四度卸任，汇添富百亿基金经理还行吗？

Core Viewpoint - The resignation of fund manager Ma Xiang from the Huatai Fund's North Exchange Innovation Selected Two-Year Open Fund marks a significant change, as he has resigned four times this year, with mixed performance results from the funds he managed [1][4][19]. Group 1: Fund Performance - The Huatai North Exchange Innovation Selected Two-Year Open Fund achieved a return of 97.51% during Ma Xiang's tenure, significantly outperforming its benchmark by 80.94 percentage points [1][4]. - However, the fund's performance in the last three months showed a decline of 12% [5]. - Other funds managed by Ma Xiang, such as the Huatai Science and Technology Innovation Fund and Huatai Growth Selected Fund, reported negative returns [2][18]. Group 2: Fund Management Transition - Ma Xiang's resignation is part of a broader trend in the industry where high-profile fund managers are transitioning responsibilities to newer managers, a strategy encouraged by regulatory bodies to promote high-quality development in public funds [8][9]. - Ma Lei, who has only 2.38 years of experience, will take over the management of the fund after co-managing it with Ma Xiang for over a year [6][7]. Group 3: Market Context and Investor Sentiment - The North Exchange 50 Index has risen by 39.65% this year, outperforming other major indices, which may influence investor sentiment towards the fund [5]. - Investor reactions to the fund's recent open period have been mixed, with some choosing to cash out while others remain optimistic about future returns under Ma Lei's management [10]. Group 4: Company Background and Historical Performance - Huatai Fund has been in operation for over 20 years, with a public fund management scale of 1.1 trillion yuan as of the third quarter of 2025, ranking ninth in the industry [19]. - The company has faced significant challenges in recent years, with total stock investment losses amounting to 95.85 billion yuan from 2020 to mid-2025 [19].