穿越周期的智慧：海外资管巨头的中国“长跑”样本

Core Viewpoint - The article emphasizes the importance of active management and deep research in asset management, highlighting Morgan Asset Management's commitment to these principles over the past two decades, which has led to sustained performance and investor trust [2][3]. Group 1: Active Management and Investment Culture - Morgan Asset Management has built a strong investment culture and a stable research team, focusing on long-term value rather than short-term gains, which has resulted in consistent performance [2][3]. - The average tenure of stock fund managers at Morgan Asset Management is approximately 20 years, with many research analysts having over 15 years of experience, contributing to unique market insights through extensive company research [3][4]. Group 2: Long-Term Performance - As of August 2025, Morgan Asset Management's active equity investment team has achieved an annualized return of 13.03% over the past 20 years, ranking in the top 10 of the industry [5][6]. - The "Double Ten" funds, which have been established for over 10 years and achieved annualized returns exceeding 10%, demonstrate strong resilience through various market cycles [6][18]. Group 3: Fund Performance Highlights - The Morgan Emerging Power Fund has an annualized return of 15.75% since its inception in 2011, while the Morgan China Advantage Fund has achieved a return of 13.51% since 2004 [7][9]. - The Morgan Core Growth Fund and Morgan Technology Frontier Fund have also shown significant returns, with annualized rates of 11.61% and 10.40%, respectively, showcasing the effectiveness of their investment strategies [11][12]. Group 4: Team Development and Global Perspective - Approximately 70% of Morgan Asset Management's equity fund managers are internally promoted, ensuring a cohesive team culture and deep market understanding [14]. - The firm leverages its global platform to access extensive research resources, integrating global insights with local market knowledge to enhance investment decision-making [14][16].