本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 真正穿越牛熊的，不是对时机的精准捕捉，而是把风控融入血液的投资体系。 1995年2月23日下午4时22分，国债期货327品种的盘面突现异动。一笔730万口的巨量卖单在最后8分钟将价格从151.98元高位猛砸至147.40元。在 武汉君安证券营业部的自营室里，一位年轻交易员做出了职业生涯中最具风险的一笔交易——与同事各自买入1万口多单。 若这笔交易成立，这一决策将带来约5000万元的盈亏波动，而当时他们所在公司的注册资本恰为5000万元。可惜那一夜，清算结果迟迟未出，直到 第二天公告最后7分钟的交易单通通取消。多年后，这位名为汪忠远的交易员已成为著名私募基金"资瑞兴投资"的创始人，他回顾道："一个营业 部，一个小小交易员，就能操作如此巨额的交易头寸，折射出当时券商乃至整个金融体系风险控制的薄弱根基。" 正是这次事件，为日后一家秉持 "严控回撤，追求绝对收益" 核心理念的私募机构，埋下了最原始的风险敬畏种子。 01 风控起源： "327事件"的烙印 "327国债事件"最终以最后七分钟交易无效告终，却深刻塑造了一位未来投资家的风控哲学。2022年初，当 ...

Core Viewpoint - Zhang Yifei, a prominent fund manager at Anxin Fund, has resigned from his position managing nine funds, marking the end of his 13-year career in the public fund industry, with a total managed asset of 32.192 billion yuan [1][2] Group 1: Zhang Yifei's Career and Achievements - Zhang Yifei's representative fund, Anxin Steady Growth, has achieved positive returns for nine consecutive years, highlighting his successful investment strategy [2][4] - Under Zhang's management, the Anxin Steady Growth Mixed A fund has delivered a cumulative return of 82.81% since he took over in May 2015, with an annualized return of 6.12% and a maximum drawdown of only 7.2% [4] - Zhang emphasized the social value of asset management, stating that successful investments based on corporate value not only benefit investors but also create societal benefits [3] Group 2: Transition of Fund Management - Following Zhang's departure, fund management responsibilities will be taken over by core team members Li Jun and Huang Wanshu, both of whom have extensive experience and have worked closely with Zhang [5][6] - Li Jun, with 20 years of experience, has been managing funds alongside Zhang for nearly eight years and currently oversees a fund portfolio worth 27.075 billion yuan [5] - Huang Wanshu, who joined Anxin Fund in 2016, has managed various fixed-income products with a total management scale of 15.983 billion yuan [6] Group 3: Industry Context - Zhang Yifei's resignation is part of a broader trend in the public fund industry, where there has been a significant turnover of fund managers, with 182 managers leaving their positions in the first half of 2025 alone [6] - The industry is shifting from a "star-driven" model to a "team-based" approach, emphasizing the importance of understanding investment strategies and systematic capabilities in navigating market volatility [6]