- The report analyzes institutional heavy positions based on the top ten shareholders of listed companies, identifying investor types through keyword matching in shareholder names [8][11][13] - The analysis includes the scale of heavy positions for different institutions, using total market value for Hong Kong Stock Connect and public funds, and free float market value for other institutions (excluding shareholders with over 5% holdings) [8][15][22] - Historical data from Q4 2004 to Q2 2025 shows trends in heavy positions: Hong Kong Stock Connect peaked in 2021 and then declined, index funds showed significant growth in the past five years, active public funds and private equity experienced declines, while insurance and social security funds showed mixed trends [8][22] - Sector preferences for Q2 2025 and historical data were analyzed: Hong Kong Stock Connect favored power equipment, electronics, and banking; index funds leaned towards electronics and healthcare; active public funds preferred small-cap and low-dividend stocks; private equity showed a similar preference; insurance and social security funds favored large-cap and high-dividend stocks [8][24][29] - Institutional style preferences were evaluated using factor exposures, including reversal, Beta, size, valuation, profitability, momentum, volatility, liquidity, growth, and dividends. For Q2 2025, Hong Kong Stock Connect and insurance funds leaned towards large-cap and high-dividend stocks, while index funds, active public funds, and private equity favored small-cap and low-dividend stocks [31][34]

Core Viewpoint - The article provides a comprehensive overview of the updated active fund manager pool information, focusing on various metrics such as investment style, stock allocation, industry preference, turnover rate, valuation of major holdings, concentration of holdings, and fund size [3][32]. Group 1: Fund Manager Information - The article lists various fund managers along with their respective funds, categorized by investment style such as value, growth, and balanced [2][4]. - It highlights the experience of fund managers, indicating that many have been in the industry for several years, which is crucial for navigating different market cycles [39][41]. Group 2: Fund Metrics - The article discusses key metrics to consider when evaluating funds, including stock allocation, which typically ranges from 85% to 90% for active funds [43][44]. - It emphasizes the importance of industry preference, noting that fund managers often focus on specific sectors where they have expertise [48][50]. - The concentration of holdings is also addressed, with a higher concentration indicating greater potential volatility [53]. Group 3: Valuation and Performance Indicators - The article mentions the valuation of major holdings, suggesting that growth-style funds tend to have higher valuations compared to value-style funds [58]. - It discusses turnover rates, indicating that a turnover rate below 200% is considered low for active funds, which can be influenced by changes in fund size [61][62]. - Fund size is highlighted as a critical factor, with larger funds potentially facing challenges in achieving excess returns due to management difficulties [63][68]. Group 4: Fund Reports and Insights - The article outlines the types of periodic reports available for funds, with annual reports containing the most comprehensive information [32]. - It suggests focusing on factors that impact fund performance, such as investment style, industry preference, and the fund manager's insights on market conditions [32][66].