Master Profile

Qiu GuoLu: Investment Profile & 13F Holdings

Perseverance Asset Management International

Qiu GuoLu's investment career, philosophy, and public 13F holdings through Perseverance Asset Management International.

Early Life and Education

Qiu Guolu was born into a scholarly family; his father was a professor in the Department of Finance at Xiamen University and among the earliest participants in China's stock market. This family environment gave Qiu an early introduction to capital markets during his youth. Early enlightenment: In an era when most people didn't know what stocks were, he began helping his father draw K-line charts and copy stock price information during high school, becoming familiar with market fluctuations through osmosis. Overseas studies: At age 19, Qiu went to the United States to study. He holds a master's degree in finance from the University of Rochester. Rochester's Simon Business School is renowned for financial economics, which laid a solid academic foundation for his rigorous quantitative analysis and fundamental research.

Investment Career

Qiu Guolu's career trajectory is nearly flawless, spanning U.S. and A-share markets, public funds and private funds, and he held key positions at each stage. Wall Street experience (1999-2008): After earning his master's, he joined Wedge Capital in the U.S., starting as an analyst and eventually becoming a partner. Wedge Capital is a value-oriented investment firm with billions of dollars under management. There, he lived through the bursting of the Nasdaq bubble and cemented his faith in value investing. Return to A-shares and mutual fund executive (2008-2014): Upon returning to China, he briefly worked at Platanus Capital, then joined Southern Fund as Chief Investment Officer. At Southern Fund, he oversaw the investment research system managing hundreds of billions of yuan in assets, and his steady performance and macro judgment earned him a stellar reputation in the industry. Founding Perseverance (2014-present): In 2014, he founded Perseverance Asset Management. Innovative model: Unlike the popular "star manager's personal studio" model of the time, Qiu brought in capital backing (Hillhouse Capital as a cornerstone investor) and built a "platform-style private fund." Gathering stars: He successfully recruited top fund managers with diverse styles, including Deng Xiaofeng, Zhuo Liwei, Sun Qingrui, and Feng Liu, transforming Perseverance into one of China's largest top-tier private funds (with assets in the hundreds of billions). Performance: The "Perseverance Guolu No. 1" fund he personally manages is known for low volatility and a high Sharpe ratio, reflecting exceptional risk resilience.

Investment Philosophy

Qiu Guolu is widely recognized as a standard-bearer for "deep value investing" in China. His philosophy is easy to understand but cuts to the heart of the matter. Core logic: Select the right racetrack, then find a good horse within that track. He believes investing boils down to three basic questions: valuation, quality, and timing. Win-rate priority: He prefers to invest in winners in industries where the battle is already decided, rather than betting on who will win in fiercely competitive sectors. Industry life cycle (Four Seasons Theory): He categorizes industries into spring (nascent), summer (growth), autumn (consolidation), and winter (decline). He most likes to invest in industries in the "autumn" phase, when the competitive landscape gradually clarifies through M&A and integration, and leading companies gain pricing power. Contrarian investing: "Avoid the crowded places." He is adept at buying undervalued blue chips (such as banks, real estate, insurance, home appliances) when the market is pessimistic, emphasizing a margin of safety. Count the moon, not the stars: This means investing in those white horse stocks, leading stocks that are "the moon surrounded by stars," not only because they stand out, but because of their high certainty. Industry comment: "Qiu Guolu's style may not seem particularly 'sexy' in a runaway bull market, but when the market declines or consolidates, his defensiveness and steady returns are astonishing."

Personal Life

Qiu Guolu gives the impression of being refined and scholarly. He enjoys the process of thinking and research more than socializing. Extreme rationality: Colleagues describe him as emotionally extremely stable, rarely if ever anxious about market fluctuations. This personality trait is considered the most important talent for a value investor. Sharing and exchange: He is not reclusive but rather enjoys sharing. He regularly organizes internal fireside chats at Perseverance, exchanging views with various experts. He believes that the collision of ideas can create sparks. Reading: He maintains a rigorous reading habit, especially favoring business history and biographies.

Books and Writings

Qiu Guolu's published books are must-read classics in China's investment community, with influence surpassing even many translated foreign masterpieces. Representative work: "The Simplest Thing in Investing" Publication year: 2014 Status: Hailed as the "Chinese version of 'The Intelligent Investor.'" The book avoids complex formulas, using plain language to thoroughly explain A-share investment logic, stock selection frameworks, and psychological preparation. Key quotes: "Better to count the moon than the stars." "In investing, look for winners in industries where the outcome is already decided." "Pricing power is the core competitive advantage." Articles/prefaces: He often writes prefaces for Chinese editions of books by masters such as Howard Marks, and his "Letter to Investors" is frequently reprinted by major financial media.