Feng Liu
Builds portfolios from an "underdog" mindset: admit you may be wrong and your information lags, so buy contrarian where bad news is fully exposed and expectations are low — winning on odds rather than hit rate.
Rose from the legendary retail handle "Moutai03" to become one of China's most distinctive contrarian investors, later running large institutional money at Gao Yi. Known for his "underdog system": assume you're at an information and skill disadvantage, and enter only after negatives are fully priced in.
Feng Liu's flagship product, Gao Yi Linshan No.1 Yuanwang, is large enough to appear in many A-share companies' "top-10 tradable shareholders" lists — China's nearest equivalent to a 13F. Below are holdings and quarterly changes verifiable from the Q1 2026 filings (as of Mar 31, 2026). Limits: a name is only visible while the product ranks in a company's top-10, you can't tell a full exit from a drop below the threshold, and portfolio weights aren't disclosed at this level. Judge for yourself; don't copy.
Holdings & weights
Q1 2026 · top-10 tradable holders (as of Mar 31, 2026)Holdings from public disclosure filings (e.g. top-10 tradable holders, STOCK Act reports); portfolio weights aren't disclosed at this level. Eastmoney · Gao Yi Linshan No.1 holdings
His signature long-term holding — in the top-10 holders for ~23 straight quarters; trimmed again this quarter.
Analyze through a master's lensThe yeast and fermentation leader, trimmed modestly this quarter.
Analyze through a master's lensA lubricant-additives leader he added to this quarter.
Analyze through a master's lensA consumer-electronics coatings maker he continues to hold.
Analyze through a master's lensA logistics-and-coal-resources holding he continues to hold.
Analyze through a master's lensIn their own words
I invest as the underdog — assume I'm wrong, then build the portfolio.
Contrarian isn't buying what's falling; it's entering after the negatives are fully exposed.
Where to follow them
Primary sources. Read the original — don't settle for second-hand summaries.
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