On January 21, the fourth-quarter 2025 reports for two funds managed by Yongwin Fund Manager Ren Jie were released. Among them, Yongwin Technology Select A achieved an annual return of 233.29% in 2025, securing the top performance spot among public funds and breaking a 17-year record in the public fund industry. According to the Q4 report, the fund reduced its position in Zhongji Innolight by approximately 17% compared to the previous quarter. The increases in positions for stocks like Eoptolink and TFC Optical were significantly smaller than in the prior quarter. Additionally, the fund newly added heavy positions in Foxconn Industrial Internet and Cambridge Technology.

Another fund, Yongwin Hong Kong Stock Connect Technology Select, substantially reduced holdings in Tencent Holdings and Bilibili-W.

In the Q4 2025 report, Ren Jie indicated a continued focus on global cloud computing industry investments, particularly emphasizing optical communication and PCB within the communications sector. He also expressed confidence in the long-term growth potential of the Hong Kong Stock Connect technology sector but cautioned about mean reversion following valuation expansion cycles.

In 2025, Yongwin Technology Select A became the top-performing public fund with a 233.29% annual return. Managed by Ren Jie, this product maintained a leading performance throughout the year, with its Class A and Class C shares achieving returns of 13.18% and 13.01% respectively in Q4, both significantly outperforming their benchmarks.

However, the fund's asset allocation in Q4 showed a notable reduction in equity exposure. The Q3 report indicated stocks comprised 91.59% of total assets, which decreased to 78.76% by Q4-end. Remaining assets were primarily held as bank deposits and settlement reserves, with previous minor bond allocations completely liquidated.

Regarding top ten holdings, T&S Communications, Montage Technology, Shijia Photon, and Longchip Bocon no longer appeared in the list. New additions included Dongshan Precision, Jingwang Electronics, Foxconn Industrial Internet, and Cambridge Technology.

Notably, Shengyi Technology, which was the fund's sixth-largest holding in Q3 with an end-of-quarter value of 919 million yuan, became its top holding by Q4-end with a position value reaching 1.408 billion yuan.

The fund adopted a more conservative approach toward core computing stocks - reducing its Zhongji Innolight position by approximately 17% to 2.2449 million shares, while modestly increasing Eoptolink and TFC Optical positions by 2.14% and 5.81% respectively. This contrasts sharply with the over 200% quarter-over-quarter increases seen in Q3.

Overall, the fund maintained strong focus on information technology. Market observers are monitoring Yongwin Fund's thematic product strategy and its effectiveness in concentrating on cutting-edge sectors to mitigate uncertainty. Manager Ren Jie acknowledged in the report maintaining emphasis on global cloud computing investments, particularly optical communication and PCB directions, while advocating rational investment approaches and wealth management through asset allocation despite technological optimism.

Data shows both Yongwin Technology Select A and C shares experienced net subscriptions in Q4, with Class A shares seeing the largest inflow. Total shares outstanding reached 1.241 billion for Class A and 2.873 billion for Class C by quarter-end. The manager's own Class A shareholding remained unchanged at 10 million shares.

Similar to Yongwin Technology Select, Yongwin Hong Kong Stock Connect Technology Select follows a thematic strategy. This Hong Kong Stock Connect tech-focused fund showed significant changes in top holdings during Q4 2025. While the former newly added A-share Cambridge Technology, the latter concentrated on Hong Kong listings.

Portfolio changes revealed reductions exceeding 20% in Tencent Holdings, Bilibili-W, and Alibaba-W positions, with Bilibili-W seeing a 34.48% decrease. Paradigm Intelligence received a modest 0.95% increase, with other stocks being newly added heavy positions.

By Q4 2025-end, SMIC held the third-largest position value at 59.0819 million yuan among the fund's top holdings, representing the largest newly added position. Other new Hong Kong Stock Connect inclusions included Kingdee International, JD Health, and China Mobile.

The fund manager noted in the report that the targeted sectors possess high-growth characteristics. While expressing long-term confidence in Hong Kong Stock Connect technology's growth potential, evidenced by strong recent quarterly performance, he warned against extrapolating past returns and emphasized vigilance regarding mean reversion after valuation expansion cycles.

Although not as pronounced as Yongwin Technology Select's equity reduction, this fund's stock allocation also decreased from Q3 levels, standing at 84.53% by Q4-end.

Performance-wise, Yongwin Hong Kong Stock Connect Technology Select A and C shares recorded -22.02% and -22.14% NAV growth rates respectively in Q4, underperforming their benchmarks by 7.88 and 8.00 percentage points. Fund规模 also contracted, with both share classes experiencing net redemptions during the quarter.

The manager commented that despite short-term slowdowns in core businesses like e-commerce and advertising amid demand-side pressures, leading companies' sustained investments and capability breakthroughs position them for potential operational improvements and reacceleration.