Core Viewpoint - The article provides a comprehensive overview of the updated active fund manager pool information, focusing on various metrics such as investment style, stock allocation, industry preference, turnover rate, valuation of major holdings, concentration of holdings, and fund size [3][32]. Group 1: Fund Manager Information - The article lists various fund managers along with their respective funds, categorized by investment style such as value, growth, and balanced [2][4]. - It highlights the experience of fund managers, indicating that many have been in the industry for several years, which is crucial for navigating different market cycles [39][41]. Group 2: Fund Metrics - The article discusses key metrics to consider when evaluating funds, including stock allocation, which typically ranges from 85% to 90% for active funds [43][44]. - It emphasizes the importance of industry preference, noting that fund managers often focus on specific sectors where they have expertise [48][50]. - The concentration of holdings is also addressed, with a higher concentration indicating greater potential volatility [53]. Group 3: Valuation and Performance Indicators - The article mentions the valuation of major holdings, suggesting that growth-style funds tend to have higher valuations compared to value-style funds [58]. - It discusses turnover rates, indicating that a turnover rate below 200% is considered low for active funds, which can be influenced by changes in fund size [61][62]. - Fund size is highlighted as a critical factor, with larger funds potentially facing challenges in achieving excess returns due to management difficulties [63][68]. Group 4: Fund Reports and Insights - The article outlines the types of periodic reports available for funds, with annual reports containing the most comprehensive information [32]. - It suggests focusing on factors that impact fund performance, such as investment style, industry preference, and the fund manager's insights on market conditions [32][66].

Core Viewpoint - The rapid development of public funds has led to a diverse range of fund products, making it challenging for investors to select suitable options. FOF funds, acting as "professional buyers," reflect market risk preferences and strategy adjustments, providing valuable insights for investors [2][3]. Group 1: FOF Fund Preferences - The top three actively managed equity funds favored by FOF funds in Q1 include Dachen Gaoxin C managed by Liu Xu (37 FOF funds), Fuguo Stable Growth C managed by Fan Yan (26 FOF funds), and Huaxia Innovation Frontier managed by Tu Huanyu (21 FOF funds) [5][6]. - Liu Xu is characterized as a value investor focusing on safety margins and long-term stock selection, while Fan Yan is known for her diversified holdings and strong drawdown control, earning her the title of "earthquake master" [7]. - Tu Huanyu adopts a technology growth style, focusing on TMT and new energy sectors, resulting in higher volatility compared to Liu Xu and Fan Yan [7]. Group 2: Fund Performance and Characteristics - Fuguo Stable Growth C and Jing Shun Chang Cheng Quality Evergreen C saw significant institutional buying in Q1, with shares increasing by 18.0373 million and 9.6018 million, respectively [10]. - Jing Shun Chang Cheng Quality Evergreen C, managed by Fan Yan, has consistently outperformed benchmarks and peers, achieving a year-to-date return of 8.17% and a total return of 44.39% over three years [13][12]. - The fund's strategy shifted towards technology sectors, significantly increasing allocations to electronics and communications, which contributed to a net value increase of over 40% in 2024 [15][14]. Group 3: Institutional Preferences - The top ten actively managed equity funds by FOF fund holdings, excluding those with high self-company holdings, include Huaxia Innovation Frontier with a market value of 4 billion yuan and 21 FOF funds [28][29]. - The fund manager Tu Huanyu focuses on long-term investment returns in TMT, new energy, and pharmaceuticals, achieving a cumulative return of 48% since he began managing the fund in March 2020 [30][31]. - The maximum drawdown for Huaxia Innovation Frontier during Tu Huanyu's tenure reached -44.5%, indicating a high level of volatility [33].

Core Viewpoint - The article provides an overview of the updated active fund manager pool information for Q1 2025, including various metrics such as investment style, stock ratio, industry preference, turnover rate, valuation of heavy holdings, concentration of holdings, and fund size [1][2][30]. Active Fund Manager Pool - The article lists various fund managers along with their respective funds, highlighting their investment styles such as growth, value, and balanced strategies [1][3][10]. Investment Style - Investment styles are categorized into growth and value, with historical performance trends indicating periods of dominance for each style. The article emphasizes the importance of selecting fund managers with a consistent investment style [33][34]. Fund Manager Tenure - The article discusses the significance of fund manager tenure, suggesting that experienced managers who have navigated through market cycles are more likely to deliver reliable performance [36][37]. Stock Ratio - The stock ratio, or the proportion of stocks held in a fund, is highlighted as a critical metric. Active funds typically maintain a stock ratio around 85% to 90%, with higher ratios indicating greater volatility [39]. Industry Preference - Fund managers often focus on specific industries where they have expertise. The article suggests analyzing the top three industries that a fund manager invests in for better risk diversification [41][42]. Holding Concentration - The concentration of holdings, defined as the percentage of the fund's net assets represented by the top ten holdings, is discussed. Higher concentration typically leads to greater volatility [43]. Heavy Holdings Valuation - The article notes that the valuation of heavy holdings can be estimated from the fund's periodic reports, although it may not be entirely accurate due to infrequent updates [44]. Turnover Rate - The turnover rate, indicating how frequently a fund manager buys and sells stocks, is mentioned as a key metric. A turnover rate below 200% is considered low for active funds [46]. Fund Size - The size of the fund is discussed, with larger funds potentially facing challenges in generating excess returns due to increased management difficulty and limitations on investment choices [49]. Fund Manager Insights - The article emphasizes the importance of fund manager insights, which include reflections on past performance and future market outlooks. These insights can vary significantly among managers [51].

Core Viewpoints - The article summarizes the insights from fund managers based on their Q1 2025 reports, focusing on their investment strategies and market outlooks [1]. Group 1: Fund Manager Perspectives - Fund managers typically cover two main areas in their reports: a review of past investments and future market outlooks, with the latter being more significant [3]. - Different fund managers exhibit varying levels of detail in their reports, influenced by their investment styles, such as value or growth [3]. - The deep value style emphasizes low valuations and high dividend yields, primarily investing in sectors like finance, real estate, and energy [4][5]. - Growth value style focuses on companies with strong profitability and cash flow, often holding stocks for the long term [10]. Group 2: Deep Value Style Insights - Deep value style has shown strong performance from 2021 to 2024, while it underperformed in 2019-2020 [6]. - Fund managers express confidence in their holdings despite market uncertainties, citing factors like geopolitical changes and technological advancements as influential [7]. - The current market environment is characterized by structural changes, with some sectors facing prolonged competition, while others show clear competitive advantages [7]. Group 3: Growth Value Style Insights - Growth value managers highlight the resilience of high-frequency economic data and improved financing conditions, suggesting a positive outlook for the second quarter [12]. - They emphasize the importance of focusing on domestic economic transformation and internal demand rather than external pressures [12][13]. - Fund managers are adjusting their portfolios to capitalize on sectors like AI and healthcare, anticipating a shift in consumer behavior and market dynamics [15][16]. Group 4: Balanced Style Insights - The balanced style seeks to combine growth potential with valuation, often looking for stocks that offer good value relative to their growth prospects [26]. - Fund managers maintain a diversified approach, focusing on sectors with favorable valuations and growth potential, such as healthcare and technology [29][30]. - They express optimism about domestic consumption policies and liquidity, which may support market performance despite external uncertainties [30]. Group 5: Growth Style Insights - The growth style prioritizes companies with high revenue and profit growth, often accepting higher valuations for strong growth potential [39][40]. - Fund managers are actively seeking opportunities in emerging industries, such as renewable energy and technology, which are expected to drive future growth [41].

Core Viewpoint - The 2024 version of the non-collaborative fund portfolio underperformed the Wind Mixed Equity Fund Index, with a return of 4.46% compared to the index's 8.86% increase, highlighting the challenges faced by many funds in adapting to the market conditions post the "9.24" rally [2][3]. Fund Performance Summary - The top-performing funds include: - China Merchants Quantitative Selection A: 18.15% - Dongfanghong New Power A: 17.64% - Other funds showed significantly lower returns, with some even reporting negative performance, such as: - Jiashi Value Selection A: -0.45% - Guotou Ruili LOF: -2.69% [5]. 2025 Version Selection Criteria - The selection rules for the 2025 version of the non-collaborative portfolio have been slightly adjusted: - All quantitative funds were excluded to avoid data interference, meaning funds like China Merchants Quantitative Selection will not be included [6]. - A requirement was set that the top industry market capitalization should be below 15% to prevent over-concentration in specific sectors [6]. - Funds must have outperformed the Wind Mixed Equity Fund Index for three consecutive years from 2022 to 2024 [7]. Non-Collaborative Fund Definition - The definition of non-collaborative funds is based on the frequency of stock holdings across funds, with a median holding frequency of less than 105 being the threshold for inclusion [9]. Final Fund List - After applying the filtering criteria, only 10 funds remained eligible for the non-collaborative portfolio, showcasing a mix of familiar and new fund managers [10][13].

文 | 银行螺丝钉 （转载请注明出处） 最近，基金2024年的年报陆续更新了，也跟大家分享一下更新后的主动基金经理池信息汇总图。 方便大家一目了然的查询。 包括基金池中，基金的风格、股票比例、从业时间、 行业偏好、 换手率、重仓股估值、持股集中度、基金规模等情况。 文章主要包括两个部分： 陈皓 成长 2012 O 韩威俊 2016 O 贾健 2021 9 苗宇 2015 O 唐颐恒 2014 O 杨世进 2020 O 张峰 2009 O 代云锋 2017 ● 徐治彪 2015 （1）信息汇总长图； （2）基金定期报告如年报该怎么看。 | 深度 | 鲍无可 | 260112.OF | 景顺长城能源基建A | | --- | --- | --- | --- | | | 姜诚 | 006567.OF | 中泰星元价值优选A | | 价值 | 徐彦 | 008269.OF | 大成睿享A | | | 周云レ 何帅 | 000480.OF 519697.OF | 东方红新动力A 交银优势行业 | | | 遭配 张坤 | 005267.OF 005827.OF | 嘉实价值精选 易方达蓝筹精选 | | | 傅鰐博 | 0 ...