本报（chinatimes.net.cn）记者栗鹏菲 叶青 北京报道 在公募基金行业，基金经理同时管理多只产品是常态，但有一类基金经理却以"专一"著称——他们长期 甚至职业生涯中仅管理一只基金。 记者统计的数据显示，全市场符合"管理单只主动权益基金，且超三年"条件的基金经理为46位。其中仅 4人管理规模突破百亿，包括富国基金朱少醒、睿远基金傅鹏博、泉果基金赵诣及睿远基金赵枫。 | 基金经理 | 基金名称 | 在管规模 | 基金公司 | | --- | --- | --- | --- | | | | (亿元) | | | 朱少醒 | 富国天惠精选成长混合(LOF) | 241.5 | 里国童等 | | 傅鹏博 | 睿远成长价值混合 | 236.29 | 容远是金 | | 赵语 | 泉果旭源三年持有期混合 | 190.69 | 泉果基金 | | 赵叔 | 容远均衡价值三年持有期混合 | 124.41 | 容远基金 | | 杨浩 | 交银新生活力灵活配置混合 | 47.75 | 交银施罗德 | | 李轩 | 国投瑞银国家安全混合 | 40.77 | 国投瑞娱 | | 王兆祥 | 国泰估值优势混合(IOF) | 28 ...

Core Viewpoint - The recent decision by Ruiyuan Fund to "freeze" its specialized products has raised significant market attention, reflecting a broader trend among various funds to limit new subscriptions amid rapid growth in assets under management [1][12]. Group 1: Ruiyuan Fund's Actions - Ruiyuan Fund, led by Chen Guangming, will suspend subscriptions for its Ruiyuan Insight Value series starting in November, with no specified date for reopening [1]. - The fund has been controlling its scale for the past two years, only allowing existing clients to increase their shares while not accepting new clients [1][12]. - Other funds, such as Ningquan Asset and several public funds, have also announced subscription limits, indicating a collective response to market conditions [12][13]. Group 2: Chen Guangming's Background - Chen Guangming has over 25 years of experience in the Chinese capital market and is recognized as a key figure in the localization of value investing in China [2]. - He previously led the asset management division at Dongfang Securities, achieving significant returns and establishing a strong reputation for the "Dongfang Hong" brand [2][4]. - In 2018, he co-founded Ruiyuan Fund, which quickly gained traction with its specialized products, attracting substantial investments despite high entry barriers [3][11]. Group 3: Investment Strategy and Performance - Ruiyuan Fund emphasizes a value investment strategy, focusing on valuation, quality companies, and responding to market cycles rather than predicting them [5][6]. - The Ruiyuan Insight Value series has shown a concentrated investment approach, with significant allocations in sectors like power equipment, media, and electronics [6]. - The fund's performance has been strong, with its flagship Ruiyuan Growth Value fund achieving nearly 60% returns year-to-date, driven by the excellent performance of its top holdings [9][10]. Group 4: Market Context and Implications - The trend of limiting subscriptions is seen as a protective measure for existing investors, ensuring that rapid inflows do not dilute returns or force fund managers to invest outside their expertise [12][13]. - Chen Guangming has expressed optimism about China's long-term economic competitiveness, suggesting that the capital market will eventually reflect this strength [7][8].

Group 1 - The core viewpoint of the articles highlights the clear investment strategies of fund managers in a volatile market, focusing on long-term value assets in sectors like AI, pharmaceuticals, and high-end manufacturing [1][2][5] - The mid-year reports reveal a complete picture of fund holdings, showcasing "invisible heavyweights" that reflect fund managers' long-term preferences, with significant investments in technology and blue-chip companies [2][4] - Internal employee purchases of funds signal confidence in their own products, with notable increases in holdings across several high-performing funds, indicating a positive market sentiment [4] Group 2 - Fund managers are shifting their focus from market sentiment to corporate fundamentals, with a consensus on the high cost-performance ratio of equity assets, particularly in sectors with high growth potential like pharmaceuticals and new energy [5][6] - Emphasis on safety margins and reliable cash flow predictions is crucial for reducing investment errors, with a belief that both traditional and emerging industries offer good investment opportunities [6]

Core Viewpoint - The departure of several star fund managers has prompted the industry to reflect on its reliance on individual reputations, signaling a shift from a "star era" to a "platform era" in public funds [1][7][14]. Group 1: Impact of Departures - The exit of key fund managers like Qiu Dongrong has led to significant scale fluctuations and performance challenges for their respective firms, highlighting the risks of depending on individual managers [1][3]. - After Qiu Dongrong's departure, the total assets under management at Zhonggeng Fund dropped from 189.72 billion to 116.07 billion, a year-on-year decrease of 38.82% [4]. - Other firms, such as Yuanxin Yongfeng Fund, also experienced a decline in total scale after the departure of manager Fan Yan, with a reduction from 356 billion to 323.81 billion [5]. Group 2: Industry Reflection and Changes - The industry is recognizing the need to rebuild trust in research teams and platforms rather than relying solely on star managers, as evidenced by the shift in investor sentiment [1][7]. - A trend towards team-based management is emerging, with firms increasingly hiring multiple managers for funds to ensure continuity and stability [9][10]. - The number of funds announcing the hiring of additional managers has surged, with 267 announcements made this year alone [10]. Group 3: Regulatory and Strategic Shifts - Regulatory bodies have long been concerned about the "star phenomenon" in public funds, advocating for a transition to a more team-oriented and platform-based investment approach [13][14]. - The industry is moving towards a "platform era," where the focus is on collective team performance rather than individual star managers, as seen in the strategies of firms like Zhonggeng and Zhongou [16]. - The emphasis on team capabilities and a comprehensive investment research framework is becoming a priority for firms, aligning with regulatory expectations [12][16].