Guangfa Veteran Fu Youxing Departs, Managed Assets Once Exceeded 30 Billion Yuan

On the evening of March 12, GF Fund announced that Fund Manager Fu Youxing has resigned and will step down from all of his managed products, including GF Steady Growth and GF Ruyang Three-Year Open-End Fund. The two funds will be managed by the previously co-managing fund managers Zhou Zhishuo and Wang Ruidong.

In fact, Fu Youxing’s departure was foreshadowed. In September 2025, he stepped down as the manager of GF Steady Return Hybrid Fund. In February this year, he also resigned from his position as Vice General Manager of GF Fund due to work reasons.

According to his resume, Fu Youxing has been engaged in investment research and management in the fund industry for over 20 years. His career began in 2002 at Tiantong Fund, and he joined GF Fund in 2006. He has held positions such as researcher at GF Fund, Deputy General Manager of Institutional Wealth Management, Co-Investment Director, and General Manager of the Value Investment Department. In September 2021, he was promoted to Vice General Manager of GF Fund.

In terms of performance, as of 2021, Fu Youxing managed assets exceeding 30 billion yuan, making him one of the top fund managers in the industry. Before stepping down, the assets under management were 10.276 billion yuan, with a maximum return of 181.82% during his tenure.

Among his products, GF Steady Growth Fund is the most representative, with over 11 years of continuous management. As of March 12, this year, the fund’s cumulative return since inception was approximately 1271.15%, with an excess return over the benchmark of about 953.19%, and an annualized return of approximately 12.86%.

Zhou Zhishuo, who took over this fund, has over 16 years of experience in the securities industry. He previously worked at Jianxin Fund for many years and joined GF Fund in February 2025. His investment philosophy focuses on the “risk-reward ratio” and “remaining risk” of individual stocks.

In terms of company scale, as of early February this year, GF Fund’s latest management scale was 1,614.655 billion yuan, with 895 funds. Among them, 45 equity funds with a management scale of 36.984 billion yuan; 316 mixed funds with a management scale of 209.861 billion yuan; 172 bond funds with 30.7148 billion yuan; and 23 money market funds with 6.4805 billion yuan.

Performance-wise, benefiting from the market rebound, GF Fund’s performance in the first half of 2025 was strong, with revenue reaching 15.398 billion yuan, a year-on-year increase of 34.37%; net profit attributable to the parent company was 6.47 billion yuan, up 48.33% year-on-year.