"Her Strength" | Yin Hua Fund's Feng Fan: Using Women's Resilience to Strengthen the Fixed Income+ Investment Defense Line

In traditional understanding, strength is often associated with rigidity and sharpness, but the capital markets are never short of sharpness. Female fund managers are redefining professional strength through a combination of firmness and flexibility. The current “her power” precisely breaks this binary opposition—firmness means adhering to principles and bottom lines, while flexibility signifies wisdom and guidance. Together, they forge an investment path that balances strength and warmth between net value curves and long-term value.

“If I had to describe my investment style in one word, it would be ‘systematic,’” summarizes Feng Fan of Yinhua Fund. By establishing a complete and effective strategy system and management process, she strives for the long-term steady operation of her investment portfolio. On one hand, she adopts a top-down perspective, comparing major asset classes within a well-rounded allocation framework. On the other hand, within specific assets, she uses quantitative methods to pursue stable excess returns under rules-based and systematic strategies.

Yinhua Fund Feng Fan

Since entering the industry in 2013, Feng Fan has accumulated over 12 years of experience, with more than 5 years as a fund manager. She has been deeply engaged in the “Fixed Income+” field. Using a portfolio perspective combined with quantitative techniques, she pursues long-term, stable, and effective systematic management, committed to doing things with probabilistic advantages. She currently serves as the manager of the Yinhua Enhanced Income Fund and the prospective manager of the Yinhua Qiyuan Bond Fund.

She believes investing is a long journey, and women’s resilience and meticulousness serve as a nurturing spring breeze. Her years of experience have made her more aware than many that “risk control” is the core prerequisite for achieving long-term goals, occupying an important position in her portfolio management system.

In her long-term investment practice, she divides risk control into a full-process management covering pre-, during-, and post-investment stages. Through objective and effective quantitative systems and processes, she strives to manage risks effectively.

“I always believe in Yinhua’s principle of ‘doing the right long-term things,’ focusing on the long term and doing well in the present, which resolves many confusions,” she says. Market fluctuations inevitably bring phased investment pressures, mainly from two sources: first, the impact of short-term performance on mindset; second, the increasing responsibilities to clients as the scale grows.

Simply “being open-minded” cannot resolve these pressures. — In Feng Fan’s view, pressure essentially stems from anxiety caused by a lack of capability when facing challenges. Her approach is to make positive breakthroughs—by solving problems and accumulating skills, the pressure will naturally diminish. Short-term returns are somewhat random, but long-term gains can be pursued through systematic and rules-based portfolio management and strategy construction.

Feng Fan reflects: I really enjoy the state of “working hard in good weather and reading in rainy days.” When under pressure, it’s even more important to focus on refining strategies and deepening understanding. Building investment cognition and systems is not about patching up at the last minute but about doing the groundwork in advance. This not only disperses anxiety but also provides a sense of control over long-term performance, leading to a truly grounded inner peace.

Feng Fan points out that by 2026, the relative gap between assets may converge, perhaps no longer as distinctly divided as in 2025. Therefore, we need to abandon one-sided bullish or bearish thinking and strive to optimize asset allocation and segment strategies at each stage for excess returns.

In 2025, equity assets have experienced the first half of valuation logic, while 2026 will enter the second half of valuation logic and the first half of profit logic. As a result, structural features will become more balanced. For quantitative strategies, such an environment is actually more conducive to pursuing excess returns, as more systematic and refined stock-picking strategies will demonstrate their competitiveness.

Under a systematic management system of “portfolio perspective + quantitative methods,” the future will actively embrace AI tools to enhance research efficiency and optimize workflows.

Message:

We firmly believe in the “10,000-hour rule”—continuously iterating in a dynamic market rather than passively responding to problems. In this process, aligned goals, clear division of labor, and high-level collaboration are key to maintaining our team’s competitiveness.

In the future, I will continue to focus on doing my best, staying true to my original intention, and making the most of my time. Investing is a curve that reflects values; it may not be booming, but I hope it remains evergreen.

Text by Xu Nannan, Edited by Xu Nan

(Edited by Xu Nannan)

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