On August 26, 2026, the China-Thai Research Select 6-Month Holding Stocks Fund (016444.OF) managed by Li Yugang disclosed its 2026 interim report. The report shows that the net asset value of the product at period-end was RMB 24.6997 million. The share size decreased from 46.4586 million shares at the end of the previous reporting period to 23.7106 million shares, a change of -22.748 million shares, representing a decrease of approximately -48.96%. During the reporting period, profit was RMB 1.1395 million; management fee income was RMB 0.2424 million, down 43.96% from RMB 0.4325 million in the same period last year. The net value growth rate for the first half was -0.22%, while the performance benchmark return in the same period was 9.07%, with an excess return of -9.29 percentage points.
Regarding holder structure, at period-end the fund had a total of 682 holders, down 277 from 959 holders at the end of the previous reporting period, a decrease of 28.88%. Notably, the fund manager’s employees held 2.8505 million A-class shares, accounting for 22.46% of total A-class shares. Among them, the fund manager personally held between 0.5 and 1.0 million shares. Company senior executives and the heads of the fund investment and research departments combined held more than 1.0 million shares, reflecting a relatively distinctive self-holding characteristic among management and investment/research personnel.
The periodic report also discloses that over the past year (from 2025-07-01 to 2026-06-30), the proportion of profitable investors in the fund reached 94.23%.
In the first half of the year, the fund’s trading activity increased significantly. During the reporting period, the total cost of purchases of stocks was RMB 11.2189 million, and the total proceeds from sales of stocks were RMB 35.9575 million. The portfolio turnover rate rose from 26.85% in the previous reporting period to 120.2%, an increase of 93.35 percentage points. Customer maintenance fees were RMB 53,600, down 64.33% from RMB 150,200 in the previous period.
Regarding the investment strategy, the report period’s description includes both continuity and clear additions compared with the second-quarter report. The fund’s core framework—“holding outstanding companies that can continuously create value in a diversified manner at reasonable prices”—is fully consistent with the second-quarter report, as is its stance of rejecting “judging market style and adjusting the portfolio in line with market style preferences.”
The main changes are reflected in three areas. First, the discussion of macro variables has been significantly strengthened. In the interim report, the fund clearly states that “macro variables are not a dependent variable for this fund’s investment decision-making,” and explains the unreliability of making judgments based on macro conditions. It then emphasizes that “research into specific companies and specific businesses” is more valuable for decision-making. At the same time, it says it is “more concerned about which companies will become stronger in difficult times,” a part that is not present in the second-quarter report.
Second, in terms of industry allocation, the industries listed in the second-quarter report are banks, building materials, consumer, leisure and travel, energy, chemicals, and electronics. The interim report, based on this, adds healthcare and broadens the coverage of industries.
Third, in the risk warning section of the interim report, in addition to the two existing risks—“the market’s enthusiasm for only a few sectors and relatively concentrated investment styles” and “excellent companies are also priced commodities”—the fund has added the statement: “under circumstances where market expectations deviate from fundamentals, this fund’s performance may also underperform the market.” This added risk warning is worth paying close attention to.
On valuation, the interim report adds the judgment that “the valuation levels of most companies are in the historical bottom range,” and points out that “although valuation levels are not an effective indicator for judging short-term price movements, they are an important indicator for measuring long-term profit potential.” It expresses a stance of “not being pessimistic” about the portfolio’s future return potential. Overall, the fund manager maintains the same bottom-up, deep-research-driven stock-selection approach. However, compared with the second-quarter report, the main incremental elements in the strategy description are reflections on the reliability of macro judgments and increased attention to companies’ competitiveness in adverse conditions.
In the interim report’s manager outlook, Li Yugang stated that residents’ wealth and economic growth come from the continual expansion of free exchanges among individuals. An economy that protects individual property rights and continuously deepens social division of labor will have economic growth and residents’ wealth that rise steadily. This is the ultimate source of returns from equity investments. The fund hopes to share in the results of the country’s economic growth by holding outstanding companies that can continuously create value at reasonable prices and in a diversified manner.
But he also emphasized that macro variables are not dependent variables for this fund’s investment decision-making. Judgments based on macro variables are often unreliable. By contrast, research into specific companies and specific businesses is more objective and scientific, and the judgments derived from it have greater decision-making value.