Veteran Public Fund Manager Fu Youxing Steps Down: 24-Year Investment Research Journey Concludes, New Fund Manager Takes Over for Steady Progress

GF Fund recently announced that veteran fund manager Fu Youxing has officially resigned, along with all the public funds he managed. As a seasoned professional with over 20 years in the public fund industry, Fu Youxing’s departure has attracted widespread market attention. His longest-managed fund, GF Steady Growth Fund, has achieved a total return of 1271.15% since its inception in 2004, with an annualized return of 12.86%, standing out among balanced equity and bond funds.

Public information shows that Fu Youxing’s public fund career began in 2002. He has worked at Tiantong Fund (now Wanjia Fund) and GF Fund, holding positions such as researcher, general manager of the Research and Development Department, and deputy general manager of the Equity Investment Department. Since becoming a fund manager in 2013, he has managed assets totaling over 10 billion yuan for a long period, with GF Steady Growth Fund managed for over 11 years. During his tenure, the fund’s annualized volatility was controlled at 17.87%, demonstrating a steady investment style.

The successor arrangement was initiated several months in advance. GF Steady Growth Fund will be managed solely by Zhou Zhishuo, who has been co-managing the fund with Fu Youxing since August 28, 2025. Zhou Zhishuo has 16 years of securities industry experience, including 7 years managing public funds. His investment framework centers on “risk-reward ratio,” employing strict risk control measures to limit portfolio drawdowns. Another product, GF Ruyang 3-Year Fixed Open Fund, is managed by Wang Ruidong, who has been co-managing since November 5, 2025. Wang Ruidong has 13.5 years of securities experience, over 10 years at GF Fund, and his investment style is heavily influenced by Fu Youxing, emphasizing diversified allocation.

From an investment strategy perspective, both new fund managers highlight the importance of valuation management. Zhou Zhishuo stated that he will continue to identify high-quality companies with better-than-expected profit margins through fundamental research, aiming for excess returns while controlling risks. His style focuses on bottom-up stock selection, with strict warning lines for potential losses on each trade. Wang Ruidong continues the diversification approach, holding positions across industries such as mining, internet, consumer goods, and military, to reduce sector-specific volatility. By the end of 2025, the GF Balanced Value Fund managed by him achieved a 50% return in the past year and an 18% return over three years.

In the field of innovative drugs, Wang Ruidong has demonstrated a unique investment logic. He believes that although the industry has long-term growth potential, it faces challenges such as long R&D cycles and complex valuation assumptions. Therefore, he adopts a “top-tier concentration” strategy, focusing on large pharmaceutical companies with strong commercialization capabilities and reducing exposure to small- and medium-sized innovative drug firms. This strategy has yielded significant gains early in 2026, with the GF Balanced Select Fund achieving a 15% return year-to-date.