A fund similar to Jin Yuan Shun An Yuan Qi Flexible Allocation Hybrid (004685)

It’s been a long time since I’ve listed major A-share funds. Over the past 13 years of investing in funds, it has been almost impossible to identify a consistently winning fund. Even when looking back in hindsight, most funds have only led the pack for a year or two.

Fund managers who favor Baijiu style have performed well in 2019-2020, but then started a series of declines or consistently bottomed out in performance.

Excellent fund managers who prefer semiconductor style performed well in 2019-2021 and 2024-2025, but also suffered two consecutive years of losses in 2022-2023.

Many others have changed fund managers repeatedly, or the funds themselves had to delist—losing a lot, with more redemptions than purchases, and no buyers.

But are there any exceptions?

Yes, the Golden Yuan Shun An Yuan Qi Flexible Allocation Hybrid (004685). Its each heavy position stock only accounts for 1% of the total fund assets.

And when performance was good, it decisively paused subscriptions. That was on August 22, 2022. It has been closed for three and a half years now, and has not reopened.

Besides being closed for a long time, it doesn’t follow the trend of so-called top fund managers or fund companies that, riding the wave of popularity, launch several new funds with identical investment styles.

Fund manager Miao Weibin has been managing since the fund’s inception in 2017, for over eight years now, which is quite rare.

Most astonishingly, it has indeed achieved a relatively low drawdown (maximum drawdown of 20.59% in the past five years), continuously hit new highs, and overall gained a lot (up 328.64% in the past five years). An impossible feat.

Holding experience is perfect.

All these factors combined make it arguably the only one of its kind in the world.

It shows me, someone who has looked into value investing, that there is a quantitative model capable of making long-term profits.

Like my past and present self, and like many others, I only started paying attention and buying after it had risen significantly.

If I want to continue buying, but can’t get in, I have to look for similar funds.

It’s been three and a half years since it was closed. Looking at its alternative funds now, compared to three and a half years ago, offers some advantages of hindsight.

So I’ve gathered a few, just for record, with profits and losses at your own risk.

BoHai HuiJin New Momentum Theme Hybrid A (010584)

NuoAn Multi-Strategy Hybrid A (320016)

CITIC Prudential Multi-Strategy Hybrid (LOF) A (165531)

XinAo XingLiang Smart Selection Hybrid A (020303)

China Europe Small Cap Growth Hybrid A (015880)

DaCheng JingHeng Hybrid A (090019)

ZhongJia Zijin Flexible Allocation Hybrid A (005373)

NanHua FengHui Hybrid A (015245)

GuoJin Quantitative Multi-Factor Stock A (006195)

GongFang Quantitative Multi-Factor Hybrid A (005225)

GuoJin Quantitative Selected Hybrid A (014805)

HuaXia New Brocade Hybrid A (002833)

ZhaoShang Quantitative Selected Stocks A (001917)

HuaShang RunFeng Flexible Allocation Hybrid A (003598)