年内多位百亿老将“清仓”卸任：永赢基金的押注与“止损”

Core Viewpoint - Yongying Fund has experienced significant personnel changes, with multiple fund managers, including Yang Fanying, resigning, raising questions about the stability and future performance of the firm amid its rapid growth in fund size and performance [2][4][8]. Group 1: Personnel Changes - Yang Fanying, the Deputy Director of Fixed Income Investment at Yongying Fund, has resigned from managing eight funds due to personal reasons, resulting in a total management scale of nearly 12.3 billion yuan [2][3]. - Since the beginning of 2025, six fund managers have "cleared out" from Yongying Fund, with four previously managing over 10 billion yuan, and many of their equity mixed funds showing significant losses during their tenure [2][6]. - The firm has appointed five new fund managers, all of whom have less than one year of experience in their current roles, indicating a trend of bringing in less experienced personnel [4][6]. Group 2: Fund Performance and Growth - Yongying Fund's mixed fund scale has surged from 30th to 10th in industry rankings, with a 2.9 times increase in size to 105.6 billion yuan by September 30, 2025 [8]. - The fund manager Ren Jie has achieved a remarkable 186.3% return in 2025, leading the public fund sector, attributed to a concentrated investment strategy in AI computing stocks [9][10]. - The firm has adopted a more defined product positioning, focusing on niche sectors, which has attracted significant capital inflow despite the risks associated with high investment concentration [10][11]. Group 3: Investment Strategy and Market Position - Yongying Fund has shifted towards a more "tool-like" approach in its actively managed funds, concentrating on specific themes or sectors, which has led to rapid growth but raises concerns about sustainability [10][11]. - The firm has implemented measures such as purchase limits to manage investor expectations and mitigate risks associated with rapid net asset value increases [11]. - The long-term competitiveness of Yongying Fund will depend on the resilience of its investment research system and the stability of its talent pool, especially as experienced managers exit and new, less experienced managers take their places [11].