51 "Ten-Bagger" Returns Break Records Long-Distance Runners Hold Three Key Winning Strategies

Recently, the public fund market has seen two major signals: first, the Wind偏股混合型基金指数 (Wind Partial Equity Hybrid Fund Index) has broken through the 2021 February historical high; second, as of May 8, among all active equity funds with a history of over 10 years (hereinafter referred to as “market sample funds”), 72 funds have achieved returns of over 10 times since inception, surpassing the level at the end of previous years.

Of particular note, 51 of these funds have set new historical records for returns since inception, becoming the spotlight “new high ten-bagger funds.”

This data not only marks the return of long-term value in active equity investments but also provides key samples for investors seeking the “long-term profit secret” amid ongoing uncertainty.

Through the data, it’s clear that these “new high ten-bagger funds” are not accidental winners but generally possess excellent team succession, strategies that uphold principles while innovating, and outstanding risk control capabilities.

“Ten-bagger” Expansion

Looking back historically, “ten-bagger” funds have been rare and hard-to-find gems in the public fund industry. In 2016, the number of active equity funds with over 10 times returns since inception was still single digits; by the 2021 peak of the Wind Partial Equity Hybrid Fund Index, this number grew to 61. As of May 8, this lineup has expanded to 72.

Further statistics show that among these 72 “ten-bagger” funds, 51 have achieved record-breaking returns since inception, demonstrating strong resilience in earnings.

From a return structure perspective, these “new high ten-bagger funds” display a clear pyramid shape. Manulife Growth, Huaxia Large Cap Select A, have returned over 45 times since inception, leading the market; Wofeng Tianrui Strong Selection A, Xingquan Trend Investment, and 6 other funds have returns between 20 and 35 times; E Fund Steady Growth, New China Select Dividend A, Guolian An Select, and 10 other funds are in the 15 to 20 times tier; Xingquan Global Vision, China Merchants Quality Growth, Caitong Value Momentum A, and 31 other funds are in the 10 to 15 times camp.

Team Succession

If performance is the appearance, then the management team behind it is the core engine. The birth of these “new high ten-bagger funds” is not an overnight event but the result of multiple bull and bear cycles’ accumulation. Data shows that over 70% of these funds were established before 2007, having fully navigated multiple major market fluctuations, honing their long-distance running ability amid ups and downs.

In this long “relay race,” there are two very different yet equally successful paths. One is the “lonely brave” long-termism, which is very rare. Among the 51 funds, only Morgan Emerging Power A’s Du Meng has managed alone for nearly 15 years. Data shows that since its establishment in 2011, the fund’s net value has experienced fluctuations but ultimately crossed cycles, reaching a cumulative return of 11.73 times as of May 8.

The other is the “relay race” style of passing the baton. Funds like Huaxia Classic Allocation and E Fund Strategy Growth, despite multiple changes in fund managers, have maintained performance continuity. Behind this is the platform advantage of large fund companies. Data shows that E Fund leads with 6 “new high ten-bagger funds,” while Huaxia Fund, Wofeng Fund, and Xingzheng Global Fund are also top performers. A strong research platform ensures that even if the “soul helmsman” departs, a mature research system, mentorship mechanisms, and unified investment philosophy allow the fund to continue on its established course.

It’s worth noting that small- and medium-sized active equity funds can also produce long-distance champions. Manulife Fund, Guolian An Fund, Golden Eagle Fund, Nord Fund, and others have successfully cultivated “new high ten-bagger funds” thanks to solid research strength. This fully proves that in the long-term investment track, deep research and cultivation are more important than mere scale expansion.

Upholding Principles and Innovating

If short-term surges are market emotion celebrations, then earning over ten times in more than a decade is a journey of patience, perseverance, and self-restraint.

Reviewing the net value curves of these “new high ten-bagger funds,” it’s easy to see that these “long-distance runners” rarely participate in short-term hot speculation or chasing trends. Instead, they focus on long-term deep cultivation, low turnover holdings, maintaining principles while innovating, and accumulating substantial returns through time compounding.

Data shows that from 2016 to 2025, these funds did not appear among the annual top performers in the public fund industry. They may not be the flashiest “short-distance champions” in any single year, but over a 10-year horizon, they are the most resilient long-term winners.

“Upholding principles” is the underlying logic of these top-tier fund managers. Take Zhong Ou New Blue Chip A managed by Zhou Weiwen of Zhong Ou Fund as an example: from 2016 to 2025, its annual maximum return never exceeded 75%, nor did it top the annual rankings. However, during market adjustments in 2018 and other years, its drawdown control was significantly better than the market average. By sticking to the “small wins lead to big wins” rhythm, it achieved over 10 times return since inception. This stability stems from adherence to the “good industry, good company, good price” investment framework. Even during the 2021 new energy boom and 2023 AI hot spots, Zhou Weiwen did not blindly cross sectors but focused on sectors like consumer, pharmaceuticals, and high-end manufacturing, which had been cultivated for years.

This restraint is also validated at the data level. The median annual turnover rate of these “new high ten-bagger funds” over the past five years has consistently been below the market average. In 2025, the median annual turnover rate of these 51 funds was 303.16%, significantly lower than the 361.88% median of all market sample funds, with some funds even below 100%. Low turnover reflects fund managers’ long-term locking of high-quality assets and rejection of frequent trading that erodes value. Looking at annual reports from 2016 to 2025, the top holdings of Morgan Alpha A, Huaxia Large Cap Select A, Huabao Flexible, and other “new high ten-bagger funds” appeared in their top holdings six times. This “watching over the ballast” of core assets is the best testament to respect for the circle of competence and long-termism.

The secret to the success of these “new high ten-bagger funds” lies not only in “upholding principles” inwardly but also in “adapting to the times” outwardly. They do not stagnate but continuously resonate with China’s economic transformation, keenly capturing every wave—from consumption upgrades to breakthroughs in big tech, from high-end manufacturing to energy revolution.

Take CITIC Prudential Cycle Rotation A as an example: at the end of 2018, it decisively locked its top holding in food and beverages, accurately grasping the upward trend of consumer stocks. From 2019 to 2021, the fund continued to rise, with a return of 7.57 times by the end of 2021. By the end of 2021, its top three sectors shifted to electronics, electrical equipment, and machinery; by the end of 2024, they further optimized to power equipment, electronics, and communications, actively embracing new energy and high-tech opportunities under the “dual carbon” background, achieving a significant leap in net value. As of May 8, its total return since inception reached 11.52 times.

The ability to stay within one’s circle of competence while keeping pace with industry waves—this dialectical unity of “upholding principles” and “innovating outward”—is the core secret for “new high ten-bagger funds” to cycle through periods and keep setting new highs.

Outstanding Risk Control

During market downturns, the “long-distance runners” behind these “new high ten-bagger funds” demonstrate strong defensive capabilities. They can buffer declines through precise position adjustments and maintain steady net value with high win rates in annual profits. This “controllable drawdown + long-term stability” dual trait is the core “safety cushion” enabling them to traverse bull and bear markets and achieve tenfold returns.

Data shows that in 2018 and 2022, two years of significant market adjustments, the median maximum drawdown of these funds was lower than that of all market sample funds.

This resilience is closely related to forward-looking position adjustments at market highs. For example, in 2018, facing the downward pressure throughout the year, these 51 funds reduced their median stock holdings to 76.9% at year-end, the lowest in nearly a decade. Some funds even cut stock positions below 50%, increasing bonds and cash to buffer market shocks. A typical example is GF Steady Growth A, whose stock position at the end of 2018 was only 40.67%, among the lowest in nearly 10 years, with a maximum drawdown of 14.33%.

Profit stability further demonstrates robust risk management. Data shows that 66.67% of these “new high ten-bagger funds” had a profit percentage (years of profit over 10 years) exceeding 60%, significantly higher than the 56.54% of all market sample funds over the same period. Among them, E Fund Rui Xiang I, Huashang Advantage Industry A, Hu’an Technology Power A, and others reached 80%, meaning they achieved positive returns in 8 out of 10 years, with a very high win rate. Seven other funds, such as Changsheng Growth Value A and Invesco Great Wall Select, also achieved a 70% high win rate. Through the cumulative effect of “less loss, more gain,” these funds gradually widen the gap with the market over the long run, embodying the investment philosophy that “slow is fast.”