曹名长新动向！“公奔私”自立门户再添一员！

Core Viewpoint - The article discusses the establishment of Shanghai Pujiao Private Fund Management Co., founded by veteran value investor Cao Mingchang, highlighting his commitment to value investing and the challenges of transitioning from public to private fund management [2][3]. Group 1: Cao Mingchang's Background and Philosophy - Cao Mingchang has over 18 years of experience in the investment industry, having worked at various institutions including Junan Securities and Xinhua Fund, where he gained recognition for managing the Xinhua Preferred Dividend A fund [2]. - He emphasizes two core dimensions of value investing: the fundamental value created by a company's performance and the importance of buying at a sufficiently low market price, with a particular focus on valuation [3]. - His investment philosophy is encapsulated in the name "Pujiao," symbolizing unrefined jade that represents undervalued companies with significant potential, and his commitment to long-term value investing [3]. Group 2: The Trend of Transitioning from Public to Private Funds - As of February 2026, there are 859 fund managers who have transitioned from public to private funds, with 29 successfully establishing private fund management companies with over 5 billion yuan in assets [4][5]. - Cao Mingchang's choice to create his own private fund management company is seen as a challenging path that tests personal branding, fundraising ability, and company operations [4]. - Notable figures who have successfully transitioned include Zhao Jun from Dongshuiquan and Jiang Hui from Xingqi Investment, both of whom established their firms before 2010 [4].