Core Insights - The article highlights the journey of Fusheng Asset over the past decade, emphasizing its growth from a startup to a professional team managing over 10 billion yuan, driven by a philosophy of performance-driven investment and risk management through a "weakness mindset" [4][5][6]. Company Development - Fusheng Asset was established in December 2015 and has grown to a team of nearly 30 professionals, with assets under management increasing from zero to over 10 billion yuan [4]. - The name "Fusheng" signifies "compounding success," reflecting the company's commitment to integrity and performance in investment [4]. - The core investment team, consisting of three key fund managers with an average of 19 years of experience, forms a stable "iron triangle" structure [4]. Investment Philosophy - The company adheres to a clear "performance-driven investment" philosophy, focusing on companies with projected revenue and profit growth exceeding 20% over three years [6][7]. - A distinction is made between growth stocks and value stocks, with a cautious approach to companies in the "gray area" of growth rates between 13% and 18% [7]. - The investment strategy emphasizes the importance of adapting to market conditions and maintaining discipline in position management [5][6]. Challenges and Adaptation - The most significant challenge faced by Fusheng Asset was in the first quarter of 2020, where the company's product net value fell nearly 20%, lagging behind competitors by approximately 40 percentage points [5]. - In response to this crisis, the team refocused on performance-driven investment, successfully identifying high-performing sectors such as new energy and medical protection [5][6]. Future Vision - Looking ahead, the company aims to establish itself as a competitive player in the private equity sector, attracting top talent from public fund backgrounds [8]. - The focus remains on achieving superior and stable performance, with growth in scale being a natural outcome of this commitment [8][9]. - The company emphasizes the principle of "consistency" in its investment approach, aligning the interests of the management team with those of its clients [9]. Conclusion - Fusheng Asset's story illustrates a commitment to long-term compounding success through focused investment strategies, adaptability to market changes, and a principled approach to management [9].

Core Insights - The article highlights the evolution of the company, Fusheng Asset, over the past decade, emphasizing its growth from a startup to a professional team managing over 10 billion yuan in assets [2][4] - The founder, Lu Hang, reflects on the company's investment philosophy centered around performance-driven strategies and a "weakness mindset" for risk control [2][5] Company Development - Fusheng Asset was established in December 2015 and has grown to a team of nearly 30 professionals, with assets under management exceeding 10 billion yuan [2] - The name "Fusheng" signifies "compound interest victory," rooted in historical references, indicating a commitment to integrity and long-term investment success [2] Investment Philosophy - The core investment philosophy is performance-driven, with a focus on identifying growth stocks that are expected to achieve over 20% revenue and profit growth in the next three years [5] - The company employs a "weakness mindset" for risk management, acknowledging cognitive limitations and being willing to cut losses when proven wrong by the market [5][7] Challenges and Adaptation - The most significant challenge faced by the company was in the first quarter of 2020, where products experienced a nearly 20% decline in net value, contrasting with many peers achieving positive returns [3] - In response to market pressures, the team shifted focus to sectors with explosive performance potential, such as new energy and medical protection, leading to a recovery and strong performance for the year [3][4] Transition to Asset Management - The transition to a systematic asset management approach began in April 2020, moving from a self-operated investment model to one that prioritizes long-term, stable performance for a broader client base [4][6] - The company aims to attract top talent from the public fund sector to enhance its competitive research team [6] Future Vision - The company envisions becoming a leading player in the private equity space, focusing on delivering superior and stable performance while maintaining a commitment to its core investment strategies [6][8] - Lu Hang emphasizes the importance of consistency in investment decisions, aligning personal investments with client interests to foster trust and accountability [7] Conclusion - Fusheng Asset's journey reflects a commitment to diligent research, disciplined investment, and a focus on core values, positioning the company for continued success in the evolving market landscape [8]

Core Insights - The article discusses the evolution and philosophy of Fusheng Asset Management, highlighting its focus on performance-driven investment and risk management through a "weakness mindset" [1][2][3] Company Development - Fusheng Asset Management was established in December 2015 and has grown from a startup to a professional team of nearly 30, managing over 10 billion yuan [1] - The company emphasizes the importance of compound interest in its name, reflecting its commitment to integrity and long-term investment success [1] Investment Philosophy - The core investment philosophy is performance-driven, with a focus on identifying growth stocks that are expected to achieve over 20% revenue and profit growth over three years [4] - The company maintains a cautious approach to stocks with growth rates between 13% and 18%, viewing them as potential value traps [4][5] Team Structure - The core investment team, consisting of three fund managers with an average of 19 years of experience, forms a stable "iron triangle" structure, supported by a dynamic research team [2] - The company has experienced challenges, notably in Q1 2020, where it faced a significant drawdown of nearly 20% while many peers achieved positive returns [2][3] Adaptation and Growth - The difficulties faced in early 2020 prompted a strategic shift towards asset management, focusing on providing long-term, stable performance for a broader client base [3][6] - The company has improved its risk management and stock selection processes, leading to a more disciplined approach to portfolio management [3] Future Vision - Fusheng Asset Management aims to evolve into a competitive asset management firm, attracting top talent from the public fund sector while maintaining a focus on consistent and superior performance [6][7] - The company prioritizes alignment of interests between management and clients, ensuring that investment decisions are made with a client-centric approach [7] Conclusion - The narrative of Fusheng Asset Management illustrates a journey of resilience and adaptation in the face of market challenges, emphasizing the importance of focus, response to change, and a principled approach to investment [7]

Core Insights - The article emphasizes that "buying a fund means buying the fund manager," highlighting the critical role of fund managers in determining fund performance [2] - As of the end of August, there are 2,831 fund managers with performance data, managing a total of 5,276 private fund products, with a combined management scale of approximately 465.47 billion yuan and an average return of 22.64% this year, significantly outperforming the market [2][3] Summary by Categories Fund Manager Education and Experience - Nearly 50% of the fund managers hold a master's degree, while 221 have a doctoral degree and 8 are postdoctoral [2] - 244 fund managers have over 20 years of experience, accounting for 38.1%, and only 62 have over 30 years of experience, representing 9.7% [2] Fund Size and Performance - Fund managers from private funds with a scale of 10-20 billion yuan have an average return of 24.99%, leading the performance [3] - Fund managers from private funds with over 100 billion yuan have an average return of 24.78%, while those managing between 50-100 billion yuan have an average return of 20.16% [3] Top Performing Fund Managers - The top three fund managers in the over 100 billion yuan category are Lu Hang from Fusheng Asset, Jiang Yunfei from Duration Investment, and Yin Tao from Stable Investment [6][10] - Lu Hang has 20 years of experience and focuses on growth stocks, with significant returns from new consumer stocks [10] - Yin Tao, with 12 years of experience, utilizes a self-created high-frequency trading method and artificial intelligence in his investment strategy [10] Performance Rankings by Fund Size - In the 50-100 billion yuan category, the top three fund managers are Tong Xun from Tongben Investment, Ni Fei from Kaishi Private Equity, and Zhang Xiangfang from Mingxi Capital [12] - In the 20-50 billion yuan category, Li Jiajia from Haokun Shengfa Asset leads, followed by Shi En from Yunqi Quantitative and Xu Shuang from Zige Investment [17] - In the 10-20 billion yuan category, He Zhenquan from Liangli Private Equity ranks first, with a focus on emerging industry trends [22] - In the 5-10 billion yuan category, Liu Xianglong from Fuyuan Capital tops the list, emphasizing value investment [27]

Core Viewpoint - The recent market has shown significant activity, with the Shanghai Composite Index reaching a three-year high and margin trading balances hitting historical peaks, yet many investors struggle to outperform the index due to rapid sector rotations and concentrated hot spots [3][4]. Investment Strategy - The company has maintained its investment strategy and methodology despite market fluctuations, focusing on stock selection in various industries rather than over-participating in trending sectors like AI [3][4]. - A notable investment was made in a Hong Kong-listed blind box company, where strong revenue growth in North America was observed, leading to a successful position build-up based on performance tracking [4][5]. Market Trends and Shifts - The company has shifted its investment focus over the years, moving from consumer sectors to new energy, then to dividend assets, and currently to a combination of technology and consumption, driven by the need to align with market trends and growth opportunities [5][6]. - The investment philosophy emphasizes the importance of aligning with growth-oriented assets that reflect societal consumption habits and industry structures [6][7]. Performance Metrics - The company sets a growth threshold of 20% over the next two to three years as a benchmark for evaluating potential investments, ensuring a unified valuation standard across different sectors [10][11]. - The core investment philosophy is termed "performance-driven investment," which posits that the growth trend of earnings is the primary driver of stock prices [12][13]. Risk Management - The company adopts a "weaker" mindset in its investment approach, focusing on realistic assessments rather than predictions, which helps in identifying performance inflection points more accurately [14][15]. - The company emphasizes the importance of liquidity and does not rely heavily on trading, instead focusing on fundamental analysis and performance tracking [16][17]. Future Outlook - The current market valuation is perceived as not overheated, presenting a favorable environment for identifying quality investment opportunities [18]. - The company plans to focus on "growth-oriented dividends" in the fourth quarter, seeking companies that demonstrate strong earnings growth while also providing shareholder returns [19].