Core Viewpoint - The 2024 version of the non-collaborative fund portfolio underperformed the Wind Mixed Equity Fund Index, with a return of 4.46% compared to the index's 8.86% increase, highlighting the challenges faced by many funds in adapting to the market conditions post the "9.24" rally [2][3]. Fund Performance Summary - The top-performing funds include: - China Merchants Quantitative Selection A: 18.15% - Dongfanghong New Power A: 17.64% - Other funds showed significantly lower returns, with some even reporting negative performance, such as: - Jiashi Value Selection A: -0.45% - Guotou Ruili LOF: -2.69% [5]. 2025 Version Selection Criteria - The selection rules for the 2025 version of the non-collaborative portfolio have been slightly adjusted: - All quantitative funds were excluded to avoid data interference, meaning funds like China Merchants Quantitative Selection will not be included [6]. - A requirement was set that the top industry market capitalization should be below 15% to prevent over-concentration in specific sectors [6]. - Funds must have outperformed the Wind Mixed Equity Fund Index for three consecutive years from 2022 to 2024 [7]. Non-Collaborative Fund Definition - The definition of non-collaborative funds is based on the frequency of stock holdings across funds, with a median holding frequency of less than 105 being the threshold for inclusion [9]. Final Fund List - After applying the filtering criteria, only 10 funds remained eligible for the non-collaborative portfolio, showcasing a mix of familiar and new fund managers [10][13].