According to the app of zhitoong finance, as of the end of the second quarter, the top ten heavy-weighted stocks of Guangfa Global Select Stocks Fund were Nvidia (NVDA.US), ServiceNow (NOW.US), Meta Platform Limited (META.US), Apple (AAPL.US), Microsoft (MSFT.US), Alphabet (GOOG.US), Amazon (AMZN.US), Eli Lilly and Co (LLY.US), Synopsys (SNPS.US), and Hermes International SCA.

It is worth noting that this year, Li Yaozhu broke the "curse" of the champion. The mutual funds and QDII funds managed by him have entered the forefront of the entire market in terms of performance. Among them, Guangfa New Starting Point Fund has achieved a annual yield of 18.82% this year, and the annual performance of Guangfa Global Select Stocks Fund has reached 23.3%.

Apple entered the top ten heavy-weighted stocks.

In terms of equity investment, the equity investment positions of Guangfa Global Select Stocks Fund reached 86.19% at the end of the second quarter.

From the perspective of holding positions, the top ten heavy-weighted stocks of Guangfa Global Select Stocks Fund were Nvidia, ServiceNow, Meta Platform Limited, Apple, Microsoft, Alphabet, Amazon, Eli Lilly and Co, Synopsys, and Hermes International SCA as of the end of the second quarter. Compared with the end of the first quarter, Apple entered the top ten heavy-weighted stocks and Salesforce.com, Inc. exited the top ten heavy-weighted stocks.

In the second quarter, the net asset value growth rate of Class A of Guangfa Global Select Stocks Fund was 4.30%, and the benchmark comparison rate of return was 4.79%; the net asset value growth rate of Class C of the fund was 9.11%, and the benchmark comparison rate of return was 8.41%.

Li Yaozhu said that the main theme of the global market in the second quarter was still AI. Although the trend of the AI industry is strong, there are not many companies that can turn this trend into performance. In terms of the US economy, all macroeconomic indicators except PMI are declining, and the consumption industry is also under pressure this quarter since the depletion of excess savings consumed by US residents since March. Therefore, with the scarcity of AI performance and the cooling of the US economy, the market hotspots are concentrated on a smaller number of stocks. In terms of China, domestic policies continue to maintain a stable growth tone, and the Chinese economy maintains certain resilience in the medium and long term.

From an industry perspective, this quarter, Anthropic released Claude3.5, which surpassed OpenAI's latest model GPT-4o in most evaluation indicators. Li Yaozhu believes that the competition of large models has officially entered the era of "three pillars" from the previous era of "one super and many strong", and the capabilities of OpenAI, Anthropic, and Google cannot be ignored. The intensification of competition among large model companies is very conducive to the growth of AI computing power demand. However, in terms of the commercialization of AI, we have not yet seen a scale that matches the annual tens of billions of dollars in capital expenditure (Capex). Therefore, in addition to the release of GPT-5, it is also very expected this year whether the largest smartphone manufacturers can make breakthroughs in the application of the end side.

In terms of operation, Guangfa Global Select Stocks Fund continued to diversify portfolio risks from a global perspective in the second quarter. Li Yaozhu pointed out that the AI trend will continue, but the rising valuations and crowding of some companies will increase the risk of price volatility and hopes to diversify risks through relatively diversified allocation. Based on this, the portfolio continued to reduce the overvalued semiconductor and software companies, increase the proportion of China's high dividend-paying assets allocation, and increase the allocation of platform-type technology companies with higher stability.

More high-dividend Hong Kong stocks were added to the portfolio.

In addition, Guangfa New Starting Point Fund's second quarter report showed that the equity investment position reached 85% as of the end of the second quarter. In the second quarter, the net asset value growth rate of Class A of the fund was 7.25%, the net asset value growth rate of Class C of the fund was 7.15%, and the benchmark comparison rate of return was 2.79%.

From the perspective of holdings, Guangfa Hengqin New Starting Point Fund's holding strategy tends to be dividend blue-chip stocks. In the second quarter, Li Yaozhu significantly increased his holding positions in China Mobile (00941), the head of the dividend leader track, from the fifth largest heavyweight stock to the first largest heavyweight stock. At the same time, he also significantly increased his shareholding in Zijin Mining Group (02899) and CNOOC (00883), which all reflect Li Yaozhu's realization that this year's Hong Kong stock market trend is basically the same as that of A shares. The “top strategy” chosen by fund managers for A-share holdings has actually become the best strategy for making money in the Hong Kong stock market this year.

In terms of operations, Li Yaozhu stated that the portfolio increased its allocation of high-dividend companies in the second quarter, which have long-term greater allocation value. In addition, it still focuses on the resource-based state-owned enterprises and continues to be bullish on their long-term valuation improvement opportunities.