Group 1 - In May 2023, out of 670 comparable QDII funds, 558 funds saw an increase in net value, representing over 80% of the total [1] - 30 QDII funds had a growth rate exceeding 10% in May, with the top performers being Jianxin Emerging Markets Mixed C and A, achieving returns of 14.43% and 14.38% respectively [2] - Jianxin Emerging Markets Mixed A and C had year-to-date returns of -1.18% and -1.29% respectively, while their cumulative returns since inception were 0.20% and 23.41% [2] Group 2 - The top 30 QDII funds with over 10% monthly growth included Invesco Great Wall Nasdaq Technology ETF and GF CSI Hong Kong Innovative Medicine ETF, with sizes of 9.425 billion and 9.855 billion respectively, achieving growth rates of 11.12% and 10.30% in May [2][3] - The Invesco Great Wall Nasdaq Technology ETF, established on July 19, 2023, had a year-to-date return of 0.27% and a cumulative return of 48.44% [3] - The GF CSI Hong Kong Innovative Medicine ETF, established on July 1, 2022, had a year-to-date return of 43.03% and a cumulative return of 3.13% [3] Group 3 - Only two QDII funds experienced a decline of over 5% in May, both tracking the FTSE Saudi Arabia Index, with declines of 5.91% and 5.90% [4] - The performance of the top 100 QDII funds in May showed significant variations, with Jianxin Emerging Markets Mixed C and A leading the gains, while the two funds tracking the Saudi index were at the bottom of the list [5]

Core Viewpoint - The "tariff storm" has significantly impacted the performance of multiple QDII funds, leading to a majority of them posting negative returns this year, with over 90% of QDII funds losing money since April [1][3]. Group 1: Fund Performance - As of April 7, 2023, out of 661 QDII funds, 469 have reported negative returns since the beginning of the year, accounting for over 70% of the total [3]. - Among these, 260 funds have seen declines exceeding 10% [3]. - Specific funds, such as the Huaxia Global Technology Pioneer Mixed Fund, have experienced declines of over 25.22% [4]. Group 2: Fund Subscription Adjustments - Multiple public funds have lowered the subscription limits for their QDII funds, with Huatai-PineBridge announcing a reduction from 5000 RMB to 500 RMB for its QDII fund [3]. - The adjustments are aimed at ensuring stable fund operations and protecting the interests of fund holders amid increased market volatility [3]. Group 3: Market Conditions - The recent downturn in QDII fund performance is closely linked to the "reciprocal tariffs" that have caused global market turbulence, with the S&P 500 and Nasdaq indices dropping by 11.21% and 12.47% respectively since April [5]. - European and Asia-Pacific markets have also faced declines, with indices such as Germany's DAX and France's CAC40 falling by 8.5% and 8.86% respectively [5]. Group 4: Investment Strategy Recommendations - Analysts suggest that investors should adopt a defensive strategy in the short term due to the significant uncertainty stemming from the tariff situation [7]. - There is an emphasis on focusing on assets with defensive and hedging properties, as well as diversifying asset allocation across different regions [7].