Core Viewpoint - The recent performance of A-shares has shown an upward trend, driven by easing overseas tariffs and accelerated domestic capital market reforms, leading to a historical high in the micro-cap stock index and a recovery in some actively managed equity funds [1] Group 1: Fund Performance - The Hui'an Multi-Strategy Mixed Fund (Class A 005109, Class C 005110) has reached a new high in cumulative unit net value, with values of 1.5452 yuan and 1.4937 yuan respectively as of May 20, 2025, marking a significant increase in returns of 15.04% and 14.83% year-to-date, placing it in the top 5% of its category [1] - The fund's portfolio is notably diversified with a low concentration, where the top ten holdings account for only 14.22% of the total, significantly lower than the average of 37.75% for similar funds [1] Group 2: Management Strategy - The fund is managed by Liu Yucai, who has extensive experience in quantitative investment and is adept at combining quantitative methods with active equity research to adapt to current market trends [2] - Liu emphasizes a dynamic monitoring framework that considers macro policies, economic cycles, and market structures to build a risk-diversified portfolio, focusing on technology innovation and market capitalization [2] Group 3: Micro-Cap Strategy - Liu points out that investing in micro-cap stocks requires careful consideration beyond just market capitalization to avoid pitfalls and compliance risks that could negatively impact net value [3] - The strategy involves balancing potential for growth with safety margins and adjusting trading frequency to enhance returns while filtering out financially anomalous micro-cap stocks [3]