--- title: "Equity scale shrinks, still losing 24.8 billion after five and a half years! What's wrong with Tianzhuifu?" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/43445142.md" description: "Hui Tianfu Fund, known as the "stock selection expert," is undergoing a series of intensive adjustments. On August 12, Hui Tianfu Fund announced changes in fund managers for two equity products: Sun Hao transferred management of the CSI State-owned Enterprises Belt and Road ETF Feeder Fund to Di Zexu; Le Wuqiong will no longer manage the Hui Tianfu Hang Seng Biotech ETF Feeder Fund. Prior to this, core fund manager Guo Beibei stepped down from managing 16 products in five batches over 36 days..." datetime: "2026-08-18T00:41:57.000Z" locales: - [en](https://longbridge.com/en/topics/43445142.md) - [zh-CN](https://longbridge.com/zh-CN/topics/43445142.md) - [zh-HK](https://longbridge.com/zh-HK/topics/43445142.md) author: "[侃见财经](https://longbridge.com/en/profiles/3206955.md)" --- # Equity scale shrinks, still losing 24.8 billion after five and a half years! What's wrong with Tianzhuifu? Huitianfu Fund, hailed as the "Stock Picking Expert," is undergoing a round of intensive adjustments. On August 12, Huitianfu Fund successively announced two changes in fund managers for equity products: Sun Hao transferred management of the CSI State-owned Enterprises Belt and Road ETF Feeder Fund to Di Zexu; Le Wuqiong no longer manages the Huitianfu Hang Seng Biotech ETF Feeder Fund. Prior to this, core fund manager Guo Beibei stepped down from managing 16 products in five batches over 36 days, reducing her managed scale from 48.147 billion yuan to zero; Le Wuqiong has stepped down from six ETFs and their feeder funds since July; products managed by fund managers such as Sun Hao have also seen varying degrees of adjustment. Why is Huitianfu concentrating on adjusting the fund managers managing its products? This is linked to the sustained pressure on the performance of its equity investment line. Data shows that as of the end of Q2 2026, Huitianfu's total fund management scale exceeded 1.2 trillion yuan, ranking 7th in the industry, firmly among the top public funds. However, from 2021 to the end of Q2 2026, Huitianfu's cumulative losses in equity products reached as high as 24.8 billion yuan. Among the nine top public funds with equity profits exceeding 50 billion yuan during the same period, it was the only institution that failed to turn a profit on its cumulative equity profits over a long period of five and a half years. With its management scale reaching historical highs, yet its equity investment performance struggling to emerge from the mire of losses, it is evident that Huitianfu is gradually distancing itself from the "Stock Picking Expert" label bestowed by the market. **The Birth of the "Stock Picking Expert"** Huitianfu Fund was established in February 2005, jointly initiated by Orient Securities, Wen Hui Xin Min United Press Group, and China Eastern Financial Holdings. According to available information, Huitianfu's founding team included Lin Lijun, Li Wen, and Zhang Hui. When Lin Lijun served as the first general manager at the young age of 32, he was one of the youngest fund company general managers in the industry at that time. The company's first product, Huitianfu Advantage Select Mixed Fund, was launched in June 2005. At that time, the Shanghai Composite Index had fallen below 1,000 points, hitting a new low since 2000, yet the initial fundraising scale of this fund still reached 1.03 billion yuan, setting a new record for new fund fundraising at the time. The positioning as the "Stock Picking Expert" was established during Lin Lijun's tenure. During his term, Lin publicly stated that Huitianfu aimed to build itself into the "Stock Picking Expert of the Chinese Securities Market," viewing equity investment capability as the company's core competitiveness and moat. Thus, Huitianfu's investment philosophy took shape: based on in-depth fundamental analysis of enterprises, screening for high-quality targets, following market trends, and adhering to medium-to-long-term layouts. This positioning garnered significant recognition from investors. In its second year of establishment, Huitianfu's managed scale exceeded 10 billion yuan; in the third year, it climbed to 76 billion yuan; and in 2014, its scale crossed the 100 billion yuan mark for the first time. According to statistics from the Fund Research Center of Galaxy Securities, as of the end of 2015, the average performance of Huitianfu's equity funds over the past 1, 3, and 5 years ranked among the top fifteen fund companies in the industry. In April 2015, Lin Lijun left Huitianfu, and founding team member Zhang Hui succeeded him as general manager. Public records show that Zhang Hui graduated from Shanghai University of Finance and Economics in 1997, subsequently working as an analyst at Shenwan Hongyuan Research Institute, research supervisor and fund manager at Fullgoal Fund, and participated in co-founding Huitianfu in 2005, primarily responsible for building the investment and research system within the founding team. During Zhang Hui's ten-year leadership, the "Stock Picking Expert" became Huitianfu's most recognizable external label. This label was not created out of thin air but relied on a complete institutional design. The first layer was Huitianfu's pioneering "vertical integration" investment and research system in the industry. From an organizational structure perspective, this system horizontally unified and coordinated the research team, while vertically dividing it into multiple investment and research groups by industry. Industry directors, fund managers, and researchers were connected level by level. Long-growth tracks such as pharmaceuticals, consumer goods, and TMT each formed independent investment and research teams. Taking the pharmaceutical track as an example, Huitianfu's pharmaceutical investment and research team has more than ten members, including senior industry directors and fund managers, as well as young researchers recruited through campus hiring. Its managed products cover early pharmaceutical industry funds in the industry, global healthcare QDIIs, pharmaceutical dedicated accounts, and equity investment projects. Zhang Hui once clearly articulated the goal of this system: relying on platform strength rather than individual efforts, transforming tracks with long-term growth potential into distinctive active equity features, and building competitive barriers. The core logic of this architecture is to 沉淀 (precipitate/accumulate) research capabilities within the organizational platform rather than attaching them to individuals. Independent industry groups can continuously cultivate niche fields, minimizing the risk of a 断层 (break/disconnect) in track research capabilities even if personnel turnover occurs. After the stable operation of the investment and research system, the talent cultivation approach was reshaped accordingly: industry groups needed professional researchers who could deeply cultivate a single track. Such talents are difficult to recruit in large quantities directly from the external market, making internal cultivation an important path, which constitutes the second layer of support for the entire system. Since its establishment in 2005, Huitianfu has persisted in recruiting fresh graduates from top domestic and international universities, focusing mainly on autonomous cultivation. Individuals like Lao Jienan, Hu Xinxin, and Yang Jin all joined Huitianfu directly after graduation and were cultivated step-by-step by the company into well-known fund managers. The cultivation mechanism also formed standard procedures: new employees were not subjected to short-term performance pressure in the early stages of employment; assessments were conducted only after a relatively long period of accumulation. The investment and research system transformed the "Stock Picking Expert" into organizational capability, and the talent cultivation mechanism then grounded this organizational capability onto the investment and research personnel. The two systems complemented each other, jointly solidifying the foundation of the label. Relying on this system, Huitianfu 迎来了 (welcomed/reached) its developmental peak in 2021. As of the end of Q2 2021, Huitianfu's mixed fund scale reached 341.336 billion yuan, setting a historical peak; from 2020 to 2021, the company densely issued new products in consumer, pharmaceutical, and technology tracks. The managed scales of fund managers such as Lao Jienan and Hu Xinxin expanded significantly, and its active equity scale firmly remained in the first tier of the industry. **Rapid Fall from Grace** Looking back, the model that achieved the "Stock Picking Expert" status was an important support during market upswings, but its inherent constraints gradually manifested during market corrections. In the second half of 2021, market styles shifted, and valuations for track stocks began a long-term correction, with the hidden constraints of the model appearing one by one. The first constraint is rooted in the vertical integration architecture: research resources are deeply concentrated in various industry groups. The pharmaceutical, consumer, and TMT teams operate independently and output products independently, meaning products are naturally bound to specific tracks. The deeper the research, the higher the risk exposure of the investment portfolio in a single industry. Huitianfu's active equity products are mainly industry-themed funds, and the fund managers' circles of competence are highly bound to track prosperity. The research depth brought by the system directly evolved into a high degree of concentration in investment style. The second constraint lies in the path of scale expansion, further amplifying the impact of concentrated holdings. From 2020 to 2021, the track 行情 (market trend) continued to strengthen, and rising fund net values attracted massive capital subscriptions, continuously pushing up the managed scale. Huitianfu's highest scale point coincided exactly with the relatively high valuation of the tracks. The scale was catalyzed by net value increases; once net values adjusted, redemption pressures would also appear quickly. From this perspective, the scale base at the peak of the "Stock Picking Expert" era was built on a foundation of high dependence on market conditions. The third constraint falls on the talent level. Fund managers cultivated by the vertical integration system had long cultivated a single track during their researcher phase, binding their circles of competence deeply to the track. When industry prosperity declined, Huitianfu's room for adjustment was very limited: replacing fund managers meant the new personnel came from the same cultivation system, sharing similar track capability characteristics; adjusting products meant many products themselves were positioned as industry-themed funds. After various constraints manifested centrally, Huitianfu began to bear the pressure brought by the model. The impact was first reflected in performance. From 2021 to 2023, Huitianfu's equity products suffered losses for three consecutive years, with cumulative losses reaching 140 billion yuan. These losses occurred during the peak stage of active equity scale, where the huge scale base further amplified the total loss amount brought by drawdowns. Continuously weakening performance quickly transmitted to managed scale. Huitianfu's mixed fund scale fell from 341.336 billion yuan at the end of Q2 2021 to 203.741 billion yuan at the end of Q2 2026, a decline of over 40%. Scale contraction made it harder to repair fund net values: although the company's equity products achieved profitability for two consecutive years in 2024 and 2025, as of the end of Q2 2026, the cumulative loss over five and a half years of 24.8 billion yuan had not yet been wiped out. After scale shrinkage, Huitianfu's business structure adjusted accordingly, with resource layout directions gradually tilting towards categories other than active equity. Data shows that Huitianfu's index fund scale increased from 102.243 billion yuan in 2022 to 221.118 billion yuan in 2025, growing by nearly 90 billion yuan in just 2025 alone; as of the end of June 2026, the combined scale of stock-type and mixed funds was approximately 395.76 billion yuan, only 29.665 billion yuan higher than bond funds. Fixed-income business had already become an important component of the company's scale base. Part of the change in scale structure stemmed from redemptions encountered by active equity products; the company used index and fixed-income products to fill the scale gap. Under long-term evolution, the focus of resource allocation and product layout gradually diverged from the development path of the past "Stock Picking Expert." **Conclusion** In 2025, Huitianfu Fund celebrated its 20th anniversary. In public statements, Huitianfu still maintained the positioning related to the "Stock Picking Expert," stating its commitment to continuing to deeply cultivate the field of active equity investment. At least from an official standpoint, the label of "Stock Picking Expert" is still being continuously mentioned. However, the relevant conditions bearing this positioning are continuously changing. Adjustments in scale structure, product layout, and talent positions mean that the active equity line, which once supported the development of the "Stock Picking Expert," is undergoing continuous evolution. The problems faced by Huitianfu should not be simply attributed to the failure of stock-picking ability. The core contradiction lies in the fact that the company's current operational form is gradually becoming misaligned with the development soil required for the "Stock Picking Expert" in market perception. Although the investment and research system and talent cultivation mechanisms continue to operate, the scale of the active equity business bearing this system continues to shrink, and the focus of resource allocation has shifted. Comprehensively speaking, Huitianfu Fund, hailed by the market as the "Stock Picking Expert," is gradually distancing itself from this label bestowed by the market.