--- title: "Ruiyuan \"Old Master\" Fu Pengbo's 2026 \"Positioning Plan\" Exposed" type: "News" locale: "en" url: "https://longbridge.com/en/news/273337630.md" description: "Fur Pengbo, the manager of the Ruifeng Growth Value Fund, revealed its positioning plan for 2026 in the Q4 2025 report. The report shows that the fund made slight adjustments to its heavy stock structure, with the top ten heavy stocks including Eoptolink, VGT, CATL, and Maxwell newly entering the top ten. The overall portfolio maintains a core allocation direction in manufacturing and technology hardware while retaining investments in platform companies, demonstrating a relatively balanced structure. Fur Pengbo also conducted a systematic review of the market style changes in the fourth quarter" datetime: "2026-01-22T07:50:57.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/273337630.md) - [en](https://longbridge.com/en/news/273337630.md) - [zh-HK](https://longbridge.com/zh-HK/news/273337630.md) --- # Ruiyuan "Old Master" Fu Pengbo's 2026 "Positioning Plan" Exposed In the fourth quarter of 2025, it is a significant structural testing period for many actively managed equity funds. Cyclical assets have risen rapidly, growth sectors have diverged, and market styles have undergone a phase shift. In this context, whether and how the portfolio is adjusted often reflects the fund manager's true judgment more than short-term net value. In the fourth quarter report of Ruiyuan Growth Value managed by Fu Pengbo, there were some noteworthy changes in the structure of heavy holdings, providing important clues for understanding its subsequent allocation strategy. ## **Overview of Heavy Holdings, "New Faces" Appear** From the top ten heavy holdings disclosed in the quarterly report, the portfolio continues to focus on manufacturing and technology hardware, but there are slight yet clear changes in structure. The top ten heavy holdings are Eoptolink, VGT, CATL, Tencent Holdings, Dongshan Precision, Luxshare Precision, Maxwell, Alibaba-W, Cambricon, and StarTech. Among them, Maxwell is the only stock that entered the top ten in the fourth quarter, while the other nine had already appeared in the top ten heavy holdings in the previous quarter. This indicates that the fourth quarter did not involve a significant turnover but rather a structural adjustment within the existing framework. From the perspective of holding proportion, the share of the top ten heavy holdings in the fund's net asset value has significantly increased, which is directly corroborated by the fund manager's views. ## **Dissecting the Heavy Holding Structure** If we break down by industry attributes, this group of heavy holdings can be roughly divided into three categories. The first category includes manufacturing and the electronics industry chain, comprising Eoptolink, VGT, Dongshan Precision, Luxshare Precision, Maxwell, and StarTech, covering sub-sectors such as optical modules, PCBs, precision manufacturing, and photovoltaic equipment. The second category relates to new energy and computing power, including CATL and Cambricon. The third category consists of platform and internet companies, including Tencent Holdings and Alibaba-W. Overall, the portfolio has not moved towards a single theme but has retained allocations to platform companies under the main line of manufacturing and technology hardware, resulting in a relatively balanced structure. This structure corresponds with the fund manager's judgment on market style and asset allocation in the quarterly report. ## **Fu Pengbo "Has Something to Say"** In the fourth quarter report, Fu Pengbo provided a systematic review of the changes in market style during the fourth quarter. He pointed out that in the fourth quarter, from the performance of style indices, cyclical sectors dominated, with rapid price increases in lithium battery materials and non-ferrous metals, showing considerable short-term gains, and corresponding sector gains were prominent. Consumer and stability-related indices showed some performance, reflecting a market rebalancing away from an excessive focus on growth themes in the first three quarters, while growth style gains were limited, and financial indices had the weakest gains. This judgment provides a macro background for weighing the portfolio between cyclical, manufacturing, and technology sectors. ## **Macroeconomic Environment and Fundamental Clues** Beyond style judgments, Fu Pengbo further disassembled the demand and investment sides based on macro data. He stated that year-end macro data shows that in terms of consumption, the vehicle replacement subsidy has led to a warming of consumption, but after the New Year's holiday, marginal consumption services have weakened. In terms of investment, the advance issuance of special bonds helps stabilize infrastructure investment in the first quarter, but real estate remains weak, and the related building materials industry chain is seasonally declining The improvement in foreign trade prosperity has led to an increase in export volume and price. These judgments resonate with the allocation direction of manufacturing and export chain-related companies among heavily weighted stocks. ## **Increased Concentration is a Proactive Choice** One of the most intuitive changes in the portfolio for the fourth quarter is the increase in concentration. Fu Pengbo clearly pointed out in the quarterly report that in the fourth quarter, the stock allocation of this portfolio accounted for 90.48% of total assets, an increase from 89.93% in the third quarter. The top ten holdings accounted for 70.38% of the fund's net asset value, up 4.34 percentage points from 66.04% in the third quarter, indicating an increase in the concentration of heavily weighted stocks. From the results, this concentration does not stem from a single extreme bet, but rather from a weight adjustment based on the existing core holdings. He further explained that from the perspective of the top ten holdings, a notable change is that individual stocks of mobile operators are no longer in the top ten, replaced by outstanding performers in the photovoltaic and high-end semiconductor equipment manufacturing sectors in the fourth quarter, while the absolute holdings of other key companies have increased or decreased. This also explains the background of Maiwei Co., Ltd. entering the top ten in the fourth quarter. ## **Preparing for 2026 in Advance** Compared to the current judgments, what is more noteworthy in the quarterly report is the fund manager's operational thinking for the next phase. Fu Pengbo stated that at the same time, we have prepared for the portfolio construction for 2026. On one hand, we have reduced holdings in companies with weak fundamental trends to mitigate their potential negative impact on the portfolio's net value; on the other hand, we have increased investments in companies related to liquid cooling for data centers, energy storage, and computing power, mainly based on the industry development trends and individual stock tracking research. At the same time, he emphasized that we remain optimistic about the future development of sectors and individual stocks such as optical modules, PCB materials, chips, and liquid cooling for data centers, which were key allocations in the previous year, and we will further intensify our research efforts in 2026. This statement corresponds clearly with the positions of Eoptolink, VGT, Dongshan Precision, and Cambricon among the top ten. ## **Maintaining Restraint in the Face of the 2026 Market** When discussing the market conditions at the beginning of 2026, Fu Pengbo did not appear aggressive. He pointed out that at the beginning of 2026, the stock market activity continued to rise, and the so-called spring excitement had arrived early, with various themes emerging, such as commercial aerospace, GEO, brain-computer interfaces, etc. Market sector stocks and small-cap stocks significantly outperformed the broader market, continuing the market performance seen for most of 2025. “Overall, **there is excess liquidity, and there are not many sectors recognized by the market with good returns; the interaction of these two factors has formed the structural market we have seen over the past year. Whether this trend will continue into 2026 can only be closely monitored, with contingency plans in place for dynamic responses.”** In terms of the annual report, he also provided clear focus points. He stated, **the pre-disclosure of listed companies' 2025 annual reports will be completed by the end of January, and sectors with high prosperity such as AI, non-ferrous metals, and lithium battery materials are expected to see significant growth, which the market has already priced in. For stocks that exceed expectations in the annual report pre-disclosure, we will focus on research, hoping to uncover new investment opportunities.** \*\* Risk Warning and Disclaimer The market has risks, and investment should be cautious. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. 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