摩根资产管理，致力于打造具有“复利效应”的投研平台

Core Viewpoint - The article emphasizes the importance of long-term investment management, highlighting the rarity of fund managers who have maintained a product for over 10 years and achieved an annualized return of over 10% [1][2]. Group 1: Long-Term Investment Culture - Morgan Asset Management is committed to a "long-distance" investment culture, focusing on long-term value accumulation rather than short-term explosive returns [4][5]. - The company has several active equity funds in China that have been established for over 10 years, achieving annualized returns exceeding 10% [4][5]. - The "Double Ten Fund Manager" concept represents the highest honor for fund managers, indicating both longevity and value creation [2][3]. Group 2: Fund Manager Performance - Morgan Asset Management's active equity investment team has a 20-year annualized stock investment return of 13.50%, ranking in the top 10 of the industry [5]. - The firm has a systematic approach to fund manager evaluation, focusing on long-term performance and providing support during challenging periods [14][15]. - The average tenure of active equity fund managers at Morgan Asset Management China is over 16 years, with nearly 70% of them being internally promoted from research roles [18]. Group 3: Investment Strategy and Benchmarking - Morgan Asset Management employs differentiated performance benchmarks for its funds, allowing for tailored investment strategies based on market conditions [8][9]. - The firm controls tracking error differently based on the investment style, ensuring that fund managers can focus on generating alpha without excessive constraints [9][10]. - The investment process includes regular performance reviews and a structured feedback mechanism to help fund managers optimize their investment behavior [10][11]. Group 4: Global and Systematic Research Platform - Morgan Asset Management invests over $100 million annually in research, maintaining a strong commitment to active management [21]. - The firm has established a unified intelligent research platform in China to enhance communication efficiency among research analysts and fund managers [22]. - A standardized research rating system allows for consistent evaluation of stocks across different industries, aiding fund managers in identifying high-quality investment opportunities [22]. Group 5: Commitment to the Chinese Market - Morgan Asset Management has significantly increased its investment in China, with a focus on understanding the local market dynamics [25]. - The firm aims to grow its Asia-Pacific business to $1 trillion, with China expected to be a major contributor to this growth [24]. - The company has a long-standing presence in the Chinese public fund sector, having established a joint venture in 2004 and transitioning to full ownership in 2023 [25].