No asset class in the capital markets holds a permanent advantage.
Since the start of this year, global macro variables have been complex and tangled: expectations around overseas monetary policy have repeatedly shifted, and oil prices have disrupted inflation expectations. Domestically, growth and dividend sectors have rotated rapidly, the convertible bond market has undergone multiple rounds of valuation shifts, and the Hong Kong stock market has faced a dual test of liquidity and exchange rates. For investors, the question now may no longer be "whether to take on risk," but whether they can shift positions between different assets in a timely manner — staying on the offensive when opportunities are clear, and actively pulling back when valuations are stretched.
Verifiable Performance Strength, Balancing Returns and Drawdowns
ICBC Ju'an Mixed Fund (A: 011786; C: 011787) was established on August 10, 2021, with Huang Shiyuan managing it since November 3, 2023. With his almost "artistic" dynamic balancing strategy, he flexibly moves among A-shares, Hong Kong stocks, convertible bonds, and bonds, delivering an impressive result for unitholders.
Reviewing the fund's periodic reports reveals that the net value curve of ICBC Ju'an Mixed A has risen noticeably since September 2024, continuously widening its lead over the benchmark. This was not achieved by betting on extreme market conditions in any single quarter, but through steadily accumulated excess returns.
Looking at annual performance, data from the fund's periodic reports show that ICBC Ju'an Mixed A (011786) posted a net value growth rate of 20.16% in 2024, versus a benchmark return of 10.80% over the same period; in 2025, the net value growth rate was 14.62%, versus a benchmark return of 6.52%. This marks two consecutive full years of substantial excess returns.
According to custodian bank verification, as of August 31, 2026, ICBC Ju'an Mixed A's year-to-date, one-year, and three-year returns reached 14.46%, 22.22%, and 57.89%, respectively, while the benchmark returns over the same periods were 1.73%, 2.64%, and 17.80%.
The outstanding performance of ICBC Ju'an Mixed A has also been consistently validated by long-term rankings from multiple authoritative evaluation institutions. As of August 31, 2026, data from Guotai Haitong Securities show that ICBC Ju'an Mixed A ranked 11th out of 1,077 in excess return over the most recent three years, with a peer ranking of 8th out of 1,077 over the same period. Both rankings place it at the forefront of more than a thousand comparable products.
This performance is echoed by other institutions' evaluations: under Galaxy Securities' methodology, the fund ranked 3rd out of 242 and 2nd out of 231 among peers over the past three and four years, respectively. Morningstar data also shows highlights, with its three-year performance ranking first among 374 comparable funds, and extending the observation window to the most recent five years, it also ranked in the top three among peers (3rd out of 178). The mutual corroboration of rankings from three authoritative institutions makes the competitive strength of ICBC Ju'an Mixed A even more evident.
Finally, from a risk-return perspective, the fund's performance is equally notable. Wind data show that as of September 22, during Huang Shiyuan's tenure, the fund's Calmar ratio reached 2.10. As a core metric for measuring risk-adjusted returns, the Calmar ratio reflects the return earned per unit of drawdown endured — the higher the value, the more outstanding the cost-effectiveness. What is particularly remarkable is that while maintaining a 30%–40% equity position and allocating to Hong Kong stocks and convertible bonds, the fund kept its maximum drawdown to -9.35%.
This performance did not stem from passive defense through low positioning: if a fund keeps its equity position below 10% for an extended period, narrower drawdowns are a natural result, but the return potential tends to shrink accordingly. What sets ICBC Ju'an Mixed apart is that it does not over-defend on positioning and can constrain downside volatility through active asset allocation and risk control. This shows that drawdown control comes from active management rather than a low-position strategy.
A Deep Dive into the "Multi-Asset Dynamic Balancing Approach"
The secret to consistently capturing excess returns lies in the mature dynamic balancing investment framework built by fund manager Huang Shiyuan, which is also the core support for ICBC Ju'an Mixed's long-term outstanding performance.
Huang Shiyuan has 13 years of securities industry experience and 9 years of investment management experience. He joined ICBC Credit Suisse Fund in 2013 and currently serves as Deputy Director of Investment at the Pension Investment Center. With experience in pension fund management, he naturally attaches great importance to risk control. He also has management experience with multiple convertible bonds and "fixed income plus" products, with deep accumulation in managing three types of assets — stocks, convertible bonds, and bonds. This is the underlying foundation that enables ICBC Ju'an Mixed to flexibly deploy multiple tools.
The return sources of ICBC Ju'an Mixed are jointly built from three parts: the bond foundation position provides basic coupon protection, while equity elasticity is divided into direct equity positions (including Hong Kong Stock Connect) and convertible bond positions. The first layer of dynamic balancing is the coordinated control among the three asset classes of stocks, convertible bonds, and bonds. The fund continuously compares the valuation levels, safety margins, and potential risks of equity elastic assets, tilting the portfolio's elasticity toward assets with better current cost-effectiveness. At the same time, the bond position serves as the portfolio's safety cushion; when the weights of stocks and convertible bonds change, the bond position adjusts in reverse accordingly to complete the rebalancing of the overall portfolio.
Reviewing operations since 2024, this logic is clear at a glance. According to the fund's periodic reports, in the second quarter of 2024 and the first three quarters of 2025, equity investment as a proportion of the fund's total assets rose to 38%–39%, convertible bonds remained at a high level of nearly 20%, and the fixed income investment portion declined accordingly, fully capturing the structural opportunities in the equity market. By the end of 2025, convertible bond valuations climbed to historic highs, and Huang Shiyuan decisively pulled back — cutting the convertible bond position from 19.88% to 0.74%, reducing equity exposure from 38.19% to 28.17%, and raising bond allocation from 45.03% to 68.59%, thereby avoiding the subsequent correction in the convertible bond sector.
Entering 2026, the portfolio continued its dynamic rebalancing: in the first quarter, it replenished convertible bonds to 19.43% and reduced bond allocation to 18.78%, handing the center of elasticity to convertible bonds; in the second quarter, as convertible bond valuations rose again and technology growth led the market, convertible bonds were reduced to 15.65% and the equity position was raised to 34.85%, shifting part of the elasticity to equity assets including Hong Kong Stock Connect, while bond allocation rose back to 32.30%.
The second layer of dynamic balancing rests on cross-market positioning and the dynamic iteration of styles and sectors within equities. Unlike some comparable products limited to investing only in A-shares, ICBC Ju'an Mixed has Hong Kong Stock Connect trading eligibility, further broadening its stock selection boundaries. However, it should be made clear that the product's Hong Kong stock allocation does not chase the Hong Kong internet technology growth sector, but instead anchors on high-dividend targets in the resources and utilities sectors of the Hong Kong market, leveraging valuation and dividend differences between the A-share and H-share markets to tap assets with stable cash flows.
In the underlying logic of stock selection, Huang Shiyuan consistently seeks targets with high industry barriers, stable competitive landscapes, and sustainable growth characteristics, prioritizing corporate cash flow quality, dividend capacity, and the certainty of business models. The core goal is to strive to avoid permanent losses and pursue medium- to long-term steady returns, rather than betting on short-term thematic explosions.
However, adhering to underlying stock selection standards does not mean rigidly sticking to a single sector. The fund manager dynamically optimizes the equity portfolio's industry structure in response to changes in the macro environment, commodity prices, and industrial fundamentals — a point vividly reflected in the position changes across several consecutive quarterly reports.
The fourth-quarter 2025 report showed that the portfolio's equity position was highly concentrated in the thermal power utilities sector, alongside an A+H paired allocation approach to position in Hong Kong power targets; at that point, convertible bonds had been nearly fully liquidated. According to the fund's periodic reports, by the first quarter of 2026, based on changes in market expectations and sector cost-effectiveness, the portfolio significantly adjusted its equity holdings, switching from the thermal power dividend sector to new energy and non-ferrous resource cyclical growth directions. Entering the second quarter of 2026, the new energy and non-ferrous cyclical targets from the prior quarterly report exited the top ten, and the equity main line shifted again to traditional energy dividend assets represented by hydropower, oil and gas, and coal.
Conclusion: Seeking a Relatively Certain "Ballast Stone"
Looking back at the operational trajectory of ICBC Ju'an Mixed, its sustainable alpha does not come from betting on any single trend, but is the result of fund manager Huang Shiyuan continuously practicing dynamic balancing based on his multi-asset investment research accumulation: weighing elasticity between stocks and convertible bonds, mining dividends between A-shares and Hong Kong stocks, and finding a balance point between offensive opportunities and drawdown risk.
Looking ahead, the macro environment remains full of challenges: oil price volatility, the repeated shifts in overseas monetary policy, and the repair process of domestic economic endogenous momentum all make the market full of uncertainty. For investors, finding a manager with clear strategic logic, time-tested performance, and expertise in dynamic balancing may be a pragmatic choice in a volatile market that balances return pursuit with risk底线.
As a partial-debt mixed fund, ICBC Ju'an Mixed will directly face tests from multiple markets including stocks, bonds, Hong Kong stocks, and convertible bonds during its operation. Therefore, it is more suited to investors who embrace long-term investment concepts, are willing to bear moderate volatility, and pursue medium- to long-term steady appreciation.
Peer classification notes: ICBC Ju'an Mixed A is classified under Galaxy Securities as "Mixed Fund - Partial Debt Fund - Ordinary Partial Debt Fund (Equity Cap Above 30%) (Class A)"; under Morningstar China as "China Open-End Fund - Shanghai-Hong Kong-Shenzhen Conservative Mixed"; and under Guotai Haitong Securities as "Active Mixed Open-End."
Data notes: ICBC Ju'an Mixed A was established on 2021-08-10, with Huang Shiyuan managing since November 3, 2023. The fund's annual net value growth rates for 2022–2025 were -4.94%, -3.00%, 20.16%, and 14.62%, respectively, while the benchmark returns over the same periods were -2.70%, -0.18%, 10.80%, and 6.52%. Fund net value growth rates and benchmark returns come from the fund's periodic reports.
Fund fee notes: The fee standards for ICBC Ju'an Mixed are as follows (fee discounts are subject to the displaying institution; M/Y refer to amount/holding time respectively): management fee is 0.30% per year, custodian fee is 0.05% per year. Class A fund shares do not charge a sales service fee; Class C shares charge a sales service fee of 0.40% per year. Class A subscription fee: for non-pension clients: when M < 1 million yuan, the rate is 1.50%; when 1 million ≤ M < 3 million yuan, the rate is 1.00%; when 3 million ≤ M < 5 million yuan, the rate is 0.80%; when M ≥ 5 million yuan, the fee is 1,000 yuan per transaction. For pension clients: when M < 1 million yuan, the rate is 0.15%; when 1 million ≤ M < 3 million yuan, the rate is 0.10%; when 3 million ≤ M < 5 million yuan, the rate is 0.08%; when M ≥ 5 million yuan, the fee is 1,000 yuan per transaction. Class C shares do not charge a subscription fee. Class A redemption fee: when Y < 7 days, the rate is 1.50%; when 7 days ≤ Y < 30 days, the rate is 0.75%; when 30 days ≤ Y < 1 year, the rate is 0.50%; when 1 year ≤ Y < 2 years, the rate is 0.30%; when Y ≥ 2 years, the rate is 0%. Class C redemption fee: when Y < 7 days, the rate is 1.5%; when 7 days ≤ Y < 30 days, the rate is 0.50%; when 30 days ≤ Y, the rate is 0%.
Risk disclosure: The views are for reference only, are time-sensitive, do not constitute investment advice or return commitments, and do not represent the fund's specific future allocation direction. The fund manager manages and operates the fund's assets in accordance with the principles of due diligence, honesty and trustworthiness, and prudence, but does not guarantee that the fund will be profitable or guarantee a minimum return. Past performance of a fund does not predict future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. ICBC Ju'an Mixed is a mixed fund, and its expected return and risk level are lower than those of equity funds but higher than those of bond funds and money market funds. If this fund invests in Hong Kong Stock Connect target stocks, it will also bear the special risks brought by differences in the investment environment, investment targets, market systems, and trading rules under the Hong Kong Stock Connect mechanism. Funds involve risks. Before investing in a fund, investors should carefully read the "Fund Contract," "Prospectus," "Fund Product Information Summary," and updates and other legal documents, and on the basis of fully understanding the product situation, fee structure, fee standards of various sales channels, and obtaining suitability opinions from sales institutions, select investment varieties suitable for their own risk tolerance. Fund investment requires caution. MACD golden cross signals have formed, and these stocks are rising well!