公募“后浪”汹涌而来控制回撤成必修课

Core Insights - The emergence of a new generation of fund managers is reshaping the public fund landscape, with many achieving impressive performance in 2023 due to their focus on new consumption and innovative pharmaceuticals [1][2][4] - The importance of balancing aggressive investment strategies with risk management is emphasized, as controlling drawdowns is crucial for maintaining long-term high returns [1][6] Performance of New Fund Managers - As of June 20, 2023, five out of the top ten actively managed equity funds were led by managers with less than three years of experience [2] - Notable performers include Liang Furui, whose Longcheng Pharmaceutical Industry Selected Mixed Fund achieved a return of 71.21% in 2023, and Sang Xiangyu, whose Huazheng Pharmaceutical Biotechnology Stock Fund exceeded 60% [2][3] - Other young managers have also capitalized on new consumption opportunities, with the Hengyue Craftsmanship Preferred One-Year Holding Mixed Fund returning 48.79% [3] Background and Expertise of Fund Managers - Many of the successful young fund managers have strong professional backgrounds and research experience, allowing them to effectively identify investment opportunities in innovative pharmaceuticals and new consumption sectors [4] - Liang Furui has six years of experience in pharmaceutical research, while Sang Xiangyu has a dual background in bioengineering and economics, and Liu Haihao has been involved in consumer industry research for several years [4] Market Conditions and Fund Performance - The timing of fund launches has been favorable, with several top-performing funds established in late 2022, allowing them to benefit from the subsequent market uptrend in innovative pharmaceuticals [5] - The aggressive investment strategies employed by these managers have led to significant returns, but they also face the challenge of managing volatility and potential drawdowns in a changing market environment [6][7] Future Considerations for Fund Managers - There is a growing interest among institutional investors in younger fund managers, who are perceived as more dynamic and capable of seizing market opportunities [6] - However, the sustainability of their performance will depend on their ability to adapt their strategies as fund sizes increase and market conditions evolve, emphasizing the need for a long-term investment approach [7]