Quantitative Models and Construction Methods - **Model Name**: Excellent Fund Performance Enhancement Portfolio **Construction Idea**: Shift from benchmarking broad-based indices to benchmarking active equity funds, leveraging quantitative methods to enhance fund holdings for optimal selection [3][19][51] **Construction Process**: 1. Benchmark against active equity fund median returns, represented by the mixed equity fund index (885001.WI) [19][51] 2. Select funds based on performance layering, neutralizing return factors to mitigate style concentration risks [51] 3. Optimize portfolio to control deviations in individual stocks, industries, and styles relative to selected fund holdings [52] **Evaluation**: Demonstrates stability and consistent outperformance against active equity fund medians [51][52] - **Model Name**: Outperformance Selection Portfolio **Construction Idea**: Focus on stocks with significant pre- and post-event excess returns triggered by outperformance events [4][57] **Construction Process**: 1. Filter stocks based on research report titles indicating outperformance and analysts' upward revisions of net profit [4][57] 2. Conduct dual-layer selection using fundamental and technical analysis to identify stocks with both fundamental support and technical resonance [4][57] **Evaluation**: Consistently ranks in the top 30% of active equity funds annually [57] - **Model Name**: Brokerage Golden Stock Performance Enhancement Portfolio **Construction Idea**: Optimize the brokerage golden stock pool to achieve stable outperformance against the mixed equity fund index [5][62] **Construction Process**: 1. Use the brokerage golden stock pool as the stock selection space and benchmark [5][33] 2. Optimize portfolio to control deviations in individual stocks, industries, and styles relative to the golden stock pool [33][62] **Evaluation**: Reflects strong research capabilities and consistently ranks in the top 30% of active equity funds annually [62][63] - **Model Name**: Growth Stability Portfolio **Construction Idea**: Prioritize stocks with strong excess returns during the golden period of growth stock performance [6][67] **Construction Process**: 1. Segment growth stock pools based on the number of days until the scheduled financial report disclosure date, prioritizing stocks closer to the disclosure date [6][67] 2. Use multi-factor scoring to select high-quality stocks when sample size is large [6][67] 3. Introduce mechanisms such as weak balance, transition, buffering, and risk avoidance to reduce turnover and mitigate risks [67] **Evaluation**: Consistently ranks in the top 30% of active equity funds annually [67][68] --- Model Backtesting Results - **Excellent Fund Performance Enhancement Portfolio** - Annualized return: 20.31% (2012.1.4-2025.6.30) - Excess return vs. mixed equity fund index: 11.83% - Consistently ranks in the top 30% of active equity funds annually [53][56] - **Outperformance Selection Portfolio** - Annualized return: 30.55% (2010.1.4-2025.6.30) - Excess return vs. mixed equity fund index: 24.68% - Consistently ranks in the top 30% of active equity funds annually [58][60] - **Brokerage Golden Stock Performance Enhancement Portfolio** - Annualized return: 19.34% (2018.1.2-2025.6.30) - Excess return vs. mixed equity fund index: 14.38% - Consistently ranks in the top 30% of active equity funds annually [63][66] - **Growth Stability Portfolio** - Annualized return: 35.51% (2012.1.4-2025.6.30) - Excess return vs. mixed equity fund index: 26.88% - Consistently ranks in the top 30% of active equity funds annually [68][71]

Core Viewpoint - The report tracks the performance of various active quantitative strategies by Guosen Securities, focusing on their absolute and relative returns against benchmarks, particularly the active equity fund median and the mixed equity fund index [2][3]. Group 1: Performance Overview - The "Excellent Fund Performance Enhancement Portfolio" achieved an absolute return of 4.27% this week and a year-to-date return of 29.53%, underperforming the mixed equity fund index by 0.45% and 2.86% respectively [1][9]. - The "Super Expected Selection Portfolio" recorded an absolute return of 3.90% this week and 43.86% year-to-date, outperforming the mixed equity fund index by 0.08% and 11.47% respectively [1][20]. - The "Brokerage Golden Stock Performance Enhancement Portfolio" had an absolute return of 5.82% this week and 34.66% year-to-date, exceeding the mixed equity fund index by 2.00% and 2.27% respectively [1][21]. - The "Growth and Stability Portfolio" posted an absolute return of 4.31% this week and 54.64% year-to-date, outperforming the mixed equity fund index by 0.49% and 22.26% respectively [1][30]. Group 2: Strategy Summaries - The "Excellent Fund Performance Enhancement Portfolio" aims to outperform the median returns of active equity funds by utilizing a quantitative approach based on the holdings of top-performing funds [6][34]. - The "Super Expected Selection Portfolio" selects stocks based on positive earnings surprises and analyst upgrades, focusing on both fundamental and technical criteria to build a robust stock selection [13][41]. - The "Brokerage Golden Stock Performance Enhancement Portfolio" is constructed using a selection of stocks from the brokerage golden stock pool, optimizing the portfolio to minimize deviations from this benchmark [17][43]. - The "Growth and Stability Portfolio" employs a two-dimensional evaluation system for growth stocks, prioritizing those with upcoming earnings announcements to capture potential excess returns [27][47].

- The report introduces two active quantitative strategies launched by the Changjiang Quantitative Team since July 2023: the "Dividend Selection Strategy" and the "High Winning Rate Industry Strategy" [3][10] - The "Dividend Selection Strategy" includes two products: "Central State-Owned Enterprises High Dividend 30 Portfolio" and "Balanced Growth Dividend 50 Portfolio" [11] - The "Industry Enhancement Series" focuses on the electronics sector and includes two products: "Electronics Balanced Allocation Enhancement Portfolio" and "Electronics Sector Preferred Enhancement Portfolio," with the latter targeting mature sub-sector leading companies [11] - The "Electronics Sector Preferred Enhancement Portfolio" achieved a weekly excess return of approximately 1.92% relative to the electronics industry index, ranking around the 28th percentile among technology-themed fund products [4][27] - The "Balanced Growth Dividend 50 Portfolio" has shown significant excess returns of approximately 4.27% relative to the CSI Dividend Total Return Index since the beginning of 2025, ranking around the 44th percentile among all dividend-themed fund products [18]

Quantitative Models and Construction Methods 1. Model Name: Excellent Fund Performance Enhancement Portfolio - Model Construction Idea: The model aims to benchmark against active equity funds instead of broad-based indices, leveraging the holdings of excellent funds and enhancing them using quantitative methods to achieve optimal selection[4][18][45] - Model Construction Process: - Benchmark against the median of active equity funds, using the active equity hybrid fund index (885001.WI) as a proxy - Consider the impact of position and transaction fees, with the portfolio position calculated based on the median position of active equity funds, which is 90% for this period[18] - Enhance the holdings of selected funds using quantitative methods to achieve optimal selection[4][18][45] - Model Evaluation: The model aims to consistently outperform the median of active equity funds by leveraging the holdings of excellent funds and enhancing them using quantitative methods[4][18][45] 2. Model Name: Exceeding Expectations Selection Portfolio - Model Construction Idea: The model selects stocks with exceeding expectations events based on research report titles and analysts' upward revisions of net profit, and then selects stocks with both fundamental support and technical resonance[5][23][51] - Model Construction Process: - Screen the exceeding expectations event stock pool based on research report titles and analysts' upward revisions of net profit - Select stocks with both fundamental support and technical resonance from the exceeding expectations stock pool to construct the exceeding expectations selection portfolio[5][23][51] - Model Evaluation: The model aims to capture significant excess returns before and after exceeding expectations events by selecting stocks with both fundamental support and technical resonance[5][23][51] 3. Model Name: Broker Golden Stock Performance Enhancement Portfolio - Model Construction Idea: The model uses the broker golden stock pool as the stock selection space and constraint benchmark, and optimizes the portfolio to control deviations in individual stocks and styles from the broker golden stock pool[6][29][56] - Model Construction Process: - Use the broker golden stock pool as the stock selection space and constraint benchmark - Optimize the portfolio to control deviations in individual stocks and styles from the broker golden stock pool[6][29][56] - Model Evaluation: The model aims to leverage the alpha potential of the broker golden stock pool and achieve stable outperformance of the active equity hybrid fund index[6][29][56] 4. Model Name: Growth and Stability Portfolio - Model Construction Idea: The model constructs a two-dimensional evaluation system for growth stocks using a "time series first, cross-section later" approach, selecting stocks based on the interval days from the scheduled disclosure date of the official financial report[7][35][61] - Model Construction Process: - Construct a growth stock pool based on research report titles and performance increases - Select stocks based on the interval days from the scheduled disclosure date of the official financial report, prioritizing stocks closer to the disclosure date - Use multi-factor scoring to select high-quality stocks when the sample size is large - Introduce weak balance mechanism, transition mechanism, buffer mechanism, and risk avoidance mechanism to reduce portfolio turnover and avoid risks[7][35][61] - Model Evaluation: The model aims to efficiently capture the excess returns of growth stocks during the golden period of excess return release by selecting stocks based on the interval days from the scheduled disclosure date of the official financial report[7][35][61] Model Backtesting Results 1. Excellent Fund Performance Enhancement Portfolio - Weekly absolute return: -3.94%[2][22] - Weekly excess return relative to active equity hybrid fund index: 0.41%[2][22] - Annual absolute return: 24.22%[2][22] - Annual excess return relative to active equity hybrid fund index: -3.30%[2][22] - Annual ranking in active equity funds: 52.75% percentile (1830/3469)[2][22] 2. Exceeding Expectations Selection Portfolio - Weekly absolute return: -6.08%[2][28] - Weekly excess return relative to active equity hybrid fund index: -1.73%[2][28] - Annual absolute return: 38.46%[2][28] - Annual excess return relative to active equity hybrid fund index: 10.94%[2][28] - Annual ranking in active equity funds: 23.23% percentile (806/3469)[2][28] 3. Broker Golden Stock Performance Enhancement Portfolio - Weekly absolute return: -5.10%[2][34] - Weekly excess return relative to active equity hybrid fund index: -0.75%[2][34] - Annual absolute return: 27.24%[2][34] - Annual excess return relative to active equity hybrid fund index: -0.27%[2][34] - Annual ranking in active equity funds: 45.06% percentile (1563/3469)[2][34] 4. Growth and Stability Portfolio - Weekly absolute return: -4.26%[3][39] - Weekly excess return relative to active equity hybrid fund index: 0.09%[3][39] - Annual absolute return: 48.25%[3][39] - Annual excess return relative to active equity hybrid fund index: 20.74%[3][39] - Annual ranking in active equity funds: 10.72% percentile (372/3469)[3][39]

Core Viewpoint - The report tracks the performance of various active quantitative strategies by GuoXin Securities, focusing on their absolute and relative returns against benchmarks, particularly the active equity fund median and the mixed equity fund index [2][3]. Group 1: Performance Overview - The "Excellent Fund Performance Enhancement Portfolio" had an absolute return of -3.94% this week and a year-to-date return of 24.22%, ranking in the 52.75 percentile among active equity funds [1][9]. - The "Super Expected Selection Portfolio" reported an absolute return of -6.08% this week and 38.46% year-to-date, ranking in the 23.23 percentile [1][19]. - The "Brokerage Golden Stock Performance Enhancement Portfolio" had an absolute return of -5.10% this week and 27.24% year-to-date, ranking in the 45.06 percentile [1][20]. - The "Growth and Stability Portfolio" recorded an absolute return of -4.26% this week and 48.25% year-to-date, ranking in the 10.72 percentile [1][29]. Group 2: Strategy Summaries - The "Excellent Fund Performance Enhancement Portfolio" aims to outperform the median return of active equity funds by utilizing a quantitative approach based on the holdings of top-performing funds [6][35]. - The "Super Expected Selection Portfolio" selects stocks based on positive earnings surprises and analyst upgrades, focusing on both fundamental and technical criteria [12][41]. - The "Brokerage Golden Stock Performance Enhancement Portfolio" is constructed using a selection of stocks from the brokerage's recommended list, optimizing for individual stock and style deviations [15][45]. - The "Growth and Stability Portfolio" employs a two-dimensional evaluation system for growth stocks, prioritizing those with upcoming earnings announcements to capture potential excess returns [26][49].

Core Insights - The report highlights the performance tracking of Guosen Securities' active quantitative strategies, indicating that the "Growth and Steady" portfolio has achieved a year-to-date return of 62.19% [1][12][39]. Summary by Sections Excellent Fund Performance Enhancement Portfolio - This portfolio aims to outperform the median return of actively managed equity funds, with a year-to-date absolute return of 29.30% and a relative excess return of -4.01% against the mixed equity fund index [1][23][17]. - The portfolio's performance for the week was -0.98%, with a relative excess return of 0.54% compared to the mixed equity fund index [1][23][16]. Expected Selection Portfolio - The expected selection portfolio has achieved a year-to-date absolute return of 47.41% and a relative excess return of 14.10% against the mixed equity fund index [1][31][29]. - For the week, the portfolio's absolute return was 0.22%, with a relative excess return of 1.74% [1][31][16]. Broker's Golden Stock Performance Enhancement Portfolio - This portfolio has a year-to-date absolute return of 34.07% and a relative excess return of 0.76% against the mixed equity fund index [1][38][34]. - The weekly performance showed an absolute return of -1.51% with a relative excess return of 0.01% [1][38][16]. Growth and Steady Portfolio - The growth and steady portfolio has achieved a year-to-date absolute return of 54.84% and a relative excess return of 21.53% against the mixed equity fund index [1][42][39]. - For the week, the portfolio's absolute return was -0.08%, with a relative excess return of 1.44% [1][42][16]. Performance Monitoring of Public Funds - The report provides insights into the distribution of stock and actively managed fund returns, indicating that 55% of stocks rose while 45% fell during the week, with a median return of 0.41% for stocks and -1.63% for actively managed funds [1][46][43]. - Year-to-date, the median return for stocks was 22.40%, with 83% of stocks rising, while actively managed funds had a median return of 31.74%, with 98% rising [1][46][43].

Quantitative Models and Construction Methods - **Model Name**: Excellent Fund Performance Enhancement Portfolio **Construction Idea**: Shift from benchmarking broad-based indices to benchmarking active equity funds, leveraging quantitative methods to enhance fund holdings for optimal selection [4][48][49] **Construction Process**: 1. Benchmark against active equity fund median returns, represented by the biased equity hybrid fund index (885001.WI) [18][48] 2. Select funds based on performance layering, neutralizing return-related factors to mitigate style concentration risks [48] 3. Optimize the portfolio to control deviations in individual stocks, industries, and styles compared to selected fund holdings [49] **Evaluation**: Demonstrates stability and ability to outperform active equity fund medians [49] - **Model Name**: Outperformance Selection Portfolio **Construction Idea**: Focus on stocks with significant earnings surprises, combining fundamental and technical analysis for selection [5][54] **Construction Process**: 1. Identify stocks with earnings surprises based on research titles and analysts' profit revisions [5][54] 2. Conduct dual-layer screening on fundamental and technical dimensions to select stocks with both fundamental support and technical resonance [5][54] **Evaluation**: Consistently ranks in the top 30% of active equity funds annually [55] - **Model Name**: Brokerage Golden Stock Performance Enhancement Portfolio **Construction Idea**: Use brokerage golden stock pools as the stock selection space and constraint benchmark, optimizing the portfolio to control deviations [6][59] **Construction Process**: 1. Benchmark against active equity fund medians, represented by the biased equity hybrid fund index [33][59] 2. Optimize the portfolio to control deviations in individual stocks, industries, and styles compared to the brokerage golden stock pool [6][59] **Evaluation**: Stable performance, consistently ranking in the top 30% of active equity funds annually [60] - **Model Name**: Growth and Stability Portfolio **Construction Idea**: Focus on the time-series release intensity of excess returns for growth stocks, constructing a two-dimensional evaluation system [7][64] **Construction Process**: 1. Use "excess return release maps" to identify the strongest release periods of excess returns around positive events [64] 2. Prioritize stocks closer to financial report disclosure dates, and apply multi-factor scoring to select high-quality stocks when sample size is large [7][64] 3. Introduce mechanisms like weak balance, transition, buffer, and risk avoidance to reduce turnover and mitigate risks [64] **Evaluation**: High efficiency in capturing excess returns during optimal periods, consistently ranking in the top 30% of active equity funds annually [64][65] --- Model Backtesting Results - **Excellent Fund Performance Enhancement Portfolio**: - Annualized return (2012.1.4-2025.6.30): 20.31% - Annualized excess return vs. biased equity hybrid fund index: 11.83% - Most years ranked in the top 30% of active equity funds [50][53] - **Outperformance Selection Portfolio**: - Annualized return (2010.1.4-2025.6.30): 30.55% - Annualized excess return vs. biased equity hybrid fund index: 24.68% - Most years ranked in the top 30% of active equity funds [55][57] - **Brokerage Golden Stock Performance Enhancement Portfolio**: - Annualized return (2018.1.2-2025.6.30): 19.34% - Annualized excess return vs. biased equity hybrid fund index: 14.38% - Most years ranked in the top 30% of active equity funds [60][63] - **Growth and Stability Portfolio**: - Annualized return (2012.1.4-2025.6.30): 35.51% - Annualized excess return vs. biased equity hybrid fund index: 26.88% - Most years ranked in the top 30% of active equity funds [65][68] --- Portfolio Weekly and Yearly Performance - **Excellent Fund Performance Enhancement Portfolio**: - Weekly absolute return: -0.98% - Weekly excess return vs. biased equity hybrid fund index: 0.54% - Yearly absolute return: 29.30% - Yearly excess return vs. biased equity hybrid fund index: -4.01% - Yearly ranking: 54.63% percentile (1895/3469) [2][24][17] - **Outperformance Selection Portfolio**: - Weekly absolute return: 0.22% - Weekly excess return vs. biased equity hybrid fund index: 1.74% - Yearly absolute return: 47.41% - Yearly excess return vs. biased equity hybrid fund index: 14.10% - Yearly ranking: 21.71% percentile (753/3469) [2][32][17] - **Brokerage Golden Stock Performance Enhancement Portfolio**: - Weekly absolute return: -1.51% - Weekly excess return vs. biased equity hybrid fund index: 0.01% - Yearly absolute return: 34.07% - Yearly excess return vs. biased equity hybrid fund index: 0.76% - Yearly ranking: 44.42% percentile (1541/3469) [2][39][17] - **Growth and Stability Portfolio**: - Weekly absolute return: -0.08% - Weekly excess return vs. biased equity hybrid fund index: 1.44% - Yearly absolute return: 54.84% - Yearly excess return vs. biased equity hybrid fund index: 21.53% - Yearly ranking: 13.00% percentile (451/3469) [3][43][17]

Core Viewpoint - The report tracks the performance of various active quantitative strategies, highlighting their absolute and relative returns against benchmarks, specifically focusing on the "Excellent Fund Performance Enhancement Portfolio," "Super Expected Selection Portfolio," "Brokerage Golden Stock Performance Enhancement Portfolio," and "Growth Stability Portfolio" [2][3][5]. Group 1: Performance Overview - The "Excellent Fund Performance Enhancement Portfolio" achieved an absolute return of -0.98% this week and a year-to-date return of 29.30%, with a relative excess return of 0.54% against the mixed equity fund index [1][9]. - The "Super Expected Selection Portfolio" recorded an absolute return of 0.22% this week and 47.41% year-to-date, outperforming the mixed equity fund index by 1.74% [1][17]. - The "Brokerage Golden Stock Performance Enhancement Portfolio" had an absolute return of -1.51% this week and 34.07% year-to-date, with a slight excess return of 0.01% against the mixed equity fund index [1][18]. - The "Growth Stability Portfolio" posted an absolute return of -0.08% this week and 54.84% year-to-date, outperforming the mixed equity fund index by 1.44% [1][28]. Group 2: Strategy Summaries - The "Excellent Fund Performance Enhancement Portfolio" aims to benchmark against the median return of public active equity funds, utilizing quantitative methods to enhance performance based on the holdings of top-performing funds [5][32]. - The "Super Expected Selection Portfolio" selects stocks based on positive earnings surprises and analyst upgrades, focusing on both fundamental and technical criteria to build a robust portfolio [11][39]. - The "Brokerage Golden Stock Performance Enhancement Portfolio" leverages the brokerage golden stock pool, optimizing the selection to maintain alignment with the performance of public equity funds [14][43]. - The "Growth Stability Portfolio" employs a two-dimensional evaluation system for growth stocks, prioritizing those with upcoming earnings announcements to capture potential excess returns [21][47].

Core Insights - The report highlights the performance of various quantitative investment strategies, with a focus on the "Excellent Fund Performance Enhancement Portfolio," "Expected Selection Portfolio," "Brokerage Golden Stock Performance Enhancement Portfolio," and "Growth Stability Portfolio" [12][13][18][39]. Excellent Fund Performance Enhancement Portfolio - This portfolio aims to outperform the median return of actively managed equity funds, achieving an absolute return of 28.00% year-to-date, ranking in the 54.37th percentile among 3,469 active equity funds [23][51]. - The portfolio's performance for the week was an absolute return of 0.35%, with a relative underperformance of -0.12% compared to the mixed equity fund index [23][17]. Expected Selection Portfolio - The Expected Selection Portfolio focuses on stocks that have exceeded profit expectations, achieving a year-to-date absolute return of 46.54%, ranking in the 20.61st percentile among active equity funds [31][24]. - For the week, this portfolio recorded an absolute return of 0.70%, with a relative outperformance of 0.23% against the mixed equity fund index [31][29]. Brokerage Golden Stock Performance Enhancement Portfolio - This portfolio is constructed using stocks from the brokerage golden stock pool, achieving a year-to-date absolute return of 33.26%, ranking in the 43.07th percentile among active equity funds [38][32]. - The weekly performance showed an absolute return of -0.54%, with a relative underperformance of -1.01% compared to the mixed equity fund index [38][11]. Growth Stability Portfolio - The Growth Stability Portfolio aims to capture excess returns from growth stocks, achieving a year-to-date absolute return of 51.84%, ranking in the 15.31st percentile among active equity funds [46][39]. - For the week, this portfolio had an absolute return of 0.26%, with a relative underperformance of -0.22% against the mixed equity fund index [46][17]. Market Overview - The report indicates that the median stock return for the week was -1.74%, with 31% of stocks rising and 69% falling, while the median return for active equity funds was 0.51%, with 60% of funds rising and 40% falling [50][47]. - Year-to-date, the median stock return was 20.22%, with 81% of stocks rising and 19% falling, while the median return for active equity funds was 30.56%, with 98% of funds rising and 2% falling [50][47].

Quantitative Models and Construction Methods - **Model Name**: Excellent Fund Performance Enhancement Portfolio **Model Construction Idea**: Transition from benchmarking broad-based indices to benchmarking active equity funds, leveraging quantitative methods to enhance fund selection and achieve "best of the best" [4][19][52] **Model Construction Process**: 1. Benchmark against the median return of active equity funds, represented by the biased equity hybrid fund index (885001.WI) [19][52] 2. Use a layered neutralization process for return-related factors to address style concentration issues [52] 3. Optimize the portfolio to control deviations in individual stocks, industries, and styles relative to the selected fund holdings [53] **Model Evaluation**: Demonstrates strong stability and the ability to consistently outperform the median of active equity funds [53] - **Model Name**: Outperformance Selection Portfolio **Model Construction Idea**: Focus on stocks with significant outperformance events, selecting those with both fundamental support and technical resonance [5][58] **Model Construction Process**: 1. Filter stocks based on research report titles indicating outperformance and analysts' upward revisions of net profit [5][58] 2. Conduct dual-layer screening on fundamentals and technicals to select stocks with both fundamental support and technical resonance [5][58] **Model Evaluation**: Consistently ranks in the top 30% of active equity funds annually, demonstrating strong performance [59] - **Model Name**: Securities Firms' Golden Stock Performance Enhancement Portfolio **Model Construction Idea**: Optimize the securities firms' golden stock pool to achieve stable outperformance relative to the biased equity hybrid fund index [6][63] **Model Construction Process**: 1. Use the securities firms' golden stock pool as the stock selection space and benchmark [6][33] 2. Optimize the portfolio to control deviations in individual stocks, industries, and styles relative to the golden stock pool [6][33] **Model Evaluation**: Consistently ranks in the top 30% of active equity funds annually, reflecting stable performance [64] - **Model Name**: Growth and Stability Portfolio **Model Construction Idea**: Focus on the "golden period" of excess returns for growth stocks, using a two-dimensional evaluation system based on time series and cross-sectional analysis [7][68] **Model Construction Process**: 1. Use the "excess return release map" to identify the strongest excess return periods before and after positive events [68] 2. Prioritize stocks closer to their financial report disclosure dates, and use multi-factor scoring to select high-quality stocks when the sample size is large [7][68] 3. Introduce mechanisms such as weak balancing, transition, buffering, and risk avoidance to reduce turnover and mitigate risks [68] **Model Evaluation**: Consistently ranks in the top 30% of active equity funds annually, with strong performance [69] --- Backtesting Results of Models - **Excellent Fund Performance Enhancement Portfolio**: - Annualized return: 20.31% - Excess return relative to biased equity hybrid fund index: 11.83% - Consistently ranks in the top 30% of active equity funds annually [54][57] - **Outperformance Selection Portfolio**: - Annualized return: 30.55% - Excess return relative to biased equity hybrid fund index: 24.68% - Consistently ranks in the top 30% of active equity funds annually [59][61] - **Securities Firms' Golden Stock Performance Enhancement Portfolio**: - Annualized return: 19.34% - Excess return relative to biased equity hybrid fund index: 14.38% - Consistently ranks in the top 30% of active equity funds annually [64][67] - **Growth and Stability Portfolio**: - Annualized return: 35.51% - Excess return relative to biased equity hybrid fund index: 26.88% - Consistently ranks in the top 30% of active equity funds annually [69][72]