净值曲线45度上扬，这只基金做对了什么？| 1分钟了解一只吾股好基（七十七）

Core Viewpoint - The article discusses the importance of scientific position management in investment, highlighting a fund's contractual constraints on equity positions as a reference for investors [3]. Fund Overview - The fund in focus is E Fund Rui Jin Mixed A (009689.OF), established on July 7, 2020, with a net value growth of 42.14% since inception, significantly outperforming its benchmark of 18.47% and the CSI 300 index, which declined by 2.21% [4][5]. - The fund is managed by Yang Kang, who has over six years of experience, with total assets under management amounting to 15.13 billion [5][8]. Position Management Strategy - The fund's equity position is determined by the price-to-book (PB) ratio of the CSI 300 index, allowing for a range of 45%-95% when the PB is below the 5th percentile of the past 10 years, and limiting to a maximum of 45% when above the 85th percentile [4][5]. - The fund's dynamic position control has effectively kept drawdowns within 3% since inception [11]. Institutional Interest - The fund has been favored by institutional investors, maintaining over 50% institutional ownership as of the mid-2025 report, despite a slight decrease since the market rally began on September 24, 2024 [14]. Asset Allocation - As of mid-2025, the fund employs a barbell strategy, with significant allocations in high-dividend sectors such as banking, utilities, and transportation, totaling 60.1%, while also holding growth sectors like electronics, media, and automotive at 17.8% [18]. - The top ten holdings account for only 7% of the fund's net value, indicating a diversified approach [20]. Recent Adjustments - By the end of 2025, the fund manager reduced long-duration government bonds and increased allocations in mid-to-short-term credit bonds, while also adjusting sector allocations to include more materials, chemicals, and non-bank financials [22][23].