Can AI — can Li Wenbin’s high-turnover strategy be replicated, and can it replicate the success of technology-driven investing?

Only when returns match drawdowns can you choose the right fund.

Author | City Size Fengyun Fund Research Department

Editor | Xiao Bai

In 2025, products under Yongying Fund took the top spot in the championship, with the “Smart Selection” series attracting over 70 billion yuan, greatly boosting its reputation. At the start of 2026, the company rode the momentum, issued new funds again, and continued to further consolidate its funding-raising advantage.

On March 11, Yongying RuiJian Growth Hybrid (Class A: 026684.OF; Class C: 026685.OF) released an announcement. With a subscription scale of 230,000 households, it set a new record for actively managed equity funds since 2022. In just 9 days, fundraising exceeded 58 billion yuan—this shows how high market subscription enthusiasm is.

(Source: Fund contract effectiveness announcement)

This new fund is led by Li Wenbin—can he live up to the expectations of 230,000 fund investors?

Bull market leadership, hard to outperform in a bear market

Li Wenbin has an undergraduate degree from Shanghai Jiao Tong University and a master’s degree from Fudan University. From 2010 to 2015, he served as a researcher at BOC International and Huatai Asset Management, respectively. Later, he joined Wanjia Fund, officially taking office as a fund manager in early 2017, and then switched to Yongying Fund in 2024.

Currently, Li Wenbin’s total assets under management are 10.51 billion yuan. He manages 5 funds; his best return among the funds he manages is 154.6%.

(Source: TianTian Fund website)

Over the past 8 years, Li Wenbin has served as a fund manager for as many as 24 funds. Among them, funds such as Wanjia Growth Preferred Hybrid (Class A), Wanjia Smart Manufacturing Advantage Hybrid (Class A), and Wanjia Auto New Trends Hybrid (Class A) are three of the better-performing funds during his tenure, with all showing returns that doubled.

However, the Wanjia Strategic Development Industry Hybrid (Class A), Wanjia Domestic Demand Growth One-Year Holding Hybrid, and Wanjia Craftsman Long-Yuan One-Year Holding Hybrid that he took over in 2021 and 2022, respectively, showed losses of 25%-32% in returns during his tenure, when he stepped down in February 2024.

In a straightforward sense, he likely belongs to an aggressive style, and his performance is relatively weaker in bear markets.

(Source: TianTian Fund website)

After joining Yongying Fund, Li Wenbin again took charge of a fund on September 9, 2024, right in time for the 924 rally surge. As of now, Yongying Technology-Driven A (008920.OF) has returned 153% during his tenure.

(Source: TianTian Fund website)

High turnover, high equity exposure, high concentration, high drawdowns

Below, we use Li Wenbin’s representative work at Wanjia Fund—Wanjia Smart Manufacturing Advantage Hybrid (Class A) (006132.OF)—and, as a comparison, Yongying Technology-Driven A (008920.OF) managed under Yongying Fund, to observe his operating style.

First, Li Wenbin basically does not do market timing, and his stock exposure stays at a relatively high level. From 2018 to today, he has basically maintained a high exposure level of around 90%.

(Source: TianTian Fund website; exposure for Wanjia Smart Manufacturing Advantage Hybrid (Class A))

Second, Li Wenbin’s portfolio style has gradually shifted from balanced to concentrated. From 2021-23, there were fewer industries with allocation weights above 10%, such as non-ferrous metals, communications, and pharmaceutical/biologicals. Most of the time, he allocated across about 10 sectors, with allocation weights in the 5%-8% range.

(Source: Choice data; industry allocation for Wanjia Smart Manufacturing Advantage Hybrid (Class A))

But since taking over Yongying Technology-Driven, the concentration of industry allocations has increased significantly. In the 2025 mid-year report, the allocation weights for defense and military industry, communications, and electronics were 35.84%, 22.8%, and 17.24%, respectively, for a total of 75.8%.

(Source: Choice data; industry allocation for Yongying Technology-Driven A)

Currently, the concentration in individual stocks for Yongying Technology-Driven is also relatively high: before the end of 2025, the top ten weights as a share of the fund’s net asset value reached 60%.

(Source: Choice data; top ten holdings for Yongying Technology-Driven A)

At the same time, the fund maintains a high turnover rate.

In the past two reporting periods during Li Wenbin’s tenure, Yongying Technology-Driven’s turnover rates were 449.5% and 585.4%, respectively. In the fourth quarter, it newly entered four stocks: DeMingLi, Sinocryo Flight Testing, JiaShi Photonics, and Beijing Junzheng. Behind the high turnover is the indication that the fund’s excess returns depend more on the fund manager’s ability to actively select stocks.

(Source: TianTian Fund website; turnover rate for Yongying Technology-Driven A)

The operating style of high equity exposure and high turnover makes the funds managed by Li Wenbin significantly more volatile. During his tenure, the maximum drawdown of Wanjia Smart Manufacturing Advantage Hybrid was close to 40%, and the maximum drawdown of Yongying Technology-Driven also reached around 40%.

(Source: Choice data; dynamic drawdown for Yongying Technology-Driven A)

Overall, since Li Wenbin joined Yongying Fund in 2024, his operating style has been extremely aggressive: high equity exposure, high concentration, and high turnover, relying on stock-picking ability to quickly capture excess returns. At the same time, drawdowns are also relatively evident, making it more suitable for investors with higher risk appetite; when allocating, it is necessary to control position sizes reasonably.

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