【晨星焦点基金系列】：成长风格持续占优，易方达科翔混合基金的制胜之道

Core Viewpoint - The article emphasizes the investment potential of the E Fund Kexiang Mixed Fund, highlighting its ability to capitalize on growth opportunities during economic transitions, supported by an experienced fund manager and a robust research team [3][5]. Fund Overview - Fund Code: 110013 - Fund Type: Actively Managed - Large Cap Growth - Benchmark Index: CSI 300 Relative Growth Total Return [1] - Fund Size: 42.09 billion yuan as of September 30, 2025 [2]. Market Context - Since 2026, the A-share market has welcomed a "good start" with core indices steadily rising, with both the Shanghai Composite Index and Shenzhen Component Index recording positive returns [3]. - The market style is becoming more balanced, with a notable advantage for growth sectors, particularly in technology, while signs of profit recovery are emerging in consumption, cyclical, and manufacturing sectors [3]. Fund Manager Profile - Fund Manager: Chen Hao, managing the fund since May 2014, with 18 years of investment experience, including 13 years in public fund management [5]. - Chen has maintained a stable number of products and scale, managing a total of 29.9 billion yuan as of Q3 2025 [5]. Investment Strategy - The fund focuses on mid-cap stocks and employs a strategy that combines macro industry comparisons with bottom-up stock selection, targeting industries with significant long-term growth trends [8][10]. - The fund manager emphasizes a concentrated industry allocation while maintaining a diversified stock portfolio, typically holding between 70 to 100 stocks [8]. Performance Metrics - Since Chen Hao took over, the fund has achieved an annualized return of 19.96%, outperforming the benchmark by 12.48% [20]. - In 2025, the fund benefited from a favorable market environment, achieving a return of 72.25%, surpassing the benchmark by 39.81% [20]. Risk and Volatility - The fund's performance volatility is higher than the benchmark and peer averages, with a standard deviation of 23.48% [29]. - Despite higher risks, the fund has provided substantial excess returns, with a Sharpe ratio of 0.57, outperforming 93% of peers [30]. Fee Structure - The fund has an annual comprehensive fee rate of 1.76%, which is lower than the peer average of 2.27%, benefiting investors through reduced costs [31].