as of December 30, 2025, surpassing the previous record held by Wang Yawei for 17 years [1][3][5]. Performance Metrics - As of December 30, 2025, Yongying Technology Smart A Fund recorded a maximum drawdown of 27.04% and an annualized volatility of 47.42% [3]. - In comparison, the average return of equity mixed funds during the same period was approximately 33%, with an average maximum drawdown of about 15% and an average annualized volatility of around 23% [5]. Fund Growth and Strategy - The fund was established on October 30, 2024, with an initial size of approximately 1.03179 million yuan, of which about 98% was subscribed by Yongying Fund and company employees. By the end of the third quarter of 2025, its size surged to 11.521 billion yuan, marking over a thousand-fold growth [5][6]. - Ren Jie made a pivotal decision in the second quarter of 2025 to shift the fund's holdings towards the overseas computing power industry chain, particularly focusing on key segments like optical communication modules and PCBs, which significantly contributed to the fund's performance [6][8]. Investment Framework - Ren Jie employs a systematic investment framework characterized by "research-driven, focus on change, and flexible response," emphasizing deep industry research and the importance of tracking changes in the market [10][11]. - The investment strategy is based on capturing both "performance changes" through high-frequency data and "valuation changes" driven by market dynamics, aiming for a dual impact on performance and valuation [11]. Market Challenges and Future Outlook - The fund faces challenges related to extreme concentration, high volatility, and limited capacity, especially as the market transitions from expectation-driven trading to profit verification in 2026 [15]. - The article discusses the phenomenon of "champion curse," where funds with extreme high returns often experience significant drawdowns in subsequent years, suggesting that the current success may not be easily replicable [12][15].