Sharing a few excellent small-cap style active funds that have demonstrated strong performance and consistent management. These funds are known for their agility in capturing market opportunities in the small-cap segment, offering investors potential for higher returns while managing risks effectively. Investing in such funds can diversify your portfolio and provide exposure to emerging companies with growth potential.

After the release of the quarterly reports, I plan to filter data on small-cap style funds. Yesterday’s article “Introducing a fund that underperformed the benchmark by over 100% during its contract period but gained 155% over the past five years” focused on passive and enhanced index funds. This article will cover active funds.

The fund types required are偏股混合型 (equity-biased hybrid), 普通股票型 (ordinary stock), 灵活配置型 (flexible allocation). The 2025Q4 small-cap style weight exceeds 80%, with only A-shares retained for multiple share classes, and funds with a total scale over 50 million yuan are included. According to Choice data, only 31 funds meet these criteria.

The 31 funds are ranked from highest to lowest by total scale, and the list also shows the weights of large, medium, and small styles. $Nuoya Multi-Strategy Hybrid A (F320016)$, $Xincheng Strategy Hybrid (LOF) (F165531)$, $Jinyuan Shun’an Yuanqi Hybrid (F004685)$.

Data source: Miaxiang Choice, as of December 31, 2025. Past performance does not predict future results.

The largest fund is Nuoya Multi-Strategy Hybrid A managed by Kong Xianzheng, followed by CITIC Prudential Multi-Strategy managed by Wang Ying, and third is Jinyuan Shun’an Yuanqi Flexible Allocation Hybrid managed by Miao Weibin—size may be driven by voting or perhaps has some “reason”.

Those interested in small-cap active funds can follow this list, and it’s best to check what index the fund’s benchmark is compared against.

Funds with three years of performance data remaining are 21 in total.

The 21 funds display information such as three-year interval returns, annualized returns, maximum drawdown, Sharpe ratio, and Calmar ratio as follows.

Data source: Miaxiang Choice, as of January 30, 2026. Past performance does not predict future results.

Funds with top performance include CITIC Construction Investment Beijing Stock Exchange Selected Two-Year Fixed Open Hybrid A, CITIC Prudential Multi-Strategy, Nuoya Multi-Strategy Hybrid A, Jinyuan Shun’an Yuanqi Flexible Hybrid… but only Miao Weibin’s fund has the best maximum drawdown, with the top three funds’ maximum drawdowns over the past three years exceeding -40%, with Nuoya Multi-Strategy even over -45%. Miao Weibin’s maximum drawdown in the past three years is only -20.59%, which is impressive.

The 21 funds, as of June 30, 2025, are ranked from highest to lowest by institutional holdings amount.

Data source: Miaxiang Choice, as of December 31, 2025. Past performance does not predict future results.

Funds with significant institutional holdings include GF New锐智选 Hybrid A, Nuoya Multi-Strategy Hybrid A, CITIC Prudential Multi-Strategy, China Europe Quantitative Pioneer Hybrid A, etc. The five funds I mentioned are held by institutions with amounts of 377 million, 296 million, 296 million, 170 million, and 125 million yuan respectively. The top five funds with the most institutional holdings are highlighted in red.

The 21 funds as of June 30, 2025, are ranked from highest to lowest by internal staff holdings amount.

Data source: Miaxiang Choice, as of December 31, 2025. Past performance does not predict future results.

Internal staff holdings include Miao Weibin’s Jinyuan Shun’an Yuanqi Flexible Hybrid with 95.04 million yuan; Kong Xianzheng’s Nuoya Multi-Strategy Hybrid A with 3.31 million yuan; Wang Ying’s CITIC Prudential Multi-Strategy with 3.21 million yuan; He Xiang’s Bohai Hui Jin New动力 Theme Hybrid A with 3.01 million yuan; Leng Wenpeng’s CITIC Construction Investment Beijing Stock Exchange Selected Two-Year Fixed Open Hybrid A with 2.07 million yuan…

The 21 funds show the top three industry weights in Q2 2025, second, and third industry weights, as follows. The top of the list is relatively industry/theme-focused, while the bottom shows more balanced industry allocations. Data is in the table for your own analysis.

Data source: Miaxiang Choice, as of December 31, 2025. Past performance does not predict future results.

The 21 funds display turnover rates for 2024H2 and 2025H1, sorted from highest to lowest in 2025H1. Funds with higher turnover rates are managed by managers like Qujing, Zhou Shuai, Hu Di, etc. Those at the bottom have lower turnover rates; most small-cap funds are quantitative strategies, and their turnover rates are generally not low.

Data source: Miaxiang Choice, as of December 31, 2025. Past performance does not predict future results.

Let’s briefly review the four funds’ 2025 quarterly reports—note that small-cap valuations are currently not cheap, so whether to buy depends on assessing if your risk tolerance matches.

1. Miao Weibin - Jinyuan Shun’an Yuanqi Flexible Allocation Hybrid

In the 2025 quarterly report, the fund manager states:

In Q4 2025, the global economic growth remains relatively good, despite some structural factors, no obvious signs of weakening are seen. International interest rates remain stable, with easing expectations cooling down, long-term rates continue high, and the economy is in a somewhat balanced state.

Overall, strong external economic conditions support China’s external demand growth.

Domestically, the economy is stable and performing well, but growth pressures remain, especially due to insufficient internal demand. Continued decline in real estate prices impacts the property market and economy, adding pressure to internal demand. Policies related to real estate continue to be released, but price stabilization still requires time.

In Q4, consumer price index (CPI) bottomed out and rebounded, excluding food and core prices also rose in tandem. Monetary policy remains accommodative, so short-term domestic interest rates stayed low, while long-term rates slightly increased.

Stock markets surged then slightly retreated in Q4, maintaining a volatile trend.

The fund maintained a medium-high stock allocation during the reporting period, remains optimistic about equities, and adheres to diversified investment, focusing on companies with relatively attractive valuations and some sectors related to domestic demand.

2. Kong Xianzheng - Nuoya Multi-Strategy Hybrid A

In the 2025 quarterly report, the fund manager states:

We maintained positive returns for the sixth consecutive quarter.

In this quarter, with a growth style dominating and large-cap stocks rising, our excess return slightly weakened compared to previous quarters.

But we will continue diligently seeking excess returns in small and mid-cap stocks to provide value to holders.

3. Wang Ying - CITIC Prudential Multi-Strategy

In the 2025 quarterly report, the fund manager states:

In Q4 2025, economic data mostly in line with expectations.

Industrial production eased moderately, investment growth slowed, but export resilience remains strong.

Supported by food prices, CPI YoY recovered, but PPI recovery slowed.

Market-wise, the overall A-share market was volatile in Q4, with the Shanghai Composite Index rising slightly.

Industry performance showed military, oil & petrochemicals, non-ferrous metals, and communications leading, while pharmaceuticals, real estate, and media declined slightly.

In Q4, themes like storage, OCS, and commercial aerospace performed strongly, indicating some structural market trends.

From a quantitative perspective, internal factors like volume and price factors performed well, with momentum and low-volatility factors contributing positively; valuation factors still underperformed, consistent with the market’s structural trend.

In terms of product operation, the fund continued its previous style, maintaining overall stock positions relatively stable.

Investment strategy involved combining industry prosperity, performance trends, and valuation to identify undervalued listed companies, aiming for gains from valuation recovery, and adjusting trades based on volume and price movements.

Additionally, the fund actively participated in IPO subscriptions on the STAR Market and ChiNext to seek better returns.

4. Ye Letian - CCB Flexible Allocation Hybrid A

In the 2025 quarterly report, the fund manager states:

This fund operates with a quantitative strategy as a flexible allocation fund.

During the reporting period, the fund continued to mainly adopt an index-enhanced approach, supplemented by absolute return strategies, maintaining a bias toward small-cap stocks.

The fund manager continuously iterates multi-factor quantitative models to select stocks, build portfolios, and manage risks, striving for stable excess returns.

During the period, the fund actively participated in IPO subscriptions to further boost returns.

These are my investment reflections, not necessarily correct. I record them for future review and to clarify mistakes. For reference only. This is my personal note; all content is based on my research and does not constitute investment advice. Please focus on objective data. Funds carry risks; invest cautiously.

Risk reminder: All content is personal opinion and reflection based on public information and subjective analysis, intended for sharing and discussion, not as investment advice or decision-making basis. Markets are risky; invest carefully. Industry trends, company cases, or data conclusions mentioned may be outdated, biased, or subject to unforeseen changes. Readers should make independent judgments based on their own circumstances. I am not responsible for any direct or indirect investment results from referencing this article, nor for legal liabilities arising therefrom. Please understand: investment decisions are personal, profits and losses are your own.