Core Viewpoint - The Morgan S&P Hong Kong Stock Connect Low Volatility Dividend Index Fund aims to achieve passive index investment through a strict investment discipline and quantitative risk management, targeting a net asset value that closely tracks the S&P Hong Kong Stock Connect Low Volatility Dividend Index [1][2][3] Fund Overview - The fund's main code is 005051, and it operates as a contractual open-end fund, effective since December 4, 2017. As of the end of the reporting period, the total fund shares amounted to approximately 2.92 billion [1][2]. - The fund employs a full replication strategy to construct its stock portfolio based on the benchmark weights of the index constituents, ensuring that at least 90% of its non-cash assets are invested in the index constituents and their substitutes [2][3]. Investment Strategy - The fund aims to minimize tracking error by dynamically adjusting its portfolio according to changes in the index composition and weights, with a focus on maintaining a high proportion of stock investments [2][3][4]. - In cases where index constituents are restricted due to regulations or liquidity issues, the fund will select alternative stocks with similar expected returns [2][3]. Performance Metrics - For the reporting period from April 1 to June 30, 2025, the fund's net asset value growth rate for Class A shares was 9.71%, while the benchmark return was 6.80%. Class C shares recorded a growth rate of 9.58% [12][13]. - The fund's performance over the past three months, six months, one year, three years, and five years shows consistent positive returns, with the one-year return at 24.88% and the three-year return at 34.78% [5][12]. Asset Allocation - As of the end of the reporting period, the fund's total assets were approximately 3.02 billion RMB, with 85.54% allocated to stocks. The fund did not hold any bonds or other securities [15][18]. - The fund's investments are diversified across various sectors, with significant allocations to financials (29.03%), real estate (14.17%), and energy (9.25%) [16][18]. Management and Compliance - The fund management team adheres to strict compliance with relevant laws and regulations, ensuring fair trading practices and risk management [9][11]. - The fund manager has a history of experience in asset management, contributing to the fund's strategic direction and operational efficiency [8].