(Source: Hope Coopers)
In the past three years,AThe stock market fluctuates in the structural market, and a group of stock funds stand out with their outstanding performance and become representatives of “bull funds” that transcend the market cycle. The data shows that as of2026Year3moon11day, top performance ranking10The return rates of stock funds all exceeded110%the highest is reached152.08%. What inspirations can the profit secrets of this type of fund provide to ordinary investors? We will dismantle and unearth the password of “offensive and defensive balance” from dimensions such as scale, track, retracement, and company ratings, and provide practical ideas for ordinary investors.
Depth decoding nearly3Nianniuji core features
data display, cut-off3moon11Days pass3Annual stock fund performanceTOP10for:
NO1 Select stocks based on industry trendsA152.08%22.34billion
NO2 E Fund strategic emerging industry stocksA147.47%43.87billion
NO3 Invesco Great Wall Quality Growth StocksA145.44%8.46billion
NO4 Caitong Integrated Circuit Industry StocksA139.59%4.74billion
NO5 Invesco Great Wall Research Stock PicksA129.07%19.19billion
NO6 Investment technology power3Monthly rolling stock holdingsA128.47%8.64billion
NO7 Harvest Resources Select StocksA123.64%6.99billion
NO8 Taiping industry choiceC112.08%0.46billion
NO9 Wells Fargo Emerging Industry StocksC111.22%23.49billion
NO10 E Fund Information Industry Selected StocksA111.1%32.96billion
Among them, each of E Fund and Invesco Great Wall2Only, Wells Fargo, Harvest, Merchants, Rongtong, Caitong and Taiping Fund each have their own1Only.TOP10The fund has the following characteristics:
Scale password:50Below 100 million, “the boat is small and easy to turn around” has become an absolute advantage.Listed this timeTOP10Equity funds are all smaller than50billion, with obvious scale differentiation characteristics. in4Only the fund size is insufficient10billion, respectively, Invesco Great Wall’s high-quality growth stocksA(8.46billion), Caitong integrated circuit industry stocksA(4.74billion), investment technology power3Monthly rolling stock holdingsA(8.64billion), Taiping Industry PreferredC(0.46billion).
This data confirms the “paradox of scale” of active equity funds – in the structural market, small-scale funds have three irreplaceable advantages. First, it has great flexibility in position adjustment and can quickly respond to industry rotation changes and accurately capture investment opportunities in small and medium-sized market capitalization growth stocks. However, tens of billions of funds are subject to liquidity constraints and have difficulty in deploying high-quality targets with small circulation. Second, the effect of new income growth is significant, and small-scale funds participate in The proportion of funds related to the subscription of new shares is higher, and the excess return contribution to the net worth is much higher than that of large-scale funds; thirdly, the purity of the strategy is higher, and fund managers do not need to reserve cash to deal with large-scale subscriptions and redemptions. They can concentrate their positions to focus on core tracks, maximizing the income potential of the investment strategy.
Track selection: Technology main line+Segmented focus, dual resonance to improve efficiency.10Ziniu Funds are all theme funds, and all of them focus on high-prosperity tracks such as chips, emerging industries, and information industries, which are a perfect fit.2023-2026The annual industrial cycle driven by scientific and technological innovation. From the perspective of performance, the return rate of funds focusing on hard technology tracks is particularly outstanding: Caitong Integrated Circuit Industry StocksAby139.59%Ranked fourth in terms of yield, E Fund’s selected stocks in the information industryAby111.1%The rate of return ranked tenth, fully verifying the “trackBetaThe industry law that determines the income ceiling.
It is worth noting that most of these funds are deeply involved in subdivided fields: some focus on the entire integrated circuit industry chain, some focus on hidden champions in strategic emerging industries, and some anchor scarce targets in the resource field. This “narrow track”+The layout model of “in-depth research” not only avoids the income drag caused by the diversification of broad-based funds, but also reduces the risk of individual stocks falling short through in-depth industry research, ultimately forming a “high flexibility”+“high certainty” return portfolio.
It is all supported by the hard-core investment research system of the high-star rated fund company where it belongs.TOP10Among fund managers, Wells Fargo Fund, China Merchants Fund, Caitong Fund, Rongtong Fund, Invesco Great Wall, E Fund, etc. are all leading institutions with a five-star or four-star rating for hybrid funds from the Jian Jinxin Fund Evaluation Center. This phenomenon is by no means accidental. The reason why Gaoxing Fund Company can continue to produce Niu Funds lies in the support of three core capabilities: first, a refined division of investment research, building a research team covering multiple subdivisions, and providing fund managers with a full range of industrial research support; second, a mature risk control system, through quantitative modeling Combining model and fundamental research, it can effectively control drawdown risks while pursuing returns; the third is long-term performance stability. The essence of high-star rating is recognition of the fund company's long-term investment research capabilities. Its products show stronger performance sustainability and risk resistance capabilities when crossing market cycles.
Drawdown management determines the quality of long-term returns.Data from the Jian Jinxin Fund Evaluation Center shows that, TOP10The defensive capabilities of funds are obviously differentiated, among which China Merchants Technology Power3Monthly rolling stock holdingsA(Maximum drawdown19.76%), Harvest Resources selected stocksA(Maximum drawdown25.27%), Invesco Great Wall Quality Growth StocksA(Maximum drawdown31.95%) has become a model of “both offense and defense”. Research data shows that the maximum drawdown is significantly negatively correlated with long-term returns (correlation coefficient-0.6577), this data fully verifies the core logic that “risk control is the prerequisite for income growth.”
The risk control strategies of these funds are mainly divided into two categories: one is institutionalized risk control, such as the adoption of China Merchants Technology Power3The monthly rolling holding model effectively avoids the impact of short-term market fluctuations on net worth through regular locking of funds and regular rebalancing; the other type is active management and risk control, such as Harvest Resource Selection, which reduces the impact of single target fluctuations on the portfolio through decentralized allocation across the industrial chain, and ultimately achieves123.64%high returns and25.27%Excellent match for controllable retracement.
From “Niu-based copying” to “logical reconstruction”
First, build a “scale–track–“Retracement” three-dimensional screening framework to accurately target high-quality targets.
Scale Anchoring: Preference20-50100 million yuan “gold scale” fund. This range not only avoids the liquidation risk faced by small-scale funds, but also completely retains the advantages of flexible position adjustment and high income elasticity; at the same time, it resolutely avoids exceeding the size of the fund.50Thematic funds worth RMB 100 million are prone to fall into the dilemma of “turning the ship around” during the industry rotation, making it difficult to quickly capture market opportunities.
Track Penetration: Focus on “Policy Support”+Industrial boom+A segmented track with triple resonance of “performance fulfillment”. Currently, we can focus on three major directions: first, the equipment and materials link in the chip industry chain, with domestic substitution accelerating; second, in emerging industriesAIApplication scenarios, the pace of industrial implementation continues to accelerate; third, the supply and demand pattern of scarce metals in the resource field continues to improve. These tracks have not only continued the high prosperity of the past three years, but also have the certainty of future performance growth. The representative product of this industry is Harvest Resources Select StockAcut off3moon11Today, the fund has nearly3The annual rate of return reaches126.97%far exceeding25.83%The average revenue of the same category and69.42%performance benchmarks.
Retracement constraint: the maximum retracement30%As a hard screening index, it is combined with a comprehensive assessment of retracement recovery capabilities. Prioritize “Small retracement”+Funds that “repair quickly”, such as China Merchants Technology Power3Month rolling holding, not only the maximum drawdown is below20%and after historical retracement, it can be6By restoring the net value within a month, this type of fund can more effectively protect investors' income and avoid deep lock-in in a volatile market.
Second, adopt the “core–Satellite” portfolio strategy to balance returns and risks.
Core position (70%): preferred2-3Only track-type funds under low drawdown and high-star rating fund companies, such as Harvest Resources Select StocksAinvestment technology power3Monthly rolling stock holdingsA. This type of fund has the ability to make money over the long term+The dual advantages of “controllable risks” serve as the cornerstone of the portfolio's returns and provide stable support for overall performance.
Satellite positions (30%): preferred1-2Only highly flexible, small market capitalization funds, such as Caitong Integrated Circuit Industry StocksA(scale4.74billion+Yield139.59%). This type of fund has strong excess return potential when the industry market breaks out, but it needs to be set up15%A take-profit line is used to avoid profit taking due to excessive market fluctuations and ensure the stability of the overall income of the portfolio.
Third, be wary of the three major misunderstandings and adhere to the original intention of long-term investment.
Avoiding the “cult of scale”: Tens of billions of funds are not the “talisman” for income. In the past three years,TOP10There is no fund with a scale exceeding 10 billion, but funds of moderate size perform better. Do not blindly pursue large-scale funds. Scale and performance are not positively correlated. The key lies in the match between scale and investment strategy.
Reject “performance superstition”: Funds that double their short-term performance may have the risk of style drift, and it is necessary to combine the fund's quarterly reports to ascertain the authenticity of their positions. Focus on verifying whether the performance is due to in-depth research on the core track or accidental luck of individual stocks, so as to avoid falling into the trap of “chasing short-term bull bases”.
Adhere to “risk matching”: high returns are bound to be accompanied by high volatility, and investors need to make precise allocations based on their own risk tolerance. Investors with lower risk tolerance can give priority to rolling holding funds (such as China Merchants Technology Power) to reduce the impact of fluctuations through product design; investors with higher risk tolerance can appropriately increase the allocation of highly elastic tracks, but they need to strictly control the positions in a single track not to exceed the portfolio.40%.
Niuji’s success in the past three years is definitely not luck. “Small but beautiful”+Deep research+The “strong risk control” model is indispensable. For ordinary investors, there is no need to blindly chase market hot spots. They only need to establish a scientific screening framework, adopt reasonable combination strategies, and adhere to the long-term investment philosophy. They can lock high-quality targets in a complex market environment and share the dividends brought by industrial development and fund management.
Risk warning:The fund's past performance does not represent future performance, and fund investment involves risks. Investors should make prudent investment decisions based on their own risk tolerance based on a full understanding of the risk and return characteristics of the product.