招商基金名将翟相栋唯一在管产品增聘经理，或将离任转战私募

Core Viewpoint - The announcement from China Merchants Fund regarding the appointment of Lu Wenkai as a co-manager for the China Merchants Advantage Enterprise Mixed Securities Investment Fund indicates a strategic adjustment aimed at optimizing the research and investment team for long-term planning and resource allocation [2][10]. Fund Manager Change - Lu Wenkai has been appointed as a co-manager alongside the original manager Zhai Xiangdong for the China Merchants Advantage Enterprise Mixed Securities Investment Fund [3]. - The change is described as a normal adjustment based on the company's needs for effective product management and research team optimization [2][10]. Performance and Background of Zhai Xiangdong - Under Zhai Xiangdong's management, the fund's scale increased from less than 40 million to over 10 billion, reaching 100.17 billion by the end of 2024, a nearly 30-fold increase from 3.4 billion at the end of 2022 [4]. - The fund achieved a return of 115.81% during Zhai's tenure, with an annualized return of 26.84%, ranking fifth among 2,901 similar funds [4]. Investment Strategy - Zhai Xiangdong employed a high-yield configuration strategy, focusing on growth industries driven by expectations and performance, with a significant emphasis on the TMT sector [5]. - The new manager, Lu Wenkai, is expected to adopt a mean-reversion strategy, focusing on cyclical and valuation bottoms, while maintaining a diversified portfolio across various sectors [8][10]. Industry Trends - The personnel change reflects a broader transformation within the public fund industry, where the trend of "de-starring" and transitioning to team-based management is becoming more prevalent [9]. - The emphasis on maintaining investment strategy continuity aligns with regulatory guidance aimed at enhancing the stability and diversity of research teams within fund companies [9][10].