Core Viewpoint - The article highlights the significance of small to medium-sized private fund managers in the industry, particularly focusing on ZeYuan Fund, which has a unique investment strategy and a strong performance record [3][4]. Group 1: Company Overview - ZeYuan Fund was established on November 11, 2015, and registered as a private securities fund manager on December 25, 2017, with a cumulative management scale of 1.9 billion [4]. - As of August 2025, ZeYuan Fund's products have achieved an average return of ***%, ranking first among "subjective + quantitative" mixed private funds with a scale of 1-2 billion [4]. Group 2: Core Team - The team at ZeYuan Fund comprises professionals from banks, trusts, and securities asset management, skilled in using quantitative tools to enhance traditional fundamental analysis [7]. - Key members include: - Yang Guang, General Manager, with over 10 years of experience in financial institutions [8]. - Tang Yunjie, subjective strategy fund manager, with a Ph.D. in management engineering and extensive academic and practical experience in finance [10]. - Zhou Lihua, composite strategy fund manager, with over 10 years of overseas derivatives quantitative trading experience [12]. Group 3: Investment Philosophy & Representative Strategies - ZeYuan Fund employs financial technology theories and modern computing techniques to identify opportunities in asset price fluctuations, enhancing traditional analysis with quantitative tools [14]. - Representative strategies include: - **Beijing Stock Exchange Quantitative Strategy**: A self-operated strategy focusing on high turnover and flexible adjustments based on daily performance data, with an average daily turnover rate of around 50% and an annual turnover rate of 150 times [15]. - **Subjective Strategy**: Focuses on undervalued small stocks, with a holding period of 1-6 months and a maximum single-stock concentration of 25% [19]. - The fund also emphasizes low correlation asset combinations to reduce risk and improve overall returns [21].

Core Insights - The private equity fund industry is characterized by diverse investment philosophies and strategies influenced by the backgrounds of fund managers, which directly impacts product performance and risk profiles [1][4] - As of September 19, 2025, the average return for private equity fund managers this year is 25.57%, with 2,669 managers and 5,270 products reported [2][4] - Fund managers from public offerings and futures backgrounds lead in performance, with public fund managers achieving an average return of 31.26% and futures managers at 31.21% [2][4] Summary by Category Public Fund Managers - There are 859 public fund managers, with 328 products meeting ranking criteria, achieving an average return of 31.26% this year [4][2] - The top three products from public fund managers are managed by Lu Wentao, Nian Shouhua, and Wang Zheng, with Lu's product leading significantly [3][4] Futures Fund Managers - There are 251 futures fund managers, with 72 products achieving an average return of 31.21% this year, slightly below public fund managers [9][4] - The top three products from futures fund managers are managed by Liu Kejiao, Yin Zhiping, and Liang Tao, with Liu's product leading the group [10][12] Private Fund Managers - There are 298 private fund managers, with 119 products achieving an average return of 30.07%, ranking third among all backgrounds [14][4] - The top three products from private fund managers are managed by Tang Yunjie, Li Jiabin, and Han Guangbin, with Tang's product leading in performance [15][17]

Core Viewpoint - The article discusses the performance of private equity fund managers from different backgrounds, highlighting the differences in investment strategies and their impact on fund performance. It emphasizes that the "public fund" managers have outperformed others in terms of returns this year, driven by their rigorous investment research and risk control practices [1][4]. Summary by Category Performance Overview - As of September 19, 2025, there are 2,669 fund managers with performance data, managing a total of 5,270 products, with an average return of 25.57% this year [1]. - Fund managers from public funds achieved an average return of 31.26%, slightly ahead of those from the futures background at 31.21% [1][2]. Fund Manager Backgrounds - The performance of fund managers varies significantly based on their professional backgrounds: - Public Fund Managers: 328 products, total scale of approximately 4.16 billion, average return of 31.26% [3]. - Futures Managers: 72 products, total scale of approximately 609 million, average return of 31.21% [3]. - Private Managers: 119 products, total scale of approximately 1.21 billion, average return of 30.07% [3]. - Securities Managers: 936 products, total scale of approximately 7.65 billion, average return of 27.66% [2][3]. Top Performing Products - The article lists the top-performing products from public fund managers, with "路远睿泽稳增" managed by 路文韬 leading with significant returns [5][6]. - For futures managers, "富延盛世1号" managed by 刘腾蛟 is highlighted as the top product, showcasing strong performance [10][11]. - The "民间派" managers also have notable products, with "泽源多策略2号A类份额" managed by 唐韵捷 leading in returns [12][14]. Trends and Insights - There is a notable trend of public fund managers transitioning to private equity, with 307 departures recorded this year, the highest in five years [4]. - The article indicates a growing interest in sectors like gold and military industries among fund managers, reflecting broader market trends [6].