On April 22, the Fuguo Wealth Tianhui Growth Mixed Fund (LOF) managed by Fuguo Fund's star fund manager Zhu Shaoxing disclosed its first quarter report for 2024. Zhu Shaoxing made substantial adjustments to the top ten holdings in the first quarter, replacing 5 of them. Xingqi Eye Medicine (300573.SZ), Spring Airlines (601021.SH), Midea Group (000333.SZ), Shanxi Fenjiu (600809.SH), and Zhengzhou Coal Machinery (601717.SH) entered the top ten holdings. In addition, Guizhou Maotai (600519.SH) is the largest holding, accounting for 7.99% of the fund's net asset value. It can be seen that in the first quarter, Zhu Shaoxing's top ten holdings were more focused on the consumer sector. As of the end of the first quarter, Zhu Shaoxing's current fund assets totaled 27.72 billion yuan, a slight decrease from the 28.3 billion yuan at the end of last year. The net asset value growth rate of Fuguo Tianhui Growth Mixed Fund shares was -0.58% for A/B class and -0.78% for C class, while the benchmark return rate for the same period was 2.58% for A/B class and 2.58% for C class. In the first quarter report, Zhu Shaoxing pointed out that the overall valuation of the current market is very attractive in the long-term cycle, and the equity market is in a good risk-reward range. It is quite appropriate for investors to choose to bear the expected return level corresponding to market volatility. At the current valuation, the dividend value style can still find good investment opportunities, but quality growth stocks also have many investment opportunities. Fuguo Fund does not have the reliable ability to accurately predict short-term market trends, but focuses on patiently collecting excellent companies with promising prospects, waiting for the realization of value creation by the companies themselves and the cyclic return of market sentiment at some point in the future. At the individual stock selection level, Zhu Shaoxing prefers to invest in companies with good "business genes", sound corporate governance structures, and excellent management. Zhu Shaoxing believes that these types of companies are more likely to create value for investors in the future. Sharing capital market returns resulting from the company's own growth is the best way for growth funds to generate returns.