Core Viewpoint - The article discusses the performance and investment strategy of the Anxin Advantage Growth Flexible Allocation Mixed Fund, managed by Nie Shilin, highlighting its strong returns and risk management approach in a volatile market environment [2][4][19]. Fund Overview - Fund Code: 001287 - Fund Type: Active Allocation - Large Cap Growth - Benchmark Index: CSI 300 Relative Growth Total Return - Fund Size: 11.08 billion CNY as of June 30, 2025 - Annual Comprehensive Fee Rate: 1.47%, lower than the average of 2.26% for similar funds [2][24]. Manager Profile - Fund Manager: Nie Shilin, with 17 years of experience in the securities industry and 9 years in public fund management [5]. - Investment Style: GARP (Growth at a Reasonable Price), focusing on bottom-up investment strategies [9][10]. - Performance: Achieved an annualized return of 15.25% since Nie Shilin took over, surpassing the benchmark's annualized return of 10.98% [19]. Market Context - A-shares have shown a volatile upward trend since 2025, supported by policy and economic improvements, but with significant structural differentiation between sectors [3][4]. - The market has experienced rapid shifts in hot sectors, with notable disparities between large-cap blue chips and tech innovation assets [3][4]. Investment Strategy - The fund aims for steady asset appreciation while effectively controlling risks, employing a balanced industry allocation and in-depth stock research [9][10]. - The manager emphasizes understanding the fundamentals of industries and companies to identify turning points in market cycles [9][10]. - The fund's portfolio is characterized by a high concentration in top holdings, with the top ten stocks accounting for 55% to 70% of the portfolio [10][19]. Performance Metrics - The fund's Sharpe ratio is 0.94, outperforming the benchmark's 0.31, ranking in the top 8% among peers [19][23]. - Historical performance shows resilience during market downturns, with superior returns in bear markets and value-driven environments [17][19]. Risk Management - The fund manager's approach includes a focus on high-quality companies and a reduction in short-term trading opportunities, leading to a decrease in turnover rate from 400% to 200% [10][19]. - The fund's risk metrics indicate lower volatility compared to peers, with a standard deviation of 18.44% and a maximum drawdown of -16.30% [23].