广发基金刘格菘卸任“代表作”，公募基金经理流动加快

Core Insights - Liu Gesong, a prominent fund manager, has resigned from managing the Guangfa Small Cap Growth Mixed Securities Investment Fund (LOF), marking his second resignation this year [2][7] - Under Liu's management since June 2017, the fund achieved a total return of 125.2% and an annualized return of 10%, ranking 143rd among 458 similar products [3][6] - The fund's assets under management have significantly decreased from 843.3 billion yuan at the end of 2020 to 275.1 billion yuan as of the third quarter of 2025 [2][7] Fund Performance - The Guangfa Small Cap Growth LOF experienced three consecutive years of losses from 2022 to 2024, with a three-year loss of 16.0% and a five-year loss of 19.3%, underperforming its benchmark by over 40 percentage points [6] - In 2019, Liu's management of other funds led to all three achieving over 100% returns, earning him the title of "growth stock hunter" [5] Management Changes - Liu's management team has been expanded with the addition of two new fund managers, Chen Yunzong and Wu Yuanyi, to share responsibilities for the Guangfa Small Cap Growth LOF [6] - The concentration of the fund's top ten holdings has decreased from nearly 70% to below 50% since the new managers took over [6] Industry Trends - The trend of "shared management" and "graduating" new fund managers is becoming standard practice in the industry, driven by regulatory changes and increased market competition [8] - In 2025, the number of newly hired fund managers reached 599, with 461 fund managers resigning in a "clean sweep" manner, reflecting a 29% increase from the previous year [8]