What happened to this veteran equity fund manager as the fund manager changed frequently?

Is there a correlation between AI, performance fluctuations, and manager changes?

In less than a month, four funds managed by Fu Juan have changed fund managers.

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Investment Time Network, Punctuation Finance Researcher Yu Shun’an

Renowned fund manager Fu Juan of Shenwan Lingxin Fund has experienced changes again.

On March 18, Shenwan Lingxin Fund issued three announcements of fund manager changes, two of which are related to products managed by Fu Juan. One, Shenwan Lingxin Lecheng (017063), announced the appointment of Gao Fu as co-manager alongside Fu Juan; the other, Shenwan Lingxin Intelligent Drive (005825), saw Fu Juan step down as fund manager on March 18, 2026, due to business development needs, while continuing to serve as fund manager for other products.

On March 18, Fu Juan’s management of 2 funds changed fund managers

Source: Fund Announcements

What caught the attention of Investment Time Network and Punctuation Finance researchers is that, just half a month ago, two other funds related to Fu Juan also experienced fund manager changes. According to the announcement on March 5, Shenwan Lingxin Xingle Youxuan (016105) appointed Lou Zhouxin as co-manager alongside Fu Juan; on the same day, Fu Juan resigned as fund manager of Shenwan Lingxin Lerong One Year Holding (015630), citing “business development needs” as the reason.

In less than a month, multiple products managed by Fu Juan have changed fund managers. What adjustments are behind these frequent changes?

As a veteran equity investor and a key figure at Shenwan Lingxin Fund, Fu Juan’s every move attracts market attention.

Public information shows that Fu Juan has been engaged in finance since 2006, having worked at Shanghai ShenYin WanGuo Securities Research Institute and Agricultural Bank of China HuiLi Fund. According to Wind data, during her tenure at HuiLi Fund, Fu Juan managed three funds, with the flagship product being HuiLi Consumer Theme (660012), which she managed for seven and a half years, achieving a return of over 170%, outperforming the benchmark by 115 percentage points.

In July 2020, Fu Juan joined Shenwan Lingxin Fund, subsequently launching multiple funds including Shenwan Lingxin LeXiang (011488), Shenwan Lingxin LeDao Three-Year Holding (012051), Shenwan Lingxin Intelligent Vehicles (012210), and Shenwan Lingxin LeTong (013085). Since joining Shenwan Lingxin, Fu Juan has participated in managing 11 public funds, with a peak management scale exceeding 10 billion yuan.

Management scale of public funds managed by Fu Juan in recent years

Source: Wind

During this period, Fu Juan faced criticism for “timing out” and poor performance. Wind data shows that Shenwan Lingxin LeDao Three-Year Holding, established on June 10, 2021, was initially managed solely by Fu Juan, but on June 15, 2023, Liang Guozhu was added as co-manager. On August 6, 2024, Fu Juan resigned as fund manager, with a return of -34.91%.

Additionally, on October 10, 2024, Fu Juan resigned as fund manager of Shenwan Lingxin Intelligent Vehicles, which also performed poorly with a return of -34.86%. Before her resignation, this fund recorded negative returns in 2022 and 2023.

Currently, Fu Juan is the head of the Equity Investment Department and Research Department at Shenwan Lingxin Fund, as well as a fund manager and investment manager. After this resignation, she still manages five public funds with a total scale of 3.429 billion yuan (as of Q4 2025).

Keywords: Shenwan Lingxin Lecheng (017063) | Shenwan Lingxin Intelligent Drive (005825) | Shenwan Lingxin Xingle Youxuan (016105) | Shenwan Lingxin Lerong One Year Holding (015630) | Shenwan Lingxin Intelligent Vehicles (012210)

Author’s note: Personal opinions are for reference only.