Fortis Technology Innovation Hybrid 2025 Annual Report Analysis: Class C Shares Shrink by 87.7%, Net Profit Grows by 51.9%

The fund’s net assets decreased year over year by 57.6%; net profit grew by 51.9%

Fauanda Technology Innovation Hybrid Fund’s 2025 annual report shows that the fund recorded net profit of 8,350,165.60 yuan for the full year, up 51.9% from 5,497,478.88 yuan in 2024. Of this, profit for the current period attributable to Class A shares was 7,370,449.51 yuan, and that attributable to Class C shares was 979,716.09 yuan. Total net assets at year-end were 13,982,563.41 yuan, down 19,021,889.84 yuan from 33,004,453.25 yuan at the end of 2024, for a decline of 57.6%.

A/C share NAV growth rates both exceed 35%, yet both lag the performance benchmark

During the reporting period, the NAV growth rate for Class A shares of Fauanda Technology Innovation Hybrid was 35.71%, and for Class C shares was 35.29%. Both lagged the performance benchmark return for the same period of 40.85%, with differences of -5.14% and -5.56%, respectively. In terms of long-term performance, the NAV growth rate for Class A shares over the past three years was 13.19%, below the benchmark 23.20%; over the past five years it was 15.48%, significantly outperforming the benchmark by -3.55%.

• | 23.20% | -10.01% |
• | | Past five years | 15.48% |
• | -3.55% | 19.03% |
• |

Investment strategy focuses on the technology mainline; artificial intelligence and energy storage are core allocations

The manager stated in the report that in 2025 it focused on opportunities in sub-sectors such as the artificial intelligence industry chain, robotics, energy storage, consumer electronics, and AI on-device (edge) technologies. Judging from the equity investment details at year-end, the top ten holdings are all technology-related companies. Among them, Inspur (300308), Goertek? (300502), Luxshare Precision (002475) account for 9.21%, 8.32%, and 6.89% of the fund’s net asset value, respectively. The industry allocation is highly concentrated, with the manufacturing sector accounting for 87.64%, making it the largest holding industry.

Management fee and custody fee both drop by more than 50%; transaction costs down 79.1%

For 2025, the fund’s management fee payable for the period was 290,099.94 yuan, down 53.9% from 629,206.66 yuan in 2024; the custody fee was 48,349.89 yuan, down 54.0% from 104,867.80 yuan in 2024. The decline in fees mainly resulted from the fund’s reduced size. Total fund units at the end of 2025 were 10,860,142.82 units, down 68.8% from 34,799,501.97 units in 2024. As for transaction costs, for 2025 the stock buy-and-sell transaction fees were 140,898.62 yuan, down 79.1% from 675,096.92 yuan in 2024.

Stock investment income grew by 214.3%; realized spread from buy-and-sell contributed most of the profit

During the reporting period, the fund’s stock investment income was 9,174,257.21 yuan. Of this, net income from the spread between stock buy and sell (stock price difference) was 9,047,621.52 yuan, up 214.3% from 2,878,344.17 yuan in 2024, becoming the main source of net profit. Dividend income was 126,635.69 yuan, down 76.1% from 530,795.25 yuan in 2024, mainly due to a decrease in dividends from the held stocks.

Class C share size shrank by 87.7%; institutions hold 34.78% of Class A shares

Changes in open-ended fund shares show that Class A shares decreased from 27,758,850.26 units at the end of 2024 to 9,996,744.46 units, a decline of 64.0%; Class C shares fell from 7,040,651.71 units sharply to 863,398.36 units, a decline of 87.7%. In terms of holder structure, among Class A shares, institutional investors held 3,477,074.39 units, accounting for 34.78%; individual investors held 6,519,670.07 units, accounting for 65.22%. All Class C shares are held by individual investors. The total number of unit holders at year-end was 547, and average holdings per holder were 19,854.01 fund units.

Manager’s outlook: optimistic about the computing power and energy storage sectors; highlights long-term opportunities in commercial spaceflight

The manager believes that in 2026 the global economy will recover moderately, and expectations of abundant overseas liquidity will bring incremental capital to China’s A-share market. Domestically, endogenous growth momentum will strengthen, and technological innovation and consumption upgrading remain core policy-supported directions. Key areas to focus on include the lithium battery industry chain, energy storage, semiconductor equipment, robotics, on-device applications, AI computing power and applications, and commercial spaceflight. Among them, commercial spaceflight is in a period of synchronized momentum across policy, technology, capital, and markets, but it still needs to overcome cost and profitability challenges.

Risk warning: size continuously below 50 million yuan; there is a risk of liquidation

According to the disclosure, in 2025 the fund experienced a situation where its net asset value of fund assets was below 50 million yuan for 60 consecutive working days. Although the manager stated it would stabilize the fund’s size by improving performance and pushing marketing, a size that is too small may lead to larger risks of redemption and subscription shocks and increased operating costs, so investors should be alert to the risk that the fund may trigger contract termination provisions. In addition, the concentration of the fund’s top ten holdings is relatively high; if relevant industries or individual stocks experience volatility, it may have a significant impact on the net asset value.

Transaction unit commissions are concentrated; Guoyuan Securities accounts for nearly 80%

The fund rents trading units from Guoyuan Securities and Nanjing Securities to invest in stocks. In 2025, the stock transaction amounts were 128,969,434.24 yuan (63.95%) and 72,700,203.96 yuan (36.05%), respectively. Commissions payable were 56,808.92 yuan (79.83%) and 14,354.37 yuan (20.17%), respectively, with total commissions of 71,163.29 yuan. Among them, the transaction amount via related-party trading unit with Nanjing Securities (fund manager’s shareholder) accounted for 36.05%; its commission rate is basically consistent with market levels.

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