本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近期，英国百年资管巨头柏基投资（ Baillie Gifford）披露了最新美股持仓报告。 作为全球知名的 "成长股捕手"，柏基投资曾精准布局特斯 拉、英伟达、谷歌、亚马逊、奈飞以及阿里巴巴、腾讯、美团、宁德时代等多只科技巨头 。 其长期全球成长策略旗舰产品表现亮眼，不仅跑赢 标普 500与纳斯达克指数，也超越了巴菲特执掌的伯克希尔-哈撒韦 。 公开信息显示，以其旗舰产品苏格兰抵押贷款投资信托（SMT）基金为例， 2004年至2024年的20年间，该基金实现了13.64倍的总回报，年化 回报率约13.88%。这一业绩显著超越了同期标普500指数（6.98%）、纳斯达克指数（10.87%）以及巴菲特管理的伯克希尔-哈撒韦公司 （10.02%）的年化回报率 。 根据美国证监会13F文件， 截至 2025年四季度末，柏基投资持仓总市值约1203.41亿美元，较三季度的1349.98亿美元下降10.86% 。前二十大重 仓股合计市值约740.92亿美元，占持仓总市值超六成。其中 英伟达为第一大重仓股，持股约 4387万股，持仓市值约81.81亿美元，占组 ...

在波动多变的A股市场，基金经理是选基的核心变量。短期亮眼业绩，往往掺杂市场贝塔与运气成分；而穿越牛熊的长期 业绩，才是检验投研实力与适应能力的试金石。 2026开年，我们来盘点十年长期业绩领先的百亿级基金经理榜单。从榜单数据可看，跻身TOP10基金经理十年收益率均超 170%，最高者接近350%。他们管理规模可观，最高达594亿元；任职年限最长者已深耕行业14年，榜单覆盖9家基金公 司。 | | | 年收益排名前十的百亿基金经_ | | | | --- | --- | --- | --- | --- | | 基金经理名称 | 十年区间收益 [加权方式]规模加权 | 基金经理年限 康位年 | 现任真会公 | 任职基金总规模 [单位]亿元 | | | [单位]% | | | | | XI 7 Pist | 349.49 | 13.39 | 乐吴县金 | 113.92 | | | 265.50 | 10.78 | 万家基金 | 127.02 | | | 265.43 | 13.38 | 易方达基金 | 222.20 | | | 248.28 | 10.22 | 华安基金 | 153.26 | | | 223.46 ...

Core Viewpoint - Baillie Gifford continues to focus on technology and growth sectors, maintaining a global perspective despite a reduction in total assets held to $120 billion, down $15 billion from the previous quarter [1]. Holdings Overview - As of Q4 2025, Baillie Gifford holds a total of 265 companies with assets amounting to $120 billion, reflecting a decrease of $15 billion from Q3 [1]. Top Holdings - The firm remains heavily invested in global technology and consumer giants, with a notable emphasis on Latin American e-commerce platform MercadoLibre, and Nvidia leading the portfolio, indicating confidence in the long-term potential of AI infrastructure [4]. Top Buys - Significant increases in holdings include: - Axon Enterprise (AXON) with an additional investment of $860 million - Medline Inc (MDLN) with $437 million - Rocket Lab (RKLB) with $399 million - Google-A (GOOGL) with $373 million - Duolingo (DUOL) with $357 million - The firm shows strong interest in vertical technology sectors, particularly in safety technology and education [5][6]. Top Sells - The firm has reduced its positions in: - Datadog Inc (DDOG) by $1.01 billion - Cloudflare (NET) by $990 million - Shopify (SHOP) by $680 million - BioNTech SE (BNTX) by $630 million - Meta Platforms (META) by $590 million - This indicates a strategic retreat from cloud computing and vaccine-related companies, likely based on valuation and growth switching logic [7][8]. New Positions - New investments include: - Medline Inc (MDLN) with $437 million - United Therapeutics (UTHR) with $157 million - MongoDB (MDB) with $112 million - BillionToOne (BLLN) with $104 million - Silvergate Capital (SVM) with $35 million - The new positions reflect Baillie Gifford's exploration in emerging fields such as rare disease treatment and databases, showcasing a commitment to long-term tracking in technology and healthcare [9][10].

Core Viewpoint - The article emphasizes the positive momentum in the A-share market, driven by key events such as the Shanghai Composite Index breaking critical levels and trading volume exceeding 30 trillion, which has boosted market confidence and set a solid foundation for the spring market rally [1]. Group 1: Fund Overview - The Silver Hua Smart Mixed Fund (A Class: 026261, C Class: 026262) is currently being issued, managed by seasoned investor Fang Jian, aiming to help investors capitalize on growth opportunities until 2026 [1]. - The fund employs a floating management fee structure, which aligns the interests of the fund manager with those of the investors, allowing for shared risks and rewards based on performance [1]. Group 2: Manager's Investment Philosophy - Fang Jian, with over 13 years of experience in the securities industry and more than 10 years in investment management, focuses on long-term absolute returns within a growth stock investment framework [2]. - His investment style is characterized by deep research and a long-term perspective, aiming to buy high-potential companies at reasonable prices and hold them to share in their growth dividends [2]. Group 3: Fund Performance - The Silver Hua Hui Xiang Three-Year Regular Open Mixed Fund has achieved a net value growth of 55.51% over the past year, significantly outperforming its benchmark growth rate of 16.46% [3]. - Since its inception on December 5, 2023, the fund has seen a cumulative net value increase of 71.74%, achieving an excess return of 37.94% compared to its benchmark [3]. - Other funds managed by Fang Jian, such as the Silver Hua Integrated Circuit Mixed A and Silver Hua New Growth Mixed A, have also shown impressive performance, with net value growth exceeding 60% over the past year [3].

Group 1 - The core viewpoint of the news is that the market confidence has been recovering since the beginning of the year, setting a positive tone for the spring market, which is reflected in the active issuance of the Silver Hua Smart Mixed Fund [1] - The Silver Hua Smart Mixed Fund is managed by experienced fund manager Fang Jian, who has over 13 years of experience in the securities industry and more than 10 years in investment management, focusing on long-term absolute returns in growth stock investments [1] - The fund employs a floating management fee structure that aligns the interests of the fund manager with those of the investors, promoting a "shared returns, shared risks" approach [1] Group 2 - The Silver Hua Smart Mixed Fund has shown significant performance, with its representative fund, Silver Hua Hui Xiang, achieving a net value growth of 55.51% over the past year, compared to a benchmark growth rate of 16.46% [1] - Since its establishment on December 5, 2023, the fund has accumulated a net value increase of 71.74%, outperforming the benchmark by 37.94% [1] - Analysts believe that the A-share market may still be in a spring rally driven by a combination of liquidity and policy expectations, indicating potential opportunities for investors [2]

Core Viewpoint - The article discusses the investment philosophy of Fang Jian, a fund manager at Yinhua Fund, who aims to reconcile high growth potential with absolute returns in the context of the A-share market's volatility [2][4]. Investment Philosophy - Fang Jian's investment framework is rooted in the principles of value investing, emphasizing the purchase of high-quality companies at reasonable prices and holding them long-term to benefit from their growth [5]. - The traditional approach of "buy and hold" is challenged by the high volatility of the A-share market, prompting Fang to develop a dynamic management mechanism to adapt to market conditions [5][8]. Dynamic Management Mechanism - The dynamic management mechanism consists of three levels of discipline: 1. Valuation awareness and contrarian approach, where Fang sets a valuation "anchor" to guide profit-taking and reinvestment during market extremes [7]. 2. Market sentiment perception and response, where Fang actively adjusts positions based on market emotions and investor behavior [7]. 3. Strict risk control operations, where core holdings are reassessed during significant price corrections to determine the underlying reasons for the decline [7]. Performance Metrics - The implementation of the dynamic management mechanism has yielded significant results, with the Yinhua Huixiang fund achieving a return of 71.74% since its inception on December 5, 2023, and a relative benchmark excess return of 37.94% [8]. Investment Framework - Fang Jian's investment strategy focuses on identifying high-growth sectors, particularly those in the "growth phase" of the industry lifecycle, which are expected to see significant growth over the next 3-5 years [9]. - A scoring model is used to evaluate industries based on their growth potential, and a separate model assesses potential companies based on various criteria, including market position and management quality [9][10]. Trust Mechanism - The newly launched Yinhua Zhixiang Mixed Fund incorporates a floating management fee structure that aligns the interests of investors and fund managers, encouraging long-term holding and linking fees to actual investor returns [11][12]. - This innovative fee structure aims to create a transparent "trust contract" between the fund manager and investors, fostering a deeper relationship and commitment to shared success [14].

Core Insights - 2025 is marked as a year where actively managed equity funds outperformed broad market indices, with the Wind偏股混合指数 rising by 33.19% compared to the 17.66% increase in the沪深300 index [1] - Active equity funds have shown a tendency to overweight growth factors, leading to significant excess returns during structural bull markets favoring growth styles [1] - Notably, Chen Peng from Anxin Fund achieved impressive performance without relying on popular sectors like innovative drugs, robotics, or AI, demonstrating that balanced allocation can yield substantial returns [2] Performance Comparison - Active equity funds outperformed the沪深300 index for three consecutive years from 2019 to 2021 during periods favoring growth, while they underperformed from 2022 to 2024 when value styles dominated [1] - In 2025, funds that performed well were predominantly characterized by a growth style [1] Investment Philosophy - Chen Peng's approach to growth investing is rooted in value principles, focusing on fundamental analysis rather than speculative trends [4][11] - He emphasizes the importance of understanding a company's future profitability and avoids conflating delayed earnings realization with speculative investments [4] Risk Management - Chen Peng's investment strategy features a balanced industry allocation, avoiding concentration in single sectors, which helps mitigate risks associated with market downturns [5][7] - His risk control measures include analyzing systemic risks, selecting high-quality growth stocks, and maintaining a diversified portfolio across different industry life cycles [7] Team and Research Strength - Anxin Fund has established a robust research team focused on fundamental analysis, which supports both value and growth investment strategies [13][14] - Chen Peng's leadership in building the research team has contributed to the development of a culture centered on long-term profitability and effective collaboration [13] Experience and Adaptability - Chen Peng's extensive experience through multiple market cycles has equipped him with a unique perspective on growth investing, allowing him to adapt his strategies over time [10][12] - His investment framework has evolved through three distinct phases, reflecting changes in market dynamics and economic conditions [10] Commitment to Investors - Chen Peng emphasizes the importance of trust and responsibility towards investors, aligning the goals of fund managers with the interests of fund holders [16] - His investment philosophy is driven by a commitment to ethical practices and a focus on delivering sustainable returns to investors [16]

Core Viewpoint - 2025 is a year where actively managed equity funds outperformed broad market indices, with the Wind Active Equity Fund Index rising by 33.19% compared to the CSI 300 Index's 17.66% [1] Performance Comparison - The performance of specific funds managed by Chen Peng at Anxin Fund is notable, with Anxin New Return A, Anxin Insight Growth A, and Anxin Growth Selection A achieving returns of 111.86%, 106.91%, and 104.80% respectively, significantly outperforming the CSI 300 and Shanghai Composite Index [2][3] Investment Strategy - Chen Peng's investment approach emphasizes balanced stock selection, which has proven to yield sharp performance without relying on popular sectors like innovative drugs, robotics, or AI [3][9] - The strategy focuses on fundamental analysis and long-term growth potential rather than speculative trends, ensuring a more stable risk profile [6][7] Risk Management - Chen Peng's investment framework includes a diversified portfolio across various sectors, which helps mitigate risks associated with market volatility and sector-specific downturns [7][9] - The approach involves dynamic adjustments based on the quality and valuation of holdings, maintaining a controlled risk exposure [8] Experience and Philosophy - Chen Peng's extensive experience through multiple market cycles has shaped his investment philosophy, emphasizing the importance of understanding one's capabilities and maintaining a long-term perspective on value creation [10][14][15] - His commitment to the interests of fund holders reflects a strong sense of responsibility and integrity in investment management [21] Research and Team Development - Anxin Fund has established a robust research team focused on fundamental analysis, which supports the growth investment strategy led by Chen Peng [19][20] - The team structure allows for effective collaboration and continuous improvement in identifying high-quality growth companies [19]

Core Viewpoint - The recent resignation of fund manager Ma Xiang from the Huatai-PineBridge North Exchange Innovation Selected Two-Year Open Fund has raised concerns among investors, despite the fund's strong performance during his tenure. The resignation is part of a broader trend in the industry towards team-based management and the gradual transition of responsibilities to newer managers [2][4][8]. Fund Performance - Ma Xiang's tenure at the Huatai-PineBridge North Exchange Innovation Selected Fund saw an impressive return of 97.51%, significantly outperforming the benchmark by 80.94 percentage points [2][4]. - However, the fund's performance in the last three months before his resignation showed a decline of 12% [5]. - The fund's management scale increased from 4.21 billion to 7.67 billion, indicating a substantial inflow of capital [5]. Manager Transition - Ma Xiang has resigned as fund manager for the fourth time in 2025, with Ma Lei taking over the management of the fund [2][6]. - Ma Lei, with only 2.38 years of experience, is considered a newcomer in the industry but currently manages six funds with a total scale exceeding 10.7 billion [7]. Industry Trends - The resignation of high-profile fund managers like Ma Xiang is often linked to the performance of the funds they manage, but in this case, it appears to be more about internal company adjustments [4][8]. - The industry is moving towards a team-based management model, as highlighted by regulatory changes aimed at promoting high-quality development in public funds [8][9]. Investor Sentiment - Investor reactions to the fund's recent open period have been mixed, with some opting to cash out while others are looking to increase their holdings [10]. - There is a general expectation among investors for Ma Lei's management to yield positive returns, reflecting a hopeful outlook despite the recent changes [10].

Core Viewpoint - James Anderson emphasizes the importance of understanding change in the financial markets, arguing that true long-term returns are driven by significant deviations from equilibrium rather than minor fluctuations [3][4][24]. Group 1: Investment Philosophy - Anderson advocates for a top-down approach to investing, focusing on identifying companies that can execute blueprints for embracing change [5][24]. - He highlights the rarity of true disruptors in the market, who are willing to treat the future as an open-ended proposition and invest over long time horizons [5][24]. - The philosophy of seeking "unique exceptions" rather than "better averages" is central to Anderson's stock selection strategy [6][24]. Group 2: Market Dynamics - Anderson critiques the prevailing market misconception that it operates as a self-correcting system, suggesting that significant changes in technology and industry structure are what truly reshape the business landscape [4][24]. - He notes that the focus on short-term performance metrics has led to a market that increasingly resembles a "recycling machine" rather than a creator of new companies and innovations [35][36]. - The trend of companies prioritizing stock buybacks and dividends over long-term investments in growth is identified as a critical issue in the current market environment [36][37]. Group 3: Personal Insights and Experiences - Anderson shares his background in history and how it shaped his investment perspective, emphasizing the value of diverse viewpoints and curiosity in understanding market dynamics [26][27]. - He reflects on the evolution of the investment trust model, which he believes offers significant flexibility and the ability to provide professional investment capabilities to individual investors [28][29]. - The conversation touches on the historical context of investment practices, illustrating how past decisions have influenced current market behaviors [12][30].