华安基金张序：连续六年战胜市场，每年都能把握市场主线

Core Viewpoint - The year 2025 marks the beginning of high-quality development for China's public fund industry, emphasizing the importance of excess returns for actively managed equity funds. Only those funds that can consistently outperform their benchmarks are considered valuable, while others should consider lower-cost, more transparent ETF index funds [1]. Group 1: Performance of Funds - The performance of the Huaan Event-Driven Mixed Fund A from 2020 to 2025 shows significant fluctuations, with a peak return of 59.19% in 2020 and a return of 38.06% in 2025, while the benchmark indices have varied considerably [2]. - Among 2,919 actively managed equity funds, only 7 have managed to outperform the CSI 300 and the Wind Equity Fund Index for six consecutive years, representing just 0.23% of the total [2]. Group 2: Zhang Xu's Fund Management - Zhang Xu, a fund manager, has consistently outperformed the CSI 300 and Wind Equity Fund Index since he began managing the Huaan Event-Driven Fund, with assets under management growing from approximately 200 million to 4.722 billion by Q3 2025, an increase of over 20 times [4][5]. - Institutional investors have recognized Zhang Xu's capabilities, with 87.99% of Class A and 98.19% of Class C shares held by institutional investors, indicating a shift towards recognizing his potential as a "dark horse" in fund management [4]. Group 3: Investment Strategy - Zhang Xu's investment strategy involves industry rotation, which has shown high success rates in the A-share market, allowing him to adapt effectively to market changes [7]. - His approach includes a systematic and scientific framework for investment, utilizing a multi-factor model for industry ranking and avoiding reliance on single-factor models, which enhances the stability of his returns [14][15]. Group 4: Future Outlook - As the competition for excess returns intensifies with the increasing proportion of institutional investors, Zhang Xu's continuously evolving investment framework is expected to maintain its competitive edge [17]. - The high success rate of Zhang Xu's fund management, with a 100% record of outperforming benchmarks since he started managing the fund, positions him as a trustworthy option for investors seeking consistent returns [18].