Yongyingsharp Vision Growth Absorbs 5.8 Billion in 9 Days; Can Li Wenbin Create Doubled Returns for 230,000 Fund Holders Again?

Listing | Company Research Laboratory Fund Group

Text | Zhang Yang

Recently, FOF funds have frequently launched “one-day sold-out” hot products, and active equity funds are also not willing to fall behind.

On March 11, Yongying Ruijian Growth Hybrid announced that the fund set a new record for active equity funds in 2022 with a subscription scale of 230,000 accounts.

In just nine days, it raised over 5.8 billion yuan, demonstrating market investors’ recognition of Yongying Fund’s performance over the past year.

By 2025, Yongying Fund, with its extreme track record approach, became the biggest dark horse in public funds, with assets under management growing by over 120 billion yuan in one year, making a remarkable breakthrough in the active equity track.

However, behind the rapid growth in size and performance, issues such as young fund managers, style drift, and high-risk bets may pose hidden risks to its continued development.

Controversies surrounding Yongying’s investment model have also sparked intense discussions among investors, reflecting the industry’s difficult balance between innovation and stability.

Raised nearly 5.9 billion yuan in 9 days, with over 200,000 subscription accounts

On March 11, Yongying Ruijian Growth Hybrid Fund announced that the fund’s issuance scale reached 5.867 billion yuan, with a total of 230,427 valid subscription accounts. Not only is it the active equity fund with the most subscriptions since 2022, but it is also the latest product in the past three years to surpass 200,000 subscription accounts after Quanguo Xuyuan Three-Year Holding Hybrid.

Yongying Ruijian Growth started fundraising on February 6 and closed on March 6, taking only nine days. The nearly 5.9 billion yuan raised in nine days indicates strong investor confidence in Yongying Fund.

The acting fund manager for Yongying Ruijian Growth is Li Wenbin. Public information shows that Li Wenbin has over 15 years of securities experience and 8 years of fund management experience. He initially worked in real enterprises before transitioning into finance, serving as an analyst at Bank of China International and Huatai Asset Management. He joined Wanjia Fund in 2015 and began his fund management career in 2017. He joined Yongying Fund in 2024 and is currently co-general manager of the company’s equity investment department.

Based on past experience, Li Wenbin is one of the few fund managers with a combined background in real industry, securities firms, and public funds.

According to Wind data, including the latest Yongying Ruijian Growth, Li Wenbin manages a total of five funds with a combined scale of 10.518 billion yuan.

Since joining Yongying in 2024, Li Wenbin has successfully created two double-return funds within just over a year. Among them, Yongying Technology Driven A, managed since September 9, 2024, has achieved a return of 166.84% as of March 11, 2026, with an annualized return of 92.04%. Another product, Yongying Ruijian Aggressive, established on January 23, 2025, has returned 116.96%, with an annualized return of 98.28%.

In a recent interview, Li Wenbin stated that the new fund, Yongying Ruijian Growth, is a technology growth-oriented product, mainly investing in three directions:

First, in industries with a trend from 1 to 10, such as artificial intelligence, innovative drugs, semiconductors, high-end equipment, and military industry.

Second, in fields at the stage of from 0 to 1 development, such as solid-state batteries, commercial spaceflight, and embodied intelligence.

Third, in industries driven by policies or industry-led profit turning points, such as the “anti-involution” midstream manufacturing sector, and policy-driven sectors like “Two New” and “Two Heavy.”

“Smart Selection” series breaks through and attracts funds, extreme track approach creates a dark horse in public funds

Yongying Fund was established in November 2013, making it the 86th public fund institution in China. Initially, its core advantage was fixed income, with average equity investment performance being moderate. A decade ago, it was still a “small transparent” in the industry; by the end of 2016, its total management scale was only 4.3 billion yuan, ranking 90th.

Since late 2020, Yongying Fund has begun to turn the tide. Data shows that at the end of 2020, its management scale was less than 190 billion yuan, ranking 30th in the industry; by the end of 2025, it soared to 626.5 billion yuan, a 2.3-fold increase from 2020, jumping to 23rd place. Among them, the scale of hybrid funds grew particularly rapidly, from 16.5 billion to 124.4 billion yuan, a 6.5-fold increase.

The core driver of this turnaround is Yongying’s “Smart Selection” series. In the context of active equity funds waning compared to index investing, by 2025, this series successfully broke through and became a popular product in the industry.

Currently, the “Smart Selection” series has 16 products, including 6 launched in 2025, with a total of 74.1 billion yuan attracted throughout the year. Performance-wise, the series has shown excellent results: among 10 products with full-year performance data, only three had returns below 40%. Yongying Technology Smart Selection A achieved an annual return of 233.29%, winning the 2025 active equity fund performance championship.

This impressive achievement stems from Yongying’s extreme track-focused approach.

The “Smart Selection” series can be seen as a new “species” between active and passive funds—retaining the clear thematic ETF index fund advantages, such as a well-defined track and positioning, while attempting to generate excess returns through active management.

In emerging industries like artificial intelligence and humanoid robots, index compilation often lags behind, whereas active management can position ahead of the curve, precisely meeting retail investors’ demand for “precise bets.”

Operationally, Yongying’s “Smart Selection” series adopts an extremely concentrated holding strategy, aligning with the explosive growth of sectors like AI, semiconductors, and satellite internet in 2025.

Data at the end of 2025 shows that among the 16 funds, only one has a weighting of less than 60% in its top ten holdings, while seven have over 70%. By focusing heavily on technology sectors, these funds have achieved remarkable performance in a structurally and unilaterally rising market.

Regarding this approach, investor opinions are polarized. Supporters see it as an innovative breakthrough in the industry.

For example, some investors say: “The public fund market needs this kind of breakthrough and innovation. Being brave enough to innovate is a kind of courage worth recognizing and learning from. Conversely, funds that claim to be hybrid but secretly bet on one direction—that’s irresponsible to investors, basically gambling. This transparent approach is a tool; everyone knows what they are buying.”

Another investor shares the same view, stating: “This strategy is correct. It compensates for the lack of industry ETFs in emerging sectors. You can’t call a heavy position in liquor a ‘consumption style,’ but heavy bets on emerging industries are just gambling.”

During industry upcycles, Yongying creates a positive cycle: precise sector selection leads to excellent performance, attracting more capital, which then increases the fund size and further reinforces sector bets, fueling further performance growth.

Over the past two years, Yongying has become an industry dark horse with this strategy, ranking among the top players, and providing a breakthrough model for small- and medium-sized fund companies.

Young managers + style drift, regulatory challenges ahead

While size and performance have soared, hidden risks lurk behind Yongying’s extreme track approach. Issues such as young fund managers, style drift crossing compliance boundaries, and high-risk bets causing performance volatility could threaten its continued growth. Historical experience shows that such extreme concentrated investments often follow the “profit and loss are two sides of the same coin” rule.

Wind data shows that Yongying currently has 49 fund managers, with an average tenure of 3.92 years—below the industry average of 5.04 years. The longest-serving manager, Li Wenbin, has only 8.58 years of experience.

Among the 11 managers handling the “Smart Selection” series, only two have more than five years of management experience, and eight have less than three years. This means most of the team has not experienced a full bull-bear cycle.

Industry insiders believe that in bullish markets, young fund managers can achieve short-term performance breakthroughs thanks to their keen sector insights. However, once market styles shift, the stability of their performance becomes a big question mark.

Regarding the youth of fund managers, investor opinions vary: some believe veteran managers are outdated; others worry about the sustainability of sector bets. Many cite past experiences in new energy and chip sectors, warning of risks behind high returns.

Extreme bets also lead to high volatility and drawdowns in the “Smart Selection” series. Profit and loss are intertwined; while high returns are attractive, they come with significant fluctuation risks.

Wind data shows that in the past year, the series experienced drawdowns generally between 20% and 30%, with Yongying Medical Innovation Smart Selection A suffering a maximum drawdown of 30.15% over the past year.

Industry experts say these drawdowns often result from technical adjustments after crowded trades. If industry trends change, high-valuation sectors can cause net asset value to plummet. Fund companies rely on management fees to cushion losses, but ultimately, investors bear the risks. More concerning is that some Yongying products have experienced style drift or even crossed compliance boundaries, with investors complaining about holdings shifting to related sectors like advanced manufacturing.

One investor commented: “I bought Yongying New Energy before, and when the sector surged recently, my holdings declined. Turns out, the holdings are exactly the same as in advanced manufacturing, and it was just rebalanced. They took over my original battery-related holdings.”

The implementation of the “Guidelines for Performance Benchmarks of Publicly Offered Securities Investment Funds” in March 2026 directly targets style drift issues. The new regulation requires fund managers to establish an internal control system anchored to a performance benchmark, which, once set, cannot be changed at will. This will impose strict constraints on style drift operations like those of Yongying.

Over the past decade, Yongying Fund has risen from outside the top 80 to within the top 30, thanks to its extreme track approach, providing a model for industry innovation. However, the core competitiveness of public funds ultimately lies in long-term, stable investment research capabilities. Issues such as young fund managers, style drift, and high volatility could hinder sustainable development.

For Yongying, balancing innovation with stability, building a resilient research team capable of navigating bull and bear markets, and creating long-term value for investors are key to transforming from a “dark horse” into a “giant.” For investors, while chasing high returns, it is essential to recognize risks and avoid becoming the market’s “bag holder.”