"Her Strength" | Yin Hua Fund's Feng Fan: Using Women's Resilience to Strengthen the Fixed Income+ Investment Defense Line

In traditional understanding, strength is often associated with rigidity and sharpness, but the capital markets are never short of edge. Female fund managers are redefining professional strength by combining firmness and flexibility. The current “her power” breaks this binary—firmness means sticking to principles and bottom lines, while flexibility signifies wisdom and guidance. Together, they forge an investment path that balances intensity and warmth between net value curves and long-term value.

“If I had to describe my investment style in one word, it would be ‘systematic,’” said Feng Fan from Yinhua Fund. By establishing a complete and effective strategy system and management process, she strives for the long-term steady operation of her investment portfolio. On one hand, she adopts a top-down perspective, comparing major asset classes within a well-rounded allocation framework. On the other hand, within specific assets, she uses quantitative methods to pursue stable excess returns under rules-based, systematic strategies.

Yinhua Fund Feng Fan

Since entering the industry in 2013, Feng Fan has over 12 years of experience at Yinhua Fund, including more than 5 years as a fund manager. She has been deeply involved in the “Fixed Income+” field. With a portfolio perspective and quantitative methods, she pursues long-term, stable, and effective systematic management, committed to doing things with probabilistic advantages. She currently serves as the manager of the Yinhua Enhanced Income Fund and the prospective manager of the Yinhua Qiyuan Bond Fund.

She believes investing is a long journey, and women’s resilience and meticulousness serve as a gentle, nurturing presence. Her years of experience have made her more aware than many that “risk control” is the core prerequisite for achieving long-term goals, occupying an important position in her portfolio management system.

In her long-term investment practice, she divides risk control into a full-process management covering pre-, during-, and post-investment stages. Through objective and effective quantitative systems and processes, she strives to manage risks effectively.

“I always believe in Yinhua’s principle of ‘doing the right thing for the long term.’ Focusing on the long term and doing well in the present resolve many confusions,” she said. Market fluctuations inevitably bring periodic investment pressures, mainly from two sources: first, the impact of short-term performance on mindset; second, the increasing responsibilities toward clients as the scale grows.

Simply “wanting to relax” cannot resolve these pressures. — In Feng Fan’s view, pressure essentially stems from anxiety caused by a lack of capability when facing challenges. Her approach is to make positive breakthroughs—by solving problems and building capabilities, the pressure naturally diminishes. Short-term returns are somewhat random, but long-term gains can be pursued through systematic, rules-based portfolio management and strategic construction.

Feng Fan reflects: I really enjoy the state of “working hard in good times and reading in rainy days.” When under pressure, it’s even more important to focus on refining strategies and deepening understanding. Building investment cognition and systems is not about patching up at the last minute but about doing the groundwork in advance. This not only disperses anxiety but also provides a sense of control over long-term performance, bringing genuine peace of mind.

Feng Fan points out that by 2026, the relative gaps between assets may converge, perhaps no longer as distinctly as in 2025. We need to abandon one-sided bullish or bearish thinking and strive to optimize asset allocation and segment strategies at each stage for excess returns.

In 2025, equity assets experienced the first half of valuation logic, while 2026 will enter the second half of valuation logic and the first half of profit logic. Therefore, the structural features will become more balanced. For quantitative strategies, such an environment is actually more conducive to pursuing excess returns, as more systematic and refined stock-picking strategies will demonstrate their competitiveness.

Under a systematic management system of “portfolio perspective + quantitative methods,” the future will actively embrace AI tools to enhance research efficiency and optimize workflows.

Message:

We firmly believe in the “10,000-hour rule”—continuously iterating in a dynamic market rather than passively reacting when problems arise. In this process, aligned goals, clear division of labor, and high-level collaboration are key to maintaining our team’s competitiveness.

In the future, I will continue to focus on doing my best, staying true to my original intentions, and making the most of my time. Investing is a curve that reflects values; it’s not about making a splash but about enduring and thriving.

Text by Xu Nannan | Edited by Xu Nan

(Edited by Xu Nannan)

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