In order to defend against risks, many fund managers are reducing the concentration of their holdings and seeking certainty.

Wind data shows that as of the first quarter, the average stock concentration of equity funds is 43.98%, compared with 44.19% at the end of last year, a slight decrease. Among approximately 2900 equity funds, about 48% have seen a decrease in stock concentration, indicating that nearly half of equity funds have further diversified their holdings. Several fund managers stated in their first quarter reports that the current market is highly uncertain and volatile, so reducing stock concentration can better protect against risks and reduce fluctuations. Additionally, considering the long-term nature of trade frictions, the next stage of asset allocation will focus on finding structural opportunities amid uncertainty.