“绩优生”翟相栋离任，招商基金临人才困局

Core Viewpoint - The resignation of Zhai Xiangdong from the position of fund manager for the China Merchants Advantage Enterprise Mixed Fund has raised concerns about the fund's future performance and reflects a broader talent issue within China Merchants Fund [1][5]. Group 1: Fund Manager Transition - Zhai Xiangdong, a well-known and high-performing fund manager, has left his position for personal reasons, and Lu Wenkai will take over the management of the fund [1][2]. - Under Zhai's management, the fund achieved a remarkable cumulative return of 124.59% over three years, with an annualized return of 27.96%, significantly outperforming its benchmark [2]. Group 2: Lu Wenkai's Background - Lu Wenkai has over 14 years of investment research experience and nearly 7 years in public fund management, having joined China Merchants Fund in March 2022 [3]. - His investment strategy focuses on mean reversion and aims to position investments at the bottom of cycles and valuations, with a diversified portfolio across various sectors [3]. Group 3: Investor Concerns - Investors are skeptical about Lu Wenkai's ability to manage the fund effectively, especially as the fund's scale has nearly doubled to 12.441 billion yuan, which may lead to challenges in maintaining investment strategy and precision [4]. - Compared to Zhai Xiangdong, Lu Wenkai's past performance has not been as impressive, raising doubts about his capability to deliver similar results [4]. Group 4: Broader Implications for China Merchants Fund - The departure of Zhai Xiangdong highlights a talent crisis at China Merchants Fund, which has seen multiple high-profile departures in 2024, including key figures in both fixed income and equity sectors [5].