在为数不多的"双十基金"阵营中，摩根资产管理展现出卓越的长跑实力。截至9月30日，摩根资产管理 旗下共有8只产品符合"双十"标准，覆盖多元投资风格，且整体业绩跑赢同期业绩基准，凸显了穿越A 股多轮周期的投资韧性。以摩根新兴动力A为例，该基金成立已满14年，截至9月30日，年化收益率超 16%。该基金由业内资深老将杜猛管理，其投资布局兼具前瞻性与持续性，曾较早地捕捉到电动车产业 链投资机会，近年来又精准布局人工智能等科技产业链，成功把握科技企业价值重估的历史性机会。 证监会今年5月发布的《推动公募基金高质量发展行动方案》明确要求，基金公司对基金经理的考核， 基金产品业绩指标权重不低于80%；对基金投资收益全面实施长周期考核机制，其中三年以上中长期收 益考核权重不低于80%。随着该方案的持续落地，公募基金有望涌现出更多坚持长期主义、依靠团队智 慧和系统化方法的基金经理。 谈及后市，杜猛表示，节后市场将迎来三季报业绩与"十五五"产业政策的双重验证，预计市场风格将继 续在科技成长与景气复苏之间动态平衡，在中期向好趋势中寻找结构性机会。中期维度，市场向上逻辑 未改。美元降息周期确认，全球流动性利于新兴市场，市场趋势向上 ...

Core Insights - The article emphasizes the importance of "long-termism" in the public fund industry, highlighting the need for fund managers to adhere to this principle to attract long-term capital and improve performance [1][10] - A small percentage of fund managers have maintained the same active equity fund for over 10 years, indicating a rarity of experienced managers in a rapidly changing industry [2][9] Group 1: Long-term Fund Managers - As of August 24, only about 120 fund managers, or 5% of those managing stock and mixed funds, have managed the same active equity fund for over 10 years [2][3] - Among those managing funds for over 14 years, only 14 managers exist, representing approximately 0.6% of the total [2][3] - The long-term performance of these managers is notable, with those managing for over 14 years achieving an average annualized return of 10.05% [2][3] Group 2: Performance of Notable Managers - Specific fund managers who have managed their funds for over 14 years include Zhu Shaoxing, Du Meng, and Yang Gu, with annualized returns exceeding 10% [3][4] - Zhu Shaoxing's fund has achieved a remarkable annualized return of 15.32% since its inception in November 2005 [3][6] - Du Meng's fund has an annualized return of 14.9%, benefiting from a focus on emerging industries and technological advancements [6][7] Group 3: Investment Strategies - Long-term managers exhibit unique qualities that enable them to navigate market cycles successfully, including a deep understanding of market changes and a commitment to continuous learning [9][10] - These managers often have mature investment philosophies and adhere to strict buy and sell criteria to avoid emotional trading [10] - The success of these managers is supported by robust research platforms and resources, allowing them to make informed investment decisions [10][11] Group 4: Industry Trends - The public fund industry is undergoing significant reforms influenced by policy changes and market dynamics, emphasizing the need for long-term investment strategies [10][11] - Fund companies are increasingly looking to international markets for inspiration, adopting a "long-distance running" investment culture [11]

Core Insights - The article emphasizes the importance of "long-termism" in the public fund industry, encouraging investors to hold investments for the long term and focusing on long-term performance assessments [1][9] - A small percentage of fund managers have maintained the same active equity fund for over 10 years, highlighting the rarity and value of experienced managers in a predominantly younger industry [2][4] Group 1: Long-term Fund Managers - As of August 24, only about 120 fund managers, or 5% of active equity fund managers, have managed the same fund for over 10 years, with only 14 managers, or 0.6%, managing funds for over 14 years [2][3] - Fund managers with over 14 years of experience have achieved an average annualized return of 10.05%, while those with 10 to 14 years have an average return of 8.21% [2][4] Group 2: Performance of Notable Fund Managers - Notable fund managers who have managed their funds for over 14 years include Zhu Shaoxing, Du Meng, and Yang Gu, with annualized returns exceeding 10% [3][4] - Zhu Shaoxing's fund has achieved a remarkable annualized return of 15.32% since its inception in November 2005, demonstrating the effectiveness of a long-term investment strategy [4][5] Group 3: Investment Strategies - Successful long-term fund managers exhibit characteristics such as rich investment experience, mature investment philosophies, and a strong risk control awareness [8][9] - These managers often employ a disciplined approach to investment, including clear buy and sell standards, and adapt their strategies based on market changes [8][10] Group 4: Industry Trends and Challenges - The public fund industry is undergoing reforms influenced by policy changes and market dynamics, necessitating a collective effort from fund managers to embrace long-term investment principles [9][10] - There is a growing trend among fund companies to adopt practices from mature markets, focusing on research-driven investment cultures to foster long-term investment strategies [9][10]