In 2024, global capital markets remained volatile amid the interaction of macro policy shifts and industrial transformation. With a bottom-up stock selection approach at its core, BANDS Growth Fund focused on uncovering high-quality companies across mainland China, Hong Kong, and the United States. As of 31 December 2024, the fund had delivered a net return of 25.97% after fees since its launch in May, significantly outperforming the Hang Seng Index's gain of 10.49% over the same period. A Sharpe ratio of 2.05 and a Sortino ratio of 6.90 also reflected the strength of its risk-adjusted return profile. The fund's excess return was primarily driven by precise allocation across the technology value chain, with key positions in leading companies in artificial intelligence, semiconductors, and new energy infrastructure. Flexible position management and sector rotation also helped control drawdowns effectively.
In the first month of 2025, the fund continued its steady growth, with net asset value rising 9.08% for the month, far ahead of the Hang Seng Index's 0.82% increase. The launch of DeepSeek's new model prompted the market to reassess both the innovative capacity of China's technology sector and the valuation of listed companies, placing the Chinese capital market in a broader re-rating phase. As listed companies shift from OEM manufacturing toward innovation-led R&D, stronger pricing power, and proprietary brands, the fund sees a new set of opportunities emerging. It will continue to focus on investment opportunities across the technology value chain and to monitor the ongoing reassessment of Chinese assets.
In 2025, BANDS Growth Fund will continue to build on deep research, keep technology and innovation at the center of its process, and capture high-quality growth opportunities across global markets. The team will remain focused on tracking outstanding listed companies, continuously refining the portfolio, and creating long-term, steady returns for investors.
Risk disclosure: Market fluctuations may cause short-term volatility in net asset value. Investors should make rational decisions based on their own risk tolerance. The views expressed in this article do not constitute investment advice, and past performance is not indicative of future results.