Active Fund Managers

This is a historical learning note and may contain outdated or incomplete understanding.

Note: The original VNote structure and historical views are preserved. Product rules, returns, policies, and specific assets are time-sensitive; only clear errors or changed institutional rules are corrected minimally. This is not investment advice.

Historical snapshot: the fund managers, positions, holdings, and evaluations below mainly come from an early learning period. They should not be read as a 2026 list of current managers or recommendations.

1. Recommended Active Fund Managers

If a fund manager runs several funds, their holdings are often similar; the note argues they should not be spread across too many distinct portfolios because the manager’s attention is limited.
The note preferred funds that were not too large because very large portfolios can be harder to operate. It recorded roughly 8 billion yuan for large-cap funds and 4 billion yuan for small-cap funds as already relatively large historical thresholds.
Prefer managers with mixed-industry mandates. Without an industry restriction, the note believed managers could adjust allocations to control drawdown.

2. E Fund

Zhang Kun
- Graduated from Tsinghua University in Biomedical Engineering.
- Fund
- Characteristics
  - Bottom-up.
  - Low turnover.
    - How did the note describe his candidate-pool criteria?
      - Average ROIC over the past 5-10 years no lower than 10%, without large fluctuations.
      - Exclude companies with excessive leverage; prefer businesses that grow organically and accumulate cash flow through operations rather than heavily indebted asset-heavy models.
      - Strong industry position and a deep moat/barrier.
  - High individual-stock concentration; top-10 holdings around 70% in the historical snapshot.
  - Emphasizes margin of safety and drawdown control.
  - Circle of competence
    - Missing opportunities outside one’s competence.
    - Failing to do well within one’s competence.
    - Entering an unfamiliar area and making mistakes.
Xiao Nan
- Master’s degree in Economics.
- Fund
- Characteristics
  - Focus on consumer sectors, especially food and beverages.
  - High industry and stock concentration.
- Bottom-up.
- Compared with Zhang Kun
  - Higher historical liquor allocation.

3. Invesco Great Wall

Liu Yanchun
- Master’s degree in Management from Peking University.
- Fund
- Characteristics
  - Bottom-up.
  - Do things within the circle of competence while continuously expanding it.
  - Emphasizes fundamentals.
- vs. Zhang Kun
Yu Guang
- Bachelor’s in Economics from Guangdong University of Business Studies; MBA in Banking and Finance from Bangor Business School, University of Wales.
- Characteristics
  - Described as similar to Lei Ming.
  - Invest with an industrial/business-owner perspective.
  - Bottom-up stock selection.
- Fund
Yang Ruiwen
- Master’s degrees in Engineering and Science.
- Characteristics
  - Prefers growth stocks with moderately high valuations and moderately smaller market capitalizations.
  - Described as somewhat similar to Lao Jienan.
- Fund

4. Cinda Australia Fund

Feng Mingyuan
- Master’s degree in Engineering from Zhejiang University.
- Fund
- Characteristics
  - Diversified holdings; top-10 holdings only about 26% in the historical snapshot.
  - Bottom-up.
  - Prefers small/mid-cap growth stocks.
  - Trading ability; annual turnover recorded around 3-5x.
  - Circle of competence.

5. Ruiyuan Fund

Fu Pengbo
- Master’s degree in Economics.
- Characteristics
  - 50% core holdings: selected good companies expected to generate long-term excess returns.
  - 20%: temporarily undervalued companies that may benefit from valuation repair.
  - Remaining holdings: companies driven by market or policy themes, viewed from a short/medium-term perspective.
- Fund

6. Xingquan Fund

Dong Chengfei
- Master’s degree in Science from Shanghai Jiao Tong University.
- Characteristics
  - Stable.
  - Circle of competence.
  - Balanced; not confined to one investment style.
    - Both long-term holding and some timing.
    - Considers both valuation and growth potential; both value and growth.
  - Combines top-down and bottom-up.
- Fund
Xie Zhiyu
- Financial Engineering at Fudan University; Master’s degree in Economics.
- Characteristics
  - Diversified holdings.
- Fund
Ren Xiangdong
- Master’s degree in Finance from Shanghai Jiao Tong University.
- Characteristics
  - Institutional investors historically held more than 50%.
  - GARP: growth at a reasonable price, combining value and growth investing.
  - Contrarian investing: focus on what may happen in the future rather than following the crowd.
  - Bottom-up.
  - Company valuation
    - Besides P/E, P/B, P/S, etc., the note records using replacement value as a lower-bound valuation and industrial-capital M&A value as an upper-bound valuation.
  - “The essence of a moat is monopoly” in the historical note.
- Fund

7. BOCOM Schroders

Focused on growth stocks in the historical snapshot.

Wang Chong
- PhD in Finance from Peking University.
- Characteristics
  - Top-down control of systematic risk; bottom-up selection of high-momentum growth industries/companies.
  - Position level around 70% in the snapshot.
  - Diversified across about 5-10 industries.
  - Concentrated individual stocks; top-10 holdings above 50%.
  - Contrarian investing.
  - Drawdown control.
- Fund
Yang Hao
- Communications and Information Systems, Beijing University of Posts and Telecommunications.
- Characteristics
  - TMT (Technology, Media, Telecom).
  - Growth-stock investing.
  - Strong drawdown control in the historical assessment.
- Fund
He Shuai
- Master’s degree from Shanghai University of Finance and Economics.
- Characteristics
  - Growth-stock investing.
  - Position historically controlled between 60%-80%.
- Fund
- Comparison

8. China Europe Fund

Zhou Weiwen
- Master’s degree in Management Science and Engineering from Peking University.
- Characteristics
  - Top-down; the note attributes excess returns mainly to stock selection within industries and industry rotation.
  - Industry momentum.
  - Early/left-side positioning.
- Fund
Zhou Yingbo
- Master’s in Control Theory and Control Engineering from Peking University.
- Characteristics
  - Style shifted from small-cap growth toward large-cap value and mid-cap growth.
  - Industry coverage expanded from a few sectors to all-industry stock selection.
  - Stock-selection logic shifted from industry rotation toward bottom-up selection.
  - Trading frequency shifted from high turnover toward low turnover.
- Fund
Cao Mingchang
- Characteristics
  - The historical note says mentoring newcomers hurt performance.
  - Low risk preference.
  - Mainly bottom-up stock selection.
Wang Pei
- Master’s degree in Polymer Physics and Chemistry from Fudan University.
- Characteristics
  - Growth stocks
    - The note says not every small/mid-cap growth-market stock is truly “growth”; a true high-growth company should be able to digest valuation through sustained high growth.
    - One category benefits from technological progress reducing costs; another from monetary expansion, according to the note.
  - Cycle framework.
  - Four quadrants: cyclical, value, growth, consumer.
- Fund
Ge Lan
- Bachelor’s in Engineering Physics from Tsinghua University; PhD in Biomedical Engineering from Northwestern University.
- Characteristics
  - Strongly positive on long-term healthcare opportunities in the historical view.
  - For To-G industries where customers are relatively monopolistic/powerful, pharmaceutical companies may have weak bargaining power.
  - Emphasizes top-down regulatory-policy changes and bottom-up professional company analysis.
- Fund

9. Fullgoal Fund

Yu Yang
- Bachelor’s in Biopharmaceuticals from Nanjing University School of Life Sciences.
- Characteristics
  - Healthcare industry.
  - Relatively young at the time.
  - Had left the position according to the historical note.
- Fund
  - Fullgoal Precision Healthcare.
Zhu Shaoxing
- PhD in Management.
- Characteristics
  - Bottom-up.
  - Growth-oriented.
  - De-emphasizes market timing.

10. China Universal Fund

Lei Ming
- Master’s in Management from Huazhong University of Science and Technology.
- Characteristics
  - Medium/long-term absolute return.
  - Growth stocks.
  - Contrarian investing.
- Fund
Lao Jienan
- Bachelor’s and Master’s in Economics from Fudan University.
- Characteristics
  - Relatively balanced industry allocation.
  - Bottom-up selected stocks.
  - Contrarian investing and left-side trading.
- Fund
- vs. Lei Ming
  - The note says Lei Ming had greater upside/downside elasticity, performing better in rising markets, while Lao Jienan was relatively more defensive in declines; medium/long-term performance was viewed as similar.

11. GF Fund

Fu Youxing
- Master’s degree in Economics.
- Characteristics
  - Top-down.
  - Contrarian thinking.
  - Balanced fund style.
- Fund
Liu Gesong
- PhD in Economics.
- Characteristics
  - “Evolution” in the original note.
- Fund

12. Harvest Fund

Gui Kai
- Master’s degree in Economics from Tsinghua University.
- Characteristics
  - Value investing with a growth tilt.
  - Selects stocks from three dimensions: business model, competitive advantage, industry trend.
- Fund

13. China Asset Management

The original note says the firm focused heavily on ETFs and viewed its active funds as weaker at the time.

Cai Xiangyang
- Master’s degree in Finance from China Agricultural University.
- Characteristics
  - Bottom-up.
  - Large-cap value and large-cap growth.
  - Relatively low turnover.
  - Equity position historically around 40%-60%.
  - The author wrote “not optimistic.”
- Fund

14. HuaAn Fund

Yang Ming
- Master’s degree from Central University of Finance and Economics.
- Characteristics
  - Strict drawdown control.
  - Bottom-up.
  - Circle of competence
    - Mainly large financials and cyclical industries.
- Fund
Hu Yibin
- Characteristics
  - Mid-level/industry-oriented investor.
  - Growth stocks.
- Fund

15. Yinhua Fund

Li Xiaoxing
- Engineering at University of Cambridge; dual master’s degrees including Imperial College London.
- Characteristics
  - Industry-momentum/trend investing
    1. Find industries with improving momentum.
    2. Within those industries, find companies with fast earnings growth.
    3. Select reasonably valued targets.
    4. Prefer targets where fundamentals differ from market expectations.
  - High institutional ownership in the historical snapshot.
- Fund

16. Zhonggeng Fund

Qiu Dongrong
- MBA from Cheung Kong Graduate School of Business; Bachelor’s in Chemical Engineering and Technology from Tianjin University.
- Characteristics
  - Value-strategy system
    - First, asset allocation based on risk and risk premium.
    - Second, bottom-up PB-ROE stock selection, centered on uncertainty in ROE.
    - Third, risk-management system.
  - The original note viewed the framework as conservative and expected less spectacular long-run performance.

17. Guotai Fund

Zhou Weifeng
- Master’s degree.
- Characteristics
  - Circle of competence
    - New-energy vehicles, pharmaceutical distribution, consumer, traditional manufacturing.
  - Value investing.
  - Industry momentum + bottom-up stock selection.
  - Institutional ownership recorded as high as 96%.
  - Had changed jobs according to the note.

18. Penghua Fund

Wang Zonghe
- Master’s degree in Finance from Renmin University of China.
- Characteristics
  - Circle of competence
    - Preference for food and beverage.
  - Bottom-up.
- Fund

19. Huatai-PineBridge

Zhang Hui
- Master’s degree in Economics.
- Characteristics
  - Growth stocks
    - Quantitative tools
  - Consumer
  - Managed stock-selection system
    - From a mid-level industry view, select industries with improving and persistent momentum, then bottom-up identify companies with earnings momentum and continuously track/update the targets.
  - Fund

20. Hongde Fund

Wu Chuanyan
- Bachelor’s degree from Tsinghua University.
- Characteristics
  - Background in insurance asset management; balanced equity/bond ability in the historical evaluation.
  - Long-distance runner.
  - Institutional ownership historically above 90%.
- Fund