Core Viewpoint - The article provides an overview of the updated active fund manager pool information for the 2025 Q4 reports, highlighting key metrics such as investment style, stock ratio, industry preference, turnover rate, valuation of major holdings, concentration of holdings, and fund size [1][2][3]. Summary by Sections Fund Manager Information - The article includes a comprehensive list of fund managers categorized by investment style, such as deep value, growth, and balanced strategies, along with their respective fund names and codes [4][5][10][11]. Investment Style - Investment styles are crucial as they reflect the types of stocks held by the funds. The article notes that different styles have their strong and weak phases, with historical data showing a rotation between value and growth styles over the years [36][40]. Industry Preference - Fund managers typically focus on specific industries where they have expertise. The article emphasizes the importance of understanding these preferences to gauge potential performance [48][50]. Stock Ratio - The article discusses the stock ratio, indicating that active funds usually maintain a stock ratio around 85% to 90%, which affects the fund's volatility [45][46]. Concentration of Holdings - The concentration of holdings, defined as the proportion of the top ten stocks in the fund's net assets, is highlighted as a significant factor influencing fund volatility [53]. Valuation of Major Holdings - The article mentions that the valuation of major holdings is assessed based on the top ten stocks disclosed in the fund's reports, which may not always reflect real-time adjustments made by fund managers [56][58]. Turnover Rate - The turnover rate, which indicates how frequently stocks are bought and sold within the fund, is discussed. A turnover rate below 200% is considered low for active funds [59][60]. Fund Size - The size of the fund is noted as a critical factor, with larger funds potentially facing challenges in achieving excess returns due to management complexities [62][64]. Fund Manager's Perspective - The article emphasizes the importance of the fund manager's insights, which can provide valuable context regarding past performance and future market outlooks [70][74].

Core Insights - Notable fund manager Song Kun has transitioned from public to private investment by establishing Youan Private Fund Management Co., Ltd. [1] - The fund was officially registered on September 29, 2025, with a registered capital of 10 million yuan, located in Zhuhai, Guangdong, and has five full-time employees [1][2]. Group 1: Company Formation and Structure - Youan Private Fund was founded on July 14, 2025, and completed its registration as a private securities investment fund manager on September 29, 2025 [1]. - Song Kun holds a 51% stake in the fund, while Shanghai Youan Anyou Consulting Management Co., Ltd. holds a 49% stake [1]. Group 2: Background of Key Personnel - Song Kun has over ten years of experience in the securities and fund industry, having joined E Fund Management in July 2006 and served in various roles, including fund manager and general manager [1][2]. - His notable achievements include leading the E Fund New Emerging Growth fund to a 171.78% return in 2015, making it the top-performing public fund that year [2]. - Co-founder Cheng Jian has over ten years of experience in the financial industry, previously working at multiple firms including E Fund [2]. - Compliance and risk management head Xu Jia has a background in risk management at SPD Bank, where he worked for 14 years before transitioning to entrepreneurship [2].