基金经理研究系列报告之九十一：广发基金冯剑峰：深耕全球投资二十载，锤炼稳健成长能力圈

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The report focuses on the in - depth analysis of Feng Jianfeng, a fund manager at GF Fund, with 20 years of global investment experience. His investment strategies are diverse, covering global growth, emerging markets, and theme - based investments. His ability to understand the investment logic and risk characteristics of global markets enables him to maintain a relatively stable asset - allocation ability across different macro - cycles and style rotations [72][73]. - Feng Jianfeng's representative products have shown strong performance, with high annual return win - rates compared to the MSCI World Index. His investment framework combines bottom - up stock selection and top - down industry analysis, and also takes portfolio construction into account [5][23][28]. 3. Summary According to the Table of Contents 3.1. GF Fund Feng Jianfeng: A Growth - Style Fund Manager with Two Decades of Global Investment Experience 3.1.1. Basic Information of the Fund Manager - Feng Jianfeng holds a master's degree in finance from Xiamen University, an MBA from the Ivey Business School of the University of Western Ontario, and is a CFA. He has 20 years of global investment experience. He has worked in several well - known asset management companies, including Burgundy, INVESCO, and Anjie International Asset Management. Currently, he is the director of GF International Equity and a fund manager in the international business department of GF Fund, managing the GF Global Technology Three - Month Regular Open - end Fund with a total scale of 1.053 billion yuan [3][10]. - His representative products during his tenure at Invesco include Invesco International Growth Fund, Invesco Global Select Equity Fund, etc. [12]. 3.1.2. Investment Framework: Centered on "GEMS" to Seek Global Growth Investment Opportunities - Investment philosophy: Focus on companies with stable future profit growth, looking for stocks that meet the requirements of "outstanding competitive advantages, large market space, and excellent management capabilities" to share the long - term growth of excellent enterprises [23]. - Investment framework: - Bottom - up stock selection: Combine quantitative and qualitative analysis. Use the "GEMS" framework, where "G" represents growth, "E" represents business model, "M" represents management, and "S" represents market sentiment [23]. - Top - down industry analysis: Pay attention to industries with sustainable and certain growth prospects and consider macro - environmental changes for risk management and trend judgment [28]. - Portfolio construction: Allocate 70% - 80% of the core positions to companies with real moats and growth potential, 10% or less to "super - growth stocks", and 10% - 20% to value stocks with fundamental catalysts [29]. 3.2. Performance and Investment Style Analysis of Representative Products 3.2.1. Invesco's Public Funds: Outperformed the MSCI World Index in 13 Years of Management - Long - term performance: Feng Jianfeng's Invesco International Growth Fund achieved a 202.28% return from 2010 to 2021, outperforming the MSCI World Index [32]. - Annual return win - rate: The annual absolute return win - rate of each product was over 75%, and the relative return win - rate compared to the MSCI World Index was also considerable. For example, Invesco International Growth Fund had a relative win - rate of 67%, and Invesco Developing Markets Class reached 75% [32]. 3.2.2. Invesco Global Select Equity Fund: Comprehensive Global Regional Allocation - 2015: The fund achieved a 17.91% return, significantly outperforming the MSCI World Index (- 4.26%). The allocation in North America, especially in the United States, performed well, and the allocation in China, Ireland, and Belgium also had good results [38][40]. - 2019: The fund achieved a 31.34% return, outperforming the MSCI World Index (24.05%). The stock - selection in the United States was excellent, with Microsoft and Visa achieving significant excess returns [41][45]. - Summary: Feng Jianfeng showed strong investment ability in North America, with excellent stock - selection and a high annual win - rate due to global asset allocation [46]. 3.2.3. Invesco International Growth Fund: Mainly Allocated to Regions Outside North America - 2014: The fund achieved a 13.99% return, significantly outperforming the MSCI World Index (2.10%). The positions in emerging markets such as China, South Korea, and Brazil contributed significant excess returns [49][50]. - 2015: Despite the global market volatility, the fund achieved an 18.93% return, outperforming the MSCI World Index (- 4.26%). The multi - regional allocation smoothed the risk and enhanced the return [53][56]. - 2020: The fund achieved a 25.56% return, outperforming the MSCI World Index (14.33%). By adjusting the regional allocation, it captured opportunities in East Asia [57][61]. - Summary: Feng Jianfeng had a wide investment circle, and the wide - range regional allocation and timely adjustment effectively smoothed the volatility and enhanced the return. The heavy - position stocks were stable and had good investment results [64][65]. 3.2.4. GF Global Technology Three - Month Regular Open - end Fund after Joining GF Fund - Product information: The fund was established in March 2021 and has been managed by Feng Jianfeng since September 2025. It mainly invests in global technology - themed listed companies, aiming to achieve investment returns exceeding the performance benchmark [67]. - Stock allocation: The fund is allocated in China, the United States, Japan, etc., with the highest allocation in the United States, followed by mainland China [67]. - Performance: The performance of heavy - position stocks was significantly differentiated, and the multi - regional allocation achieved a hedging effect. From September 26, 2025, to February 28, 2026, the fund's return was - 2.91%, between the Nasdaq and the Hang Seng Tech Index [70]. 3.3. Summary - Feng Jianfeng has rich experience in managing overseas asset management products. His investment strategies are diverse, and his investment circle is wide. He can understand the investment logic and risk characteristics of global markets and maintain a relatively stable asset - allocation ability [72][73]. - His products show a style of selecting global growth investments, focusing on the quality and value of individual stocks. After joining GF Fund, his in - charge product continues the style of balanced growth allocation [75].