Core Insights - The performance of star fund managers in the current bull market is mixed, with some outperforming the market while others lag behind [1][2]. Market Performance - As of August 13, the Shanghai Composite Index has risen by 9.90% year-to-date, the Shenzhen Component Index by 10.91%, and the ChiNext Index by 16.57%. The Wind Mixed Equity Fund Index has yielded 19.67% this year and 38% over the past year [1]. Star Fund Managers' Performance - Nearly 20 star fund managers have managed over 200 billion yuan in assets as of the end of Q2, showcasing diverse investment styles including growth, value, balanced, and thematic approaches [2]. - Notable performers include Ge Lan and Fu Pengbo, with Ge Lan's funds achieving returns of 26.60%, 67.85%, and 1.88% year-to-date, while Fu Pengbo's fund has returned 32.11% [3][4]. Sector Highlights - The innovative drug sector has been a standout, with Ge Lan's focus on this area leading to significant returns, particularly from Hong Kong-listed innovative drug stocks [3]. - Fu Pengbo has increased holdings in the pharmaceutical sector, focusing on innovative drugs and traditional medicine benefiting from AI [4]. Balanced Investment Styles - Xie Zhiyu and Zhu Shaoxing, known for their balanced investment styles, have shown performance divergence this year. Xie Zhiyu's funds have returned between 12.84% and 37.65%, while Zhu Shaoxing's single fund has returned 9.29% [5][6]. Challenges in Consumer Sector - Liu Yanchun, focusing on consumer stocks, has faced challenges with returns ranging from 0.13% to 2.43% year-to-date, as the consumer sector struggles with demand and competition [7]. - Xiao Nan's consumer-focused funds have also shown mixed results, with one fund down 3.45% while another gained 15.97% [8]. Broader Market Trends - The current market environment emphasizes the importance of sector selection over individual stock-picking abilities, as many star fund managers have not outperformed the market [9]. - The industry is reflecting on the definition of "star fund managers," suggesting that long-term risk management may be more indicative of skill than short-term performance spikes [9].

Core Viewpoint - The performance of billion-level star fund managers during the current bull market is mixed, with some achieving significant returns while others underperforming the market [1][3]. Market Overview - The A-share market has shown a bullish trend with the Shanghai Composite Index up 9.90%, the Shenzhen Component Index up 10.91%, and the ChiNext Index up 16.57% as of August 13 [2]. - The Wande Equity Mixed Fund Index has a year-to-date return of 19.67% and a one-year return of 38% [2]. Star Fund Managers Performance - Approximately 20 star fund managers with over 200 billion yuan in assets under management have diverse investment styles, including growth, value, balanced, and thematic strategies [3]. - Some star fund managers have successfully captured market trends, while others have lagged behind the market [3]. Notable Performers - Fund managers Ge Lan and Fu Pengbo have shown impressive performance, with Ge Lan managing three funds totaling 399.08 billion yuan, achieving returns of 26.60%, 67.85%, and 1.88% year-to-date [5]. - Fu Pengbo's fund, Ruiyuan Growth Value, has a return of 32.11% this year and 51.91% over the past year, with significant holdings in sectors like PCB and new energy [5][6]. Balanced Investment Style - Fund managers Xie Zhiyu and Zhu Shaoxing, known for their balanced investment styles, have shown performance divergence this year [7]. - Xie Zhiyu manages three funds with returns of 12.84%, 27.54%, and 37.65% year-to-date, benefiting from a diversified portfolio across various sectors [8]. - Zhu Shaoxing's single fund, with a return of 9.29% this year, has been negatively impacted by poor performance in consumer stocks, particularly in the liquor sector [9]. Challenges in Consumer Sector - Fund managers focusing on consumer and new energy sectors face significant challenges due to market conditions [10]. - Liu Yanchun's six funds have returns ranging from 0.13% to 2.43% this year, heavily affected by the underperformance of consumer stocks, particularly in the liquor industry [11]. - Xiao Nan's consumer-focused funds have shown a stark performance difference, with one fund down 3.45% and another up 15.97% year-to-date [12]. Market Dynamics - The current market environment emphasizes the importance of sector selection over individual stock-picking abilities, as many star fund managers have not outperformed the market [13]. - A reevaluation of what constitutes a "star fund manager" is underway, with a focus on long-term performance and risk management rather than short-term gains [14].

Market Overview - The A-share market has shown a bullish trend in 2023, with the Shanghai Composite Index up 9.90%, the Shenzhen Component Index up 10.91%, and the ChiNext Index up 16.57% as of August 13 [2] - The Wind data indicates that the Wande Equity Mixed Fund Index has a year-to-date return of 19.67% and a one-year return of 38% [2] Star Fund Managers Performance - Approximately 20 star fund managers managing over 20 billion yuan have shown mixed performance during the bullish market, with some outperforming the market while others lagged behind [2] - Notable fund managers include Ge Lan and Fu Pengbo, who have achieved significant returns through their investment strategies [3] Sector Performance - Ge Lan's funds, particularly in the healthcare sector, have performed exceptionally well, with returns of 26.60% and 67.85% for her medical-themed funds [3] - Fu Pengbo's "Ruiyuan Growth Value" fund has a year-to-date return of 32.11%, focusing on sectors like PCB and new energy [3][4] Balanced Investment Style - Xie Zhiyu has shown a balanced investment style with returns of 12.84%, 27.54%, and 37.65% across his three funds, benefiting from diversified sector exposure [5] - In contrast, Zhu Shaoxing's single fund has underperformed with a return of 9.29%, primarily due to poor performance in consumer stocks [6] Challenges in Consumer Sector - Liu Yanchun's funds, focused on consumer stocks, have struggled with returns ranging from 0.13% to 2.43% due to weak performance in the consumer sector, particularly in the liquor industry [7] - Xiao Nan's consumer-themed funds have shown significant performance disparity, with one fund down 3.45% while another is up 15.97% [8] Market Dynamics and Reflections - The current market environment emphasizes the importance of sector selection over individual stock-picking abilities, as many star fund managers have not outperformed the market [9] - There is a growing sentiment within the industry to redefine what constitutes a "star fund manager," focusing on long-term performance and risk management rather than short-term gains [9]

Core Viewpoint - After three years of underperforming the market, actively managed equity funds have finally experienced a significant rebound this year [1][4]. Performance Analysis - The "Wande Equity Mixed Fund Index," representing actively managed equity funds, showed a performance of -21.03% in 2022, -13.52% in 2023, and 3.45% in 2024, underperforming the Shanghai Composite Index by 5.9, 9.82, and 9.22 percentage points respectively [2]. - As of August 6, 2023, the Wande Equity Mixed Fund Index has increased by 16.67%, outperforming the Shanghai Composite Index, which rose by 8.42%, and the CSI 300 Index, which increased by 4.54% [3][4]. Star Fund Managers' Performance - Among 242 actively managed equity funds with over 10 billion in management scale, only 35% outperformed the Wande Equity Mixed Fund Index, while 68% outperformed the Shanghai Composite Index, and 85% outperformed the CSI 300 Index [4]. - Despite some star fund managers performing well, over 60% of their funds underperformed the average of actively managed equity funds this year [4]. Sector Performance - The underperformance of some star fund managers is attributed to significant declines in core stocks they heavily invested in, particularly in the food and beverage sector, which fell by 6.06%, and the liquor index, which dropped by 8.41% [5]. - The renewable energy sector, including photovoltaic equipment, also saw a decline of 4.86% [6]. Notable Fund Managers - Top-performing fund managers this year include those focusing on the pharmaceutical sector, such as Ge Lan and Zhao Bei, with returns of 68.97% and 89.92% respectively, largely due to heavy investments in innovative drugs and Hong Kong stocks [7][9]. - Other successful fund managers include those with a growth-oriented strategy, such as Xie Zhiyu and Fu Pengbo, whose funds achieved returns of 34.48% and 22.63% respectively [11]. Market Trends - The current market is characterized by structural trends, with sectors like AI, innovative drugs, and new consumption experiencing significant growth, while traditional sectors like consumer goods and finance lag behind [14]. - The ability of fund managers to adapt to these structural changes and adjust their portfolios accordingly has become crucial for performance [14].

Group 1 - The number of actively managed equity funds with assets exceeding 10 billion yuan has decreased from 27 to 24 year-on-year, indicating a shrinking market for these funds [1][2][6] - The largest fund remains the E Fund Blue Chip Select managed by Zhang Kun, with a current size of 34.943 billion yuan, down 3.965 billion yuan from the previous quarter [1][2] - Other notable funds such as the China Europe Medical Health and the Fortune Tianhui Select Growth have also seen reductions in size, with current assets of 30.801 billion yuan and 23.544 billion yuan respectively [1][2] Group 2 - In contrast to the decline in actively managed equity funds, many ETFs, money market funds, and bond funds have experienced significant inflows, with total public fund assets increasing by 2.11 trillion yuan in the second quarter [6][7] - Three ETFs, specifically the Huaxia CSI 300 ETF, Huatai-PB CSI 300 ETF, and E Fund CSI 300 ETF, each saw growth exceeding 30 billion yuan in a single quarter, highlighting strong demand for broad-based ETFs [7][8] - The overall market for public funds reached a total size of 33.73 trillion yuan by mid-year, with money market funds, bond funds, and stock funds contributing significantly to this growth [6][7] Group 3 - Some actively managed funds have bucked the trend and increased in size, such as the Yongying Advanced Manufacturing Select Fund, which grew by 2.327 billion yuan in the second quarter, reaching a total of 13.845 billion yuan [3][6] - The divergence between actively managed products and passive index products is becoming more pronounced, reflecting a shift in investor risk preferences and a growing demand for stable performance [8]

Core Viewpoint - Ruiyuan Fund's equity product scale has been declining for nine consecutive quarters, with a total of 29.199 billion units as of the end of Q2 2025, reflecting a decrease of 5.20 million units or 1.75% from the previous quarter [1] Group 1: Fund Performance - The decline in fund size is primarily attributed to poor performance, with Ruiyuan Growth Value's three-year return at -18.07%, underperforming its benchmark by 26.7 percentage points [2] - However, Ruiyuan Growth Value has shown improvement in 2025, with a year-to-date return of 15.56%, outperforming its benchmark by 10.15 percentage points [2] - Other funds like Ruiyuan Balanced Value and Ruiyuan Steady Allocation have slightly better performance, with three-year returns of 1.95% and 15.09%, respectively [2] - Ruiyuan Steady Allocation has also seen a continuous decline in size for seven consecutive quarters, with its size dropping from 108.29 billion units to 45.85 billion units [2] Group 2: Fund Manager Ownership - The current fund managers of Ruiyuan's products hold equity in the fund, with Fu Pengbo holding 12% and Zhao Feng holding 4.99% [3] - Other fund managers, except Zhang Jialu, also have stakes in Ruiyuan Fund, which may influence their compensation structure [5] Group 3: Market Comparison - In contrast to Ruiyuan Fund, Yongying Fund has achieved positive growth in its active equity business for at least two consecutive quarters, with a scale of 46.861 billion units as of Q2, reflecting a 5.60% increase [6] - The overall market for active equity public funds has shown signs of recovery, with a total scale of 3.74 trillion units at the end of Q1, increasing by 566 billion units [6] Group 4: Product Development - Ruiyuan Fund is working on improving its product layout, having received approval for its QDII qualification and a $5 million investment quota [7] - However, there have been no recent developments regarding index products, particularly ETFs [7]

Core Viewpoint - The report reveals significant adjustments in the holdings of five funds managed by Ruiyuan Fund, with notable reductions in major stocks such as China Mobile, Tencent Holdings, and Xiaomi Group compared to the end of last year. However, fund managers remain optimistic about certain sectors, anticipating a positive shift in the macroeconomic environment that could support further stock market growth [1][2][4]. Group 1: Fund Performance and Adjustments - Ruiyuan Fund's three prominent managers, Fu Pengbo, Rao Gang, and Zhao Feng, have made substantial changes to their portfolios in Q1 2025, with only Ruiyuan Growth Value outperforming its benchmark [2]. - Fu Pengbo's Ruiyuan Growth Value A and C recorded net asset growth rates of 2.45% and 2.35%, respectively, underperforming their benchmarks by 0.16 and 0.26 percentage points. The fund maintained a high position and increased allocations in the Hang Seng Technology sector, medical device leaders, and the chip sector [2][3]. - Rao Gang's Ruiyuan Steady Configuration Two-Year Fund significantly reduced its holdings in China Mobile by over 43% and also decreased its positions in Tencent Holdings and Xiaomi Group by 20% and 13.91%, respectively. The fund increased its stake in CATL by nearly 10% and initiated a position in Alibaba [3][4]. - Zhao Feng's Ruiyuan Balanced Value Three-Year Fund showed strong performance with net asset growth rates of 5.79% and 5.71%, outperforming benchmarks by 3.74 and 3.66 percentage points. Zhao Feng also reduced holdings in major stocks but to a lesser extent than his peers, while significantly increasing positions in cyclical and financial stocks like Shanxi Fenjiu and China Pacific Insurance [3][4]. Group 2: Market Outlook and Investment Opportunities - The overall fund sizes have decreased, but there is a focus on emerging investment opportunities, particularly in consumer stocks. The Ruiyuan Fund managers are paying close attention to this sector [4]. - Fu Pengbo highlighted the potential for a new round of domestic consumption stimulus policies, which could positively impact the consumer sector this year [4][5]. - Rao Gang noted that while short-term tariff increases may negatively affect exports, they also present an opportunity for structural adjustments in the domestic economy, with consumption expected to play a crucial role in economic growth [4][5]. Group 3: Key Holdings and Changes - Major stock holdings across the funds include Tencent Holdings, China Mobile, and Xiaomi Group, with significant reductions in their positions. For instance, Ruiyuan Growth Value saw a 20.57% decrease in China Mobile and a 26.25% decrease in Giant Star Technology [2][3][6]. - Ruiyuan Steady Configuration Two-Year Fund's top holdings included Tencent Holdings, China Mobile, and CATL, with notable reductions in their positions [3][9]. - Ruiyuan Balanced Value Three-Year Fund's key holdings featured Tencent Holdings and Alibaba, with a focus on increasing positions in Shanxi Fenjiu and China Pacific Insurance [3][10].