融通巨潮100指数证券投资基金(LOF)

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巨潮100LOF: 融通巨潮100指数证券投资基金(LOF)2025年中期报告
Zheng Quan Zhi Xing· 2025-08-27 09:31
Core Viewpoint - The report provides a comprehensive overview of the performance and management of the Rongtong Juchao 100 Index Securities Investment Fund (LOF) for the first half of 2025, highlighting its investment strategy, financial performance, and market outlook. Fund Overview - Fund Name: Rongtong Juchao 100 Index Securities Investment Fund (LOF) [3] - Fund Manager: Rongtong Fund Management Co., Ltd. [3] - Fund Custodian: Industrial and Commercial Bank of China [3] - Total Fund Shares at Period End: 473,548,612.29 shares [3] - Fund's Investment Objective: To achieve capital appreciation by outperforming the Juchao 100 Index while controlling tracking error [3][5]. Financial Performance - Realized Income for the Period: CNY 9,750,489.37 for Class A/B and CNY 65,662.43 for Class C [5] - Profit for the Period: CNY 9,201,615.02 for Class A/B and CNY 53,937.28 for Class C [5] - Net Asset Value at Period End: CNY 477,515,976.79 for Class A/B and CNY 3,362,471.63 for Class C [5] - Net Asset Value Growth Rate: 2.01% for Class A/B and 1.84% for Class C [13] Investment Strategy - The fund employs an enhanced index strategy, aiming to control tracking error to the Juchao 100 Index within 0.5% while seeking to achieve excess returns [5][12]. - The fund utilizes a multi-factor quantitative selection model to enhance investment performance and manage risks [12]. Market Overview - The Chinese economy showed stability with a GDP growth rate of 5.3% in the first half of 2025, driven by consumption and high-end manufacturing [14]. - The market experienced a structural rally, with small-cap stocks outperforming larger ones, and liquidity conditions improving [14][15]. - The outlook for the second half of 2025 suggests a potential shift from liquidity-driven market dynamics to fundamentals-driven performance, with expectations of larger-cap stocks gaining favor [15][16]. Risk Management - The fund's risk management framework includes multi-dimensional constraints and a focus on maintaining a balanced exposure to various investment styles [12][16]. - The fund has not encountered any significant trading anomalies during the reporting period [12].