融通基金百亿基金经理范琨因休产假离任，公司投研体系引关注

Core Viewpoint - The departure of fund manager Fan Kun from Rongtong Fund has raised concerns about the stability of the company's investment research system, especially given her previous success in managing funds with significant returns [2][7]. Group 1: Fund Manager Transition - Fan Kun has taken maternity leave and will be succeeded by other fund managers, including Liu Ankun, Wang Chao, Li Wenhai, and Ren Tao, who are expected to ensure a smooth transition of investment strategies [2][4]. - The transition process has been gradual, with Fan Kun having begun to step back from core products since June 2024, indicating a systematic handover rather than an abrupt departure [4][5]. Group 2: Performance Metrics - Under Fan Kun's management, the Rongtong Domestic Demand Driven Fund achieved a return rate of 99.77% and an annualized return of 14.13% by April 30, 2025, significantly outperforming the CSI 300 index and peer funds [3][5]. - However, the fund faced challenges in the past year, with a loss of 6.07% in 2024 and a further decline of 3.76% in the first quarter of 2025, leading to a reduction in assets from 3.778 billion yuan at the end of 2023 to 846 million yuan by the end of the first quarter of 2025 [3][7]. Group 3: Company Overview - Rongtong Fund, established in May 2001, has seen its asset management scale exceed 320 billion yuan, reaching 324.3 billion yuan by the end of the first quarter of 2025, with public fund management at 148.3 billion yuan and separate account management at 176 billion yuan [6]. - The company has focused on serving state-owned capital operations and has developed several index products, including the Rongtong CSI Chengtong State-Owned Enterprise Dividend ETF [6]. Group 4: Market Implications - The departure of a star fund manager like Fan Kun often leads to redemption pressures, and maintaining investor confidence through collaborative research and investment team efforts will be crucial for Rongtong Fund moving forward [7]. - The public fund industry is shifting from reliance on star managers to a more team-based approach, with many leading firms adopting a multi-manager model to mitigate the impact of individual manager changes [7].