Ruiyuan "Master" Fu Pengbo's 2026 "Position Plan" Revealed
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For many actively managed equity funds, the fourth quarter of 2025 is a clear period for structural testing.
Cyclical assets rose rapidly, growth sectors diverged, and market style showed a stage-specific shift.
Against this backdrop, whether to adjust the portfolio and how to adjust it often reflects the fund manager's true judgment better than short-term net asset value.
In the fourth quarter 2025 report for Ruiyuan Growth Value Fund managed by Fu Pengbo, there were some noteworthy changes in the structure of major holdings, providing important clues to understanding his subsequent allocation ideas.
A Look at Major Holdings: “New Faces” Emerge
From the top ten holdings disclosed in the quarterly report, the portfolio continued to focus on manufacturing and technology hardware, but showed small yet clear structural changes.
The top ten holdings were: Innolight, Shenghong Technology, CATL, Tencent Holdings, Dongshan Precision, Luxshare Precision, Maiwei Co., Alibaba-W, Cambricon, and Greatstar Technology.
Among them, Maiwei Co. entered the top ten for the first time in the fourth quarter, while the other nine had already appeared among the top ten in the previous quarter. This means that instead of a major rebalancing, the fourth quarter saw structural fine-tuning within the existing framework.
In terms of allocation proportion, the top ten holdings’ share of fund net assets increased significantly, as directly confirmed by the fund manager’s comments.
Breaking Down the Structure of Major Holdings
Based on industry attributes, these major holdings roughly fall into three categories.
The first category is manufacturing and electronic industry chain, including Innolight, Shenghong Technology, Dongshan Precision, Luxshare Precision, Maiwei Co., and Greatstar Technology, covering optical modules, PCBs, precision manufacturing, and photovoltaic equipment.
The second category is new energy and computing power, including CATL and Cambricon.
The third category is platform-based and internet companies, including Tencent Holdings and Alibaba-W.
Overall, the portfolio did not gravitate toward a single theme, but under the principal lines of manufacturing and technology hardware, it retained an allocation to platform companies, resulting in a relatively balanced structure.
This structure corresponds to the fund manager’s judgments on market style and asset allocation in the quarterly report.
Fu Pengbo “Has Something to Say”
In the quarterly report, Fu Pengbo systematically reviewed changes in market style in the fourth quarter.
He pointed out that, according to style index performance, cyclicals outperformed, with rapid price increases in lithium battery materials and nonferrous metals, and notable short-term gains—corresponding to standout sector performance. Consumer and stability-oriented indices performed to some extent, reflecting market rebalancing from an overemphasis on growth themes in previous quarters. Growth-style gains were limited; financial indices performed the weakest.
This judgment provides the macro background for balancing between cyclical, manufacturing, and technology sectors in the portfolio.
Macroeconomic Environment and Fundamental Clues
Beyond style, Fu Pengbo further combined macro data to break down demand and investment sides.
He stated that year-end macro data indicated: on consumption, vehicle trade-in subsidies heated up spending; after New Year’s holiday, marginal weakness appeared in consumption services. On investment, early issuance of special bonds helped stabilize infrastructure investment in Q1, but real estate remained weak, with related building material chains seasonally declining. Foreign trade improved, with both export volume and price rising.
These judgments correspond with the portfolio's allocations to manufacturing and export-related companies.
Increased Concentration as a Deliberate Choice
One of the most intuitive changes in the portfolio in Q4 was the increased concentration.
Fu Pengbo clearly stated that equity allocations accounted for 90.48% of total assets in Q4, up from 89.93% in Q3. The top ten holdings accounted for 70.38% of fund net assets, up 4.34 percentage points from 66.04% in Q3—showing greater concentration.
This concentration did not arise from a single, extreme bet, but from adjusting weights on prior core holdings.
He further explained, among the top ten holdings, the most notable change was the absence of mobile operator stocks, replaced by photovoltaic and high-end semiconductor equipment manufacturers, which performed strongly in Q4. The absolute holdings of other key companies increased or decreased.
This also explains Maiwei Co.'s entry into the top ten in Q4.
Preparing in Advance for 2026
Compared to current judgments, what’s more noteworthy in the quarterly report is the fund manager’s strategy for the next stage.
Fu Pengbo said: At the same time, we have prepared for portfolio construction for 2026. On one hand, we reduced holdings in companies with weak fundamental trends, mitigating their potential negative impact on net asset value; on the other hand, we increased holdings in companies related to data center liquid cooling, storage, and computing power, based on industry trends as well as research on individual stocks.
Additionally, he emphasized: For last year’s key allocations in optical modules, PCB materials, chips, and data center liquid cooling, we remain bullish on their future development and will intensify research in 2026.
This statement corresponds clearly to the positions of Innolight, Shenghong Technology, Dongshan Precision, Cambricon, etc. among the top ten holdings.
Facing the 2026 Market: Staying Restrained
When discussing the state of the market in early 2026, Fu Pengbo did not appear aggressive.
He noted that by early 2026, market activity continues to climb, with so-called “spring rally” arriving early. Numerous themes are emerging, including commercial aerospace, GEO, brain-computer interfaces, etc. Track stocks and small caps significantly outperform the large-cap index, a continuation of most of the market performance from 2025.
“Overall, excess liquidity and a small number of highly recognized high-return sectors interact to create the structural market seen over the past year. Whether this trend will persist into 2026, we can only monitor closely, prepare contingencies, and respond dynamically.”
In terms of annual reports, he gave clear focus points.
He stated, listed companies’ 2025 annual report pre-disclosures will be completed by the end of January. Sectors with high prosperity such as AI, nonferrous metals, and lithium battery materials are expected to show strong growth, already factored into the market. For stocks that beat expectations in the pre-disclosures, we will conduct in-depth research, hoping to uncover new investment opportunities.
Risk Warning and DisclaimerThe market carries risk; investment should be cautious. This article does not constitute personal investment advice, nor does it take into account the specific investment objectives, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their own situation. Invest accordingly at your own risk.
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