永赢基金的“工具化”迷途：谁在为千亿规模的狂飙买单？| 基金观察

Core Insights - Yongying Fund achieved significant growth in 2025, with its mixed fund management scale surpassing 100 billion yuan, reaching 105.6 billion yuan, a 4.7-fold increase from 18.5 billion yuan in the previous year, moving from 45th to 10th in industry rankings [2] - The fund's rapid expansion is contrasted by a notable departure of experienced investment managers, raising concerns about the sustainability of its growth model [2][8] Fund Performance and Management Changes - In November 2025, Yongying Fund announced the resignation of Yang Fanying, the deputy director of fixed income investment, who managed over 12 billion yuan, resulting in a complete loss of managed assets [5] - Several core fund managers, including Chang Yuan and Qiao Jiaqi, have also left the firm, with an average tenure of over 7 years, while newly hired managers have less than a year of experience [8] - The average management tenure of Yongying's 46 fund managers is 3.73 years, significantly lower than the industry average of 5.02 years [8] Investment Strategy and Market Position - Yongying Fund's strategy of "active equity toolization" aims to create a hybrid product that combines the clarity of ETFs with the potential for excess returns from active management [12] - However, the execution of this strategy has led to high concentration in specific sectors, which may pose risks in volatile markets [15] - The fund's products, particularly Yongying Technology Select A, have seen a high retail investor participation rate of 87%, indicating a potential shift towards speculative trading rather than stable asset allocation [19] Compliance and Risk Management Concerns - The departure of experienced fixed income managers raises concerns about the integrity of Yongying's risk control systems, especially given the historical volatility of the A-share market [20] - There are allegations of style drift in the fund's investment approach, with significant shifts in portfolio holdings that contradict initial investment commitments, potentially breaching compliance standards [21][23] - The market is closely monitoring Yongying Fund's ability to balance rapid growth with effective risk management and compliance, which is crucial for its long-term sustainability [23]