明星基金经理光环褪去 公募探索主动投资第二曲线

Core Viewpoint - The investment landscape is shifting away from reliance on star fund managers towards a more team-based and platform-oriented investment approach, driven by recent market challenges and regulatory changes [1][5][6]. Group 1: Challenges to Star Fund Managers - Star fund managers, once celebrated during the bull market from 2019 to early 2021, are now facing significant performance declines, with many funds established during that period experiencing over 50% drawdowns and remaining below their initial values [2][3]. - The departure of numerous star fund managers has created uncertainty for both investors and fund companies, with 307 fund manager departures recorded in 2023 alone, the highest in five years [4][6]. Group 2: Rise of Index and ETF Investments - The shift towards index investing and ETFs is evident, with significant net inflows into various ETFs, totaling 163.6 billion yuan in the past year, as investors prefer lower costs and transparency over individual fund managers [3][4]. - Younger investors are increasingly favoring passive investment tools like ETFs, moving away from entrusting their capital to specific individuals, which challenges the traditional role of star fund managers [3][6]. Group 3: Regulatory and Structural Changes - Regulatory bodies have emphasized the need for the industry to move away from the star manager phenomenon, advocating for a platform-based, team-oriented investment research system [5][6]. - Fund companies are restructuring to focus on team collaboration and long-term performance, with initiatives aimed at building a robust investment research framework that diminishes reliance on individual managers [7][8]. Group 4: Future of the Industry - The transition from a star-driven model to a platform-based approach is seen as essential for the sustainable development of the mutual fund industry, promoting a healthier ecosystem where companies are evaluated based on their research capabilities rather than individual manager performance [8][9]. - Companies are increasingly adopting systematic and collaborative investment strategies to enhance their resilience against market fluctuations and to better serve investor interests [7][8].