There is hope to seize the opportunity for low-position accumulation, as Gold Bull Fund Manager Zhou Hanying is responsible for the fundraising and closing of the new fund.

Recent market fluctuations have been frequent, but the fund issuance market remains active, with a batch of new funds successfully completing their fundraising, possibly taking advantage of the low entry window. According to Wind data, as of March 19, there have been 316 new funds established this year, with issuance shares reaching 293.191 billion, exceeding the same period last year. Reporters learned that the Invesco Great Wall Hengrui Select Fund, which has Zhou Hanying, a manager from Jinniu Fund, as the proposed fund manager, has completed its fundraising. She stated that historically, after experiencing the “spring surge” in the first quarter, the market subsequently sees concentrated disclosures of annual and quarterly reports, and the second quarter is expected to shift from “extreme growth” to an environment driven by profits and balanced styles; the timing advantage of the new fund’s investment period and the style of balanced diversified allocation may help navigate structural market conditions more effectively. (Based on the “fund establishment date,” the number of established funds and issuance shares for the first three months of 2025 are 297 and 249.976 billion respectively.)

As Zhou Hanying’s first new fund launch in nearly three years, the Invesco Great Wall Hengrui Select Fund continues its core investment philosophy. In portfolio management, Zhou Hanying skillfully employs a dynamic barbell strategy. During relatively positive market conditions, she prefers a “high ROE + growth” structure, using PE valuation for the stable end, selecting targets with lower valuations; for the growth end, she applies PEG valuation, focusing more on targets with high annualized compound growth rates as an offensive allocation. When market liquidity contracts and enters a downturn, she favors a “high dividend + stability” structure for defense.

Currently, geopolitical conflicts and Federal Reserve decisions are disrupting capital markets. Zhou Hanying candidly stated that investment focus has shifted from “high valuation growth” to “low valuation + high cash flow + conflict-benefiting” assets, such as high-dividend assets like hydropower and coal, as well as cost-effective energy storage assets, overall enhancing both new and old energy allocations to build a more secure defensive barbell portfolio.

Looking ahead to the market, Zhou Hanying expressed that, influenced by international relations, the global trade environment remains unstable, and quality assets may provide good buying opportunities. The following three directions are worth paying attention to: in energy security, the pricing framework for metal raw materials is undergoing transformation, with supply disturbances compounded by the new demands of global new energy + AI era electrification, as well as strategic energy under national security constituting the next phase; attention should be paid to crude oil, natural gas, copper, electrolytic aluminum, tungsten, and lithium carbonate, with a preference for domestic mining leaders that possess resource attributes and strong growth; in high-end manufacturing, against the backdrop of electricity shortages in the U.S., energy shortages in Europe, and chip shortages in China, China’s manufacturing sector, with its advantages in electricity price arbitrage, cost-effectiveness, and delivery efficiency, will accelerate breakthroughs in overseas markets, particularly in fields such as semiconductor equipment and materials, new energy/storage, power grid/power generation equipment, engineering machinery, and aerospace maritime equipment; in domestic consumption, focus on high-end consumption (duty-free, liquor), emotional consumption (trendy toys, beauty care), service consumption (hotel OTA), and internet consumption (e-commerce, gaming, advertising, cloud vendors).

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Editor: Guo Xutong