Core Insights - The fund managed by Li Yan, the招商优选LOF (161728), achieved a quarterly net value increase of 26.32% by the end of Q3 2025 [1] Fund Performance - Li Yan's management of the招商安泰平衡混合 (217002) fund resulted in a cumulative return of 121.87% with an average annualized return of 8.53% [2] - The fund had 114 instances of stock adjustments, with a success rate of 57.02%, yielding three instances of doubling returns with a multiplier of 2.63% [2] Major Stock Adjustments - Notable stock adjustments include: - 隆基股份: Purchased in Q2 2019 and sold in Q4 2020, yielding an estimated return of 232.5% with a company revenue growth of 65.92% during the holding period [3] - 贵州茅台: Held from Q3 2018 to Q4 2021, with an estimated return of 174.41% and a revenue growth of 49.02% [3] - 陕西煤业: Acquired in Q1 2022 and sold in Q1 2024, yielding an estimated return of 87.34% with a revenue growth of 10.37% [4] Underperforming Stocks - 招商南油: Purchased in Q4 2022 and sold in Q1 2024, resulting in an estimated return of -59.89% despite a net profit growth of 33.94% [5] - 新撮联: Held from Q3 2022 to Q2 2023, with an estimated return of -53.74% [3] - 中兵红箭: Held from Q3 2022 to Q3 2023, with an estimated return of -47.65% [3]