Core Viewpoint - The Morgan Anyu Return Mixed Securities Investment Fund aims to achieve stable returns through strict risk control and dynamic asset allocation based on macroeconomic analysis and market conditions [2][3]. Fund Product Overview - Fund Name: Morgan Anyu Return Mixed - Fund Code: 004823 - Fund Type: Contractual open-end fund - Effective Date of Fund Contract: September 13, 2018 - Total Fund Shares at Reporting Period End: 122,437,254.25 shares [2]. Investment Strategy - The fund employs a comprehensive analysis of macroeconomic conditions, fiscal and monetary policies, and market sentiment to determine asset allocation among stocks, bonds, and money market instruments [2][3]. - The fund utilizes various investment strategies, including duration strategy, credit bond strategy, and convertible bond strategy, to actively manage the portfolio [3][4]. Performance Metrics - For the reporting period from April 1, 2025, to June 30, 2025, the fund's net value growth rates were as follows: - Morgan Anyu Return Mixed A: 0.54% (benchmark: 1.60%) - Morgan Anyu Return Mixed C: 0.42% (benchmark: 1.60%) [12][13]. - Over the past year, the net value growth rate for Morgan Anyu Return Mixed A was 6.53%, while for Mixed C it was 6.00% [5][12]. Financial Indicators - The fund's total assets were allocated as follows: - Stocks: 31,817,490.49 RMB (17.56%) - Bonds: 68,855,405.68 RMB (37.99%) [16]. - The fund's investment in policy financial bonds amounted to 10,329,104.11 RMB (5.71%) [18]. Market Analysis - The domestic real estate data showed a weak trend, while consumer spending improved due to fiscal support [9]. - The U.S. economy is oscillating between stagnation and recession, with potential impacts on global risk appetite [10]. - The bond market remained stable despite negative factors, with a decline in the ten-year government bond yield by 16 basis points [11]. Fund Management - The fund management team has adhered to fair trading practices and has not engaged in any actions detrimental to the interests of fund shareholders [6][9]. - The fund manager's investment decisions comply with relevant laws and regulations, ensuring fair treatment across different investment portfolios [6][9].