Behind Fuguo Fund's achievement of over 105 billion yuan in profit for 2025 and an asset scale surging to 1.3 trillion yuan lies a predicament: its active equity scale has shrunk by 100 billion yuan over four years, star fund managers have departed successively, and numerous mini-funds have been liquidated in batches.

Throughout 2025, funds under Fuguo Fund generated profits exceeding 105 billion yuan for investors, with active equity products contributing 56.6 billion yuan. The Fuguo CSI Hong Kong Stock Connect Internet ETF saw its shares surpass 100 billion, becoming the top "money magnet." However, behind this spotlight, the active equity scale evaporated over 100 billion yuan in four years. Furthermore, its funds incurred losses exceeding 100 billion yuan from 2022 to 2023, and six fund products were liquidated successively in 2025.

It is noteworthy that in recent years, several core fund managers at Fuguo Fund have left one after another. Liu Xingwang, known as the potential top manager in secondary bonds, and Ning Jun, a QDII star, both retired in November 2025. External talents like Fan Yan were appointed amidst challenges, but their performance has so far been mediocre, and the effectiveness of the research team reshuffle remains to be observed. The Fuguo Tianhui Chengzhang Mixed (LOF) C has underperformed its peers by 18 percentage points over the past year and nearly 30 percentage points over the past two years, slightly tarnishing the "evergreen" halo of manager Zhu Shaoxing.

According to Wind data, Fuguo Fund's products realized total profits of over 105 billion yuan for investors in 2025, with active equity products collectively earning 56.61 billion yuan.

An analysis reveals that the top-performing funds in terms of profitability were Fuguo Tianhui Jingxuan Chengzhang Mixed (LOF) A/B, Fuguo Xinxing Chanye Stock A, Fuguo Chuangxin Keji Mixed A, Fuguo Wenjun Zengzhang Mixed A, Fuguo Zhongxiaopan Jingxuan Mixed A, Fuguo Hu Gangshen Yeji Qudong Mixed A, Fuguo Junheng Youxuan Mixed, Fuguo Hulian Keji Stock A, Fuguo Tianrui Qiangshi Jingxuan Mixed A, and Fuguo Chuangxin Qushi Stock A, with profits of 4.349 billion yuan, 4.173 billion yuan, 3.182 billion yuan, 2.025 billion yuan, 1.95 billion yuan, 1.948 billion yuan, 1.782 billion yuan, 1.773 billion yuan, 1.737 billion yuan, and 1.702 billion yuan, respectively.

Despite Fuguo Fund's impressive performance in 2025, behind the highlights were losses brought to investors by its mixed funds from 2022 to 2024.

Analysis shows that from 2022 to 2024, the realized gains of Fuguo Fund's mixed funds were -33.751 billion yuan, -16.57 billion yuan, and -10.357 billion yuan, respectively; the profits of these mixed funds were -58.467 billion yuan, -20.209 billion yuan, and 2.27 billion yuan, respectively.

Additionally, according to disclosures from its shareholders, Fuguo Fund achieved operating revenues of 7.359 billion yuan, 6.715 billion yuan, and 6.405 billion yuan, and net profits of 2.066 billion yuan, 1.814 billion yuan, and 1.751 billion yuan from 2022 to 2024, respectively, showing a declining trend in both revenue and net profit.

In terms of assets under management, as of the end of 2025, Fuguo Fund's AUM was 1.32 trillion yuan, a year-on-year increase of 23.24%. Its non-monetary fund scale was 848.512 billion yuan, experiencing a slight sequential decline, ranking fourth, behind only E Fund Management (1.65 trillion yuan), China Asset Management (1.44 trillion yuan), and GF Fund Management (938.268 billion yuan).

Notably, Harvest Fund and Southern Fund, currently ranked fifth and sixth, are accelerating their pursuit. Their non-monetary fund scales are not significantly different from Fuguo Fund's, at 813.825 billion yuan and 812.231 billion yuan respectively, both trailing Fuguo Fund by about 30 billion yuan, indicating increasingly fierce competition.

Looking specifically at Fuguo Fund's product structure, the scale of active equity fund products continues to face pressure, having shrunk by over 100 billion yuan in four years. The management scale of stock funds was 30.533 billion yuan at the end of 2025, compared to 20.395 billion yuan at the end of 2021, representing growth of only 10 billion yuan over four years. The growth of mixed funds has also weakened in recent years. The management scale of mixed funds was 288.921 billion yuan at the end of 2021, but by the end of January 2026, the company's management scale was only 166.887 billion yuan, a contraction of over 122 billion yuan in more than four years.

Meanwhile, the scale of index funds has achieved rapid growth, increasing from 80.065 billion yuan at the end of 2021 to 325.135 billion yuan by the end of January 2026, an increment of over 245 billion yuan. Among them, the Fuguo CSI Hong Kong Stock Connect Internet ETF started with a total share count of only 246 million shares at inception, surged to over 10 billion shares in the first quarter of 2023, saw its total shares grow fluctuatingly to 31.969 billion shares by the end of 2024, and then nearly tripled directly to 93.235 billion shares in 2025. As of January 26, 2026, the share count of the Fuguo CSI Hong Kong Stock Connect Internet ETF reached a high of 100.155 billion shares, becoming the first Hong Kong stock-themed ETF to surpass 100 billion shares.

However, while Fuguo Fund's total scale continuously reached new highs, the company liquidated six fund products successively in 2025.

Fuguo Fund's official website shows that the Fuguo CSI All Share Household Appliances ETF Initiation联接, Fuguo CSI 500 Fundamental Selection Stock Initiation, Fuguo Hu Gangshen High-Quality Assets Mixed Initiation, Fuguo Zhihua Wenjin 12-Month Holding Mixed (FOF), Fuguo Rongtai Three-Month Regular Open Mixed Initiation, and Fuguo Zhiying Wenjin 12-Month Holding Mixed (FOF) were liquidated.

Among them, the liquidation report for the Fuguo CSI All Share Household Appliances ETF Initiation联接 Fund, released on December 31, 2025, showed that as of the close of December 6, 2025, the fund's net asset value fell below 200 million yuan, triggering the fund contract termination clause.

The liquidation reports for the Fuguo CSI 500 Fundamental Selection Stock Initiation and Fuguo Hu Gangshen High-Quality Assets Mixed Initiation indicated that the net asset values of these two fund products fell below 200 million yuan, triggering the fund contract termination clause.

The liquidation reports for the Fuguo Zhihua Wenjin 12-Month Holding Mixed and Fuguo Zhiying Wenjin 12-Month Holding Mixed (FOF) both pointed out that if the number of fund unit holders falls below 200 or the fund's net asset value falls below 50 million yuan for 50 consecutive working days, or if the fund unit holders' meeting decides to terminate, among other conditions, the fund contract would be terminated.

For the Fuguo Rongtai Three-Month Regular Open Mixed Initiation, as of the close of the last open day of the open period, March 28, 2025, and after the registrar completed the confirmation of subscription and redemption applications for that day, the fund's net asset value fell below 50 million yuan, triggering the fund contract termination clause.

The loss of core talent has become an urgent problem for Fuguo Fund to solve. In response, the company is supplementing its ranks by introducing external talent, but the effectiveness still awaits market testing.

On November 22, 2025, three fund products—Fuguo Xingxiang Huibao 6-Month Holding Mixed, Fuguo Wenjun Tianli Bond, and Fuguo Youhua Zengqiang Bond—simultaneously issued announcements of manager changes. Liu Xingwang stepped down as fund manager of these three funds due to personal reasons.

Information shows that Liu Xingwang previously served as a fixed income researcher at Shenyin Wanguo Securities, a fund manager assistant and bond researcher at HSBC Jintrust Fund, a fund manager at First-Trust Fund and UBS SDIC Fund, deputy general manager of the asset management department at Guolian Securities, and fixed income director at Chang'an Fund. He joined Fuguo Fund in November 2021 and, before his departure, served as a fixed income fund manager in the Fixed Income Investment Department.

Among the funds Liu Xingwang managed, the tenure returns for Fuguo Jiuli Wenjian Peizhi Mixed E, Fuguo Jiuli Wenjian Peizhi Mixed C, and Fuguo Jiuli Wenjian Peizhi Mixed A were 55.25%, 55.83%, and 56.28%, respectively. The tenure return for Fuguo Youhua Zengqiang Bond E was 26.05%, while for Fuguo Youhua Zengqiang Bond C and Fuguo Youhua Zengqiang Bond A/B, the tenure returns were 30.52% and 32.11%, respectively, indicating overall strong performance.

It is reported that during his time at Fuguo Fund, Liu Xingwang managed assets close to 50 billion yuan and was considered a low-key, high-performing manager, even hailed by outsiders as the successor to the "top secondary bond manager" title.

In the same month of 2025, Fuguo Fund's star performer Ning Jun also chose to leave, drawing significant market attention. On November 15, 2025, four funds—Fuguo Hong Kong Stock Connect Hongli Jingxuan Mixed, Fuguo Lanchou Jingxuan Stock (QDII), Fuguo Hu Gangshen Yeji Qudong Mixed, and Fuguo Global Technology Internet Stock (QDII)—issued consecutive manager change announcements, as their fund manager Ning Jun stepped down due to personal reasons.

Ning Jun joined Fuguo Fund in August 2011, serving successively as assistant researcher, researcher, fund manager assistant, QDII investment manager, QDII fund manager, assistant director of overseas equity investment in the Overseas Equity Investment Department, senior QDII fund manager, and deputy director of overseas equity investment in the Overseas Equity Investment Department. Before leaving, he was the deputy director of overseas equity investment and a senior QDII fund manager in the Overseas Equity Investment Department.

In terms of tenure returns, the fund products managed by Ning Jun generally showed good returns. The tenure return for Fuguo Hu Gangshen Yeji Qudong Mixed A, the first fund Ning Jun took over, was 148.46%. Additionally, the tenure return for Fuguo Lanchou Jingxuan Stock (QDII) RMB even reached as high as 226.25%, and Fuguo Global Technology Internet Stock (QDII) A also had a tenure return of 110.18%.

Earlier, several veteran fund managers, including Wang Lele, Wang Baohe, and Yang Dong, all stepped down from their products in August 2024. A few days later, personnel changes involved several other managers, including Zhang Shiyang and Huang Jiliang, with Zhang Shiyang stepping down from all funds under his management. In 2024, multiple fund managers, including Li Yuanbo and Zhang Muyu, completely left Fuguo Fund.

While talent continues to depart, Fuguo Fund is also strengthening its overall investment research capabilities by introducing external talent.

In May 2024, Fan Yan joined Fuguo Fund. She previously served as assistant strategy analyst at Industrial Securities, senior strategy analyst at Essence Securities, strategy analyst at ICBC Credit Suisse Asset Management, fund manager assistant, fund manager, equity director, and deputy general manager at Yuanshi Yongfeng Fund. Since October 2024, she has served as a senior equity fund manager; she is currently the equity investment director and a senior equity fund manager in the Equity Investment Department at Fuguo Fund.

Fan Yan currently manages total fund assets of 17.298 billion yuan. The funds under her management are Fuguo Xinghe Mixed, Fuguo Junheng Touzi Mixed, and Fuguo Wenjun Zengzhang Mixed, with the best tenure return among her managed funds being 34.03%.

It is worth mentioning that when Fan Yan took over the Fuguo Wenjun Zengzhang Mixed Fund, its net assets were only around 500 million yuan. After she took over, the scale began to surge sharply to 9.226 billion yuan, peaking at 10.425 billion yuan. Specifically, the net assets of Fuguo Wenjun Zengzhang Mixed A were only 472 million yuan as of September 30, 2024, but surged to 2.373 billion yuan by the end of that year, then rose consistently to 6.13 billion yuan by the end of the third quarter of 2025, before dropping to 5.378 billion yuan by the end of 2025.

Additionally, the net assets of Fuguo Wenjun Zengzhang Mixed C were only 48 million yuan when she took over, later growing to 4.295 billion yuan by the end of September 2025, and then to 3.848 billion yuan by the end of 2025.

It should be noted that although Fuguo Wenjun Zengzhang Mixed ranked high in profitability for 2025, the net value growth rates of Fuguo Wenjun Zengzhang Mixed A, both over the past year and the past six months, have been average compared to peer averages. Data from Tian Tian Fund Network shows that over the past year, the net value growth of Fuguo Wenjun Zengzhang Mixed A was 33.61%, while the peer average was 42.67%, ranking 2723 out of 4481 peers. Over the past six months, its net value growth was 18.03%, compared to a peer average of 23.55%, ranking 2844 out of 4728 peers, indicating average performance.

Furthermore, fund manager Zhu Shaoxing, renowned as an "evergreen tree" at Fuguo Fund, currently manages total fund assets of 22.484 billion yuan. The best tenure return among his managed funds is as high as 1797.89%, with management tenure exceeding 20 years, primarily from Fuguo Tianhui Chengzhang Mixed (LOF) A. However, another fund managed by Zhu Shaoxing, Fuguo Tianhui Chengzhang Mixed (LOF), has performed averagely. Specifically, the management scale of Fuguo Tianhui Chengzhang Mixed (LOF) D is only 1 million yuan, and Fuguo Tianhui Chengzhang Mixed (LOF) C has a scale of 1.38 billion yuan. Yet, the net value growth of Fuguo Tianhui Chengzhang Mixed (LOF) C has been average or even poor in both the long and short term.

Over the past year, the net value growth of Fuguo Tianhui Chengzhang Mixed (LOF) C was 24.37%, lower than the peer average of 42.67%, ranking 3461 out of 4481 peers. Over the past two years, its net value growth was 39.15%, nearly 30 percentage points lower than the peer average of 68.53%, ranking 3105 out of 4012 peers. Over the past three years, its net value growth was 3.21%, compared to a peer average of 19.49%, ranking 2297 out of 3344 peers.

Recently, Fuguo Fund also launched two new fund products—Fuguo Zhi'an Wenjian 90-Day Holding Mixed (FOF) and Fuguo Hengxin 3-Month Holding Mixed (ETF-FOF), both managed by Zhang Ziyan. However, the funds managed by Zhang, Fuguo Xinwang Jiji Yanglao Mubiao Five-Year Holding Mixed Initiation (FOF) A and Fuguo Xinwang Junheng Yanglao Mubiao Three-Year Holding Mixed Initiation (FOF) Y, are both ranked at the bottom of their peer groups, casting doubt on their future return rates.