范妍接手之前，富国稳健增长还是一只小基金。 富国稳健增长早在2021年4月28日就已经成立，到范妍接手之前3年多时间里，前任基金经理的任职收益 为-34.15%。业绩长期低迷，规模也从最初的14.63亿元，缩水至2024年二季度末的5.2亿元。 范妍接手当个季度，规模便增长至34.09亿元，此后规模持续增长，到2025年三季度末，已涨至104.24亿 元。 规模如此大幅度增长，要归功于机构的买入。该基金2024年年报显示，年末机构持有该基金的比例高达 72.28%，到今年二季度末，机构持有比例更是进一步上升至80.64%。而在范妍接手之前，该基金的机 构持有比例一直为零。 机构追捧之下，富国基金趁热打铁，分别在今年6月4日和11月5日，连续为范妍量身打造了两只新基金 ——富国均衡投资和富国兴和。 01、"吸金猛将"规模大涨百亿 随着今年基金业绩回暖，管理规模超百亿元的主动权益基金经理又多了起来。 天相投顾数据显示，继2024年一季度百亿级基金经理人数跌破100大关之后，直到今年三季度，该人数 才又重新回到100之上。其中一些基金经理的管理规模实现爆发式增长，比如富国基金经理范妍的管理 规模，在短短一年零一个多 ...

Core Insights - The A-share market has seen continuous rotation of hot sectors this year, with some thematic funds achieving notable performance while others adopt diversified industry allocations to mitigate risks and demonstrate resilience [1][2] Thematic Investment Performance - The popularity of thematic investments has led to significant returns for funds heavily invested in specific sectors, such as humanoid robots and pharmaceuticals, with some funds like Penghua Carbon Neutrality Theme A achieving a return of 60.26% in Q1 [2][4] - By the end of Q2, pharmaceutical-themed funds outperformed, with several funds like Great Wall Pharmaceutical Industry Select A and Bank of China Hong Kong Stock Connect Pharmaceutical A ranking among the top ten in returns [2][3] Diversified Investment Strategies - Some funds, such as GF Growth Navigator A, have maintained a balanced and diversified investment approach, covering multiple industries including new consumption, automotive, and pharmaceuticals, which has contributed to their strong performance [2][4] - Funds like Nuon Multi-Strategy A reported a 23.98% increase in Q2, emphasizing a balanced investment strategy across various sectors, including agriculture and chemicals [3][4] Risk Management and Structural Building - Concentrated investments in a single sector can lead to high volatility and significant drawdowns, as seen with funds that heavily invested in specific themes [4][5] - The importance of managing risks and constructing a well-diversified portfolio is highlighted, as it can enhance the probability of achieving returns over the long term [5]

Core Insights - The A-share market has seen continuous rotation of hot sectors this year, with some thematic funds achieving notable performance while others have opted for diversified industry selection to mitigate risks and enhance resilience [1][2][4] - Thematic funds tend to attract significant follow-on capital during market upswings, but they may experience substantial drawdowns when the market turns against them, highlighting the importance of risk management and asset allocation [1][4] Thematic Investment Performance - In the first quarter, funds focusing on humanoid robots performed exceptionally well, with the Penghua Carbon Neutrality Theme A fund ranking as the top-performing active equity fund [1] - By the second quarter, the pharmaceutical sector surged, with several pharmaceutical-themed funds, such as Great Wall Pharmaceutical Industry Select A and Bank of China Hong Kong Stock Connect Pharmaceutical A, achieving top rankings [2] Diversified Investment Strategies - Funds like GF Growth Navigator A have maintained a balanced and diversified investment approach, covering multiple sectors including new consumption, automotive, and pharmaceuticals, which has contributed to their strong performance [2][3] - The Noan Multi-Strategy A fund reported a 23.98% increase in the second quarter, emphasizing a balanced investment strategy across various industries such as agriculture, pharmaceuticals, chemicals, and machinery [3] Risk Management and Structural Building - Concentrated investments in a single sector can yield quick returns but may also lead to rapid declines, as seen with the Penghua Carbon Neutrality Theme A fund, which had a 60.26% return in the first quarter but disappeared from the top rankings by mid-year [3] - Funds that employ a full-market selection strategy, like GF Growth Navigator, have shown better stability, with a year-to-date return of 68.29% [3][4] - Morningstar (China) emphasizes that funds with high concentration often exhibit greater volatility and investor return disparities, advising that effective risk management and diversified asset allocation are crucial for long-term success [4]