A group of fund managers with outstanding Sharpe ratios over the past five years

I have recently written many articles analyzing the performance data of funds over the past three years. Some readers commented that three years is a bit short; five years would be better. So, taking advantage of the weekend, I pulled together five-year fund data. The selected time period is from February 8, 2021 (Monday) to February 6, 2026 (Friday).

The fund types required are偏股混合型 (equity-biased hybrid), 普通股票型 (ordinary stock), and 灵活配置型 (flexible allocation). The latest quarter (2025Q4) must have a stock market value ratio of over 50% of the fund’s net assets, and the fund manager must have been in position for at least five years. There are 1,576 funds meeting these criteria.

If we select the top 50 funds by Sharpe ratio over the past five years, keeping only the A shares for multiple share classes, we are left with 37 funds. Here is the data for these funds.

The 37 funds are ranked from highest to lowest based on their Sharpe ratio over the past five years.

Data source: Miaxiang Choice, period 20210208~20260206. Past performance does not predict future results.

The list also shows the maximum drawdown over the past five years. Zhong Shuai’s maximum drawdown is -51.30%, Liu Jianwei’s is -45.80%. These are relatively large drawdowns.

If we require the maximum drawdown over five years to be within -30%, then only 19 of the 37 funds remain.

Data source: Miaxiang Choice, period 20210208~20260206. Past performance does not predict future results.

The 37 funds are still ranked by Sharpe ratio over five years, showing their top holdings in the first, second, and third sectors as of 2025Q2, along with their weights as follows: $Huatai-PineBridge Multi-Strategy Hybrid A (F003175)$, $JiaoYin Trend Hybrid A (F519702)$, $Dongfanghong New Power Hybrid (F000480)$

Data source: Miaxiang Choice, period 20210208~20260206. Past performance does not predict future results.

Funds with excellent Sharpe ratios over five years and relatively diversified sector allocations include managers such as Miao Weibin, Dong Chen, Xu Yan, Yu Zhiyong, Wang Ping, Zhou Yun, Sun Meng, Ma Fang, among others.

Please note that this screening data does not constitute a recommendation. I selected three fund managers to review their quarterly reports, with a focus on their views. It’s important to emphasize that this is just informational, not an advertisement or endorsement. Please view objectively and rationally.

1. Dong Chen - Huatai-PineBridge Multi-Strategy Hybrid A

Dong Chen’s stock holdings are not heavy. Data shows that in Q4 2025, Dong Chen added new positions in Parker New Materials, Bertoli, China Gold, Huachin Technology, Mindray Medical, Huagong Technology, Guoke Military Industry. PS: Mentioning these top holdings is just to clarify the manager’s allocation direction, not a recommendation. Stocks are risky; invest cautiously.

Data source: Turtle Quant, as of February 6, 2026. Top holdings do not constitute investment advice.

The “Jiuchang’er” (a community or platform) indicates the fund style is growth.

Data source: Jiuchang’er, as of February 6, 2026. Past performance does not predict future results.

Looking into the style of top holdings, small-cap growth accounts for 30.51%, mid-cap growth 15.98%, large-cap growth 14.98%…

Data source: Jiuchang’er, as of February 6, 2026.

In terms of industry classification (Shenwan first-level industry), there are 7 sectors. The top sector is Electronics with 32.7%; the second is Defense and Military Industry at 19.2%; the third is Automotive at 10.27%…

Data source: Jiuchang’er, as of December 31, 2025. Top industry holdings do not constitute investment advice.

In the 2025 quarterly report, fund manager Dong Chen stated:

In Q4 2025, A-shares experienced high volatility, with continued sector differentiation. Technology and resource sectors maintained strong momentum throughout the year.

In Q4, domestic macro policies remained stable, liquidity stayed moderately loose, and the overall A-share market oscillated with active sectors. Hot topics in technology emerged continuously, and some metal prices hit new highs, boosting performance in upstream resource sectors like non-ferrous metals.

During this period, the fund maintained a relatively low equity position, structurally tilted towards technology and resource sectors, selecting stocks based on company quality, prosperity, and growth potential.

Looking ahead, I believe domestic policies and liquidity will remain friendly. Risks mainly stem from international geopolitical conflicts. Although US-China trade tensions eased after the Busan talks, international conflicts are still volatile.

Structurally, technology and resources remain key long-term focus areas under current circumstances. Given the relatively flat domestic demand, opportunities in technology sectors may be better. However, some sub-sectors and individual stocks are already at relatively high valuations, so more attention should be paid to cost-effectiveness.

Moving forward, this fund will continue to select stocks based on company quality, prosperity, and growth potential, aiming to control drawdowns and achieve excess returns.

2. Yang Jinjing - JiaoYin Trend Hybrid A

Data shows that in Q4 2025, Yang Jinjing added new positions in Sun Paper, Sankeshu, Haida Group, Ninebot.

Data source: Turtle Quant, as of February 6, 2026. Top holdings do not constitute investment advice.

The Jiuchang’er platform indicates the fund style is value.

Data source: Jiuchang’er, as of February 6, 2026. Past performance does not predict future results.

In terms of style, top holdings are 30.83% mid-cap value, 24.93% large-cap value, 24.63% mid-cap value…

Data source: Jiuchang’er, as of February 6, 2026.

Industry breakdown (Shenwan first-level industry): 8 sectors. The top sector is Building Materials at 28.37%; second is Basic Chemicals at 25.55%; third is Pharmaceuticals & Biologicals at 13.47%…

Data source: Jiuchang’er, as of December 31, 2025. Top industry holdings do not constitute investment advice.

In the 2025 quarterly report, fund manager Yang Jinjing said:

Review of Q4, the market’s operation was driven by the macro backdrop of domestic economic slowdown and continued liquidity easing, still unfolding liquidity-driven bull market. Focus was on a few sectors with prosperity and long-term themes.

In many micro-industry surveys, we found positive changes in the real economy. Despite demand still being weak, after overcapacity and clearance since 2022, many industries are approaching a turning point in prices and profits under the capacity cycle. Micro-level analysis shows leading companies in certain niche industries are at or near performance inflection points, with valuations and positions very low. Macroeconomically, PPI is expected to improve as micro conditions improve, supporting stabilization and recovery of industrial enterprises and the economy.

This indicates a shift in the core market contradiction: the main contradiction now is that growth and thematic stocks are becoming increasingly expensive, diverging from their fundamental value, with many stocks at historically high valuation percentiles.

Meanwhile, leading blue-chip stocks, due to pessimistic expectations about fundamentals, are near the lower end of their historical valuation range. The macroeconomic cycle is also approaching an inflection point.

The extreme overvaluation of themes and micro caps versus the undervaluation of blue chips creates a stark contrast, reminiscent of the early 2021 peak of the Maotai index and the undervalued small- and mid-cap stocks.

Given this core contradiction, our investment approach remains contrarian, focusing on value judgment to identify undervalued stocks that will benefit from market rationality returning, rather than following irrational trends. Therefore, our current portfolio favors bottom-up selection of industry leaders experiencing or about to experience inflection points. Not all industry leaders or blue chips are suitable; due to industry development stages, business models, and competitive advantages, only about 20-30% of industry leaders may emerge early from recession, with others performing at different stages of recovery.

This is our main research focus and portfolio construction goal.

In summary, avoid overly expensive popular sectors, and instead position early in long-term profit inflection points of certain leading blue chips.

Just as in late 2020 and early 2021, when we avoided the expensive Maotai index and invested in undervalued small- and mid-cap stocks with profit inflection points.

Looking at the Q4 portfolio performance, the fund gained 2.98%, slightly outperforming the benchmark.

For 2026, I will continue to analyze and select companies based on domestic demand stability and the macro trend of supply-side improvement, expecting that as PPI gradually rises, many industry leaders will achieve long-term inflection points through increased market share, structural upgrades, and scale effects, even without external demand stimuli.

Earnings upgrades and valuation increases will lead to a double-dip for blue-chip stocks.

3. Zhou Yun - Dongfanghong JD Big Data Hybrid A

Data shows that in Q4 2025, Zhou Yun added new positions in Jifeng Shares, Hhangfa Power, and BOE A.

Data source: Turtle Quant, as of February 6, 2026. Top holdings do not constitute investment advice.

The Jiuchang’er platform indicates the fund style is small-cap.

Data source: Jiuchang’er, as of February 6, 2026. Past performance does not predict future results.

In terms of style, top holdings are 36.54% small-cap growth, 20.06% small-cap value, 7.82% large-cap value…

Data source: Jiuchang’er, as of February 6, 2026.

Industry breakdown (Shenwan first-level industry): 10 sectors. The top sector is Building Materials at 17.3%; second is Automobiles at 13.77%; third is Non-ferrous Metals at 11.15%…

Data source: Jiuchang’er, as of December 31, 2025. Top industry holdings do not constitute investment advice.

In the 2025 quarterly report, fund manager Zhou Yun said:

After the rapid rise in the third quarter, the market showed consolidation and oscillation. The style shifted from a tech-growth dominance to a more balanced state, with little difference among broad-based indices.

Economically, China remains in a “weak recovery, low inflation” phase, with relatively low market expectations.

Policy-wise, efforts are focused on “cultivating new momentum” and “supporting old momentum,” making it unlikely to see strong demand-stimulating policies. Most traditional industries are likely to undergo a full natural clearance cycle. During this cycle, although the bottoming process may be lengthy, once the cycle turns up, the recovery will be stronger and healthier, often exceeding expectations.

Most pessimistic expectations are necessary for a cycle turn; long-term, we believe in the power of cycles.

The US economy is currently characterized by “strong data, fragile structure, and weak employment,” which makes predictions less stable. However, the market remains optimistic about Fed rate cuts and subsequent economic recovery, so I maintain a cautious follow-up.

Market-wise, all indices rose sharply in 2025, but with significant structural differentiation. Even within growth stocks, valuation and gains vary greatly, with some overvalued and others undervalued.

Long-term, cyclically favorable sectors have high odds, but patience is needed for supply-side improvements. I will allocate appropriately and monitor closely.

In 2026, I remain relatively optimistic. Although the economy is still bottoming and recovering, loose liquidity and rising risk appetite will make the market very active. Under this style, bottom-up selection of relatively undervalued stocks in less macro-correlated sectors is preferable.

I will adjust the portfolio dynamically based on valuation and fundamentals, aiming to generate returns for investors.

That concludes my investment reflections. They are personal insights, not recommendations. I share for reflection and clarity. Please consider objectively. All investments carry risks; be cautious.

Risk warning: All content here reflects personal views and analysis based on public information and subjective judgment. It is for sharing and discussion only, not investment advice or decision-making guidance. The market involves risks; invest carefully. Industry trends, company cases, or data conclusions mentioned may be outdated, biased, or subject to unforeseen changes. Readers should make independent judgments based on their own circumstances. I am not responsible for any direct or indirect investment results from referencing this article, nor for legal liabilities. Understand that investment decisions are personal; gains and losses are your own responsibility.