“顶流”刘格菘年内两度卸任背后：广发基金三年半数产品跑输基准，葛长伟、王凡等高管入股平台5年分红超6亿

Group 1 - Senior fund manager Liu Gesong has resigned from the position of manager for the GF Small Cap Growth Mixed Fund due to "work arrangements," with the fund now managed by Wu Yuanyi and Chen Yunzong [1][16] - Liu Gesong has been managing the GF Small Cap Growth Mixed Fund since June 2017, marking over six years in this role, and this is his second resignation as a fund manager this year [2][16] - The frequent resignations of Liu Gesong are linked to the industry's trend of "reducing the burden on fund managers" [2][16] Group 2 - There is a stark contrast between the performance and dividend distribution of GF Fund in recent years, raising concerns in the market [3][18] - According to data, 21% of GF Fund's products are in a loss state, and 53% have underperformed their benchmarks over the past three years [4][18] - Specific products have shown significant losses, with GF Chengxiang Mixed C and A losing 49.84% and 48.85% respectively since inception, indicating that many long-term investors are effectively "stuck" in their investments [5][19] Group 3 - GF Fund's dividend distribution has changed significantly, particularly after the approval of the employee stock ownership plan, with a dividend payout ratio reaching 42.30% in 2024 [8][22] - Over the past decade, GF Fund has achieved a cumulative net profit of 147.70 billion yuan and distributed 67.42 billion yuan in dividends, with GF Securities receiving 37.88 billion yuan [8][22] - The average dividend payout ratio from 2020 to 2024 has nearly doubled compared to the previous five years, indicating a shift in the company's financial strategy [23][22] Group 4 - The employee stock ownership platform has benefited significantly from the high dividend payouts, with estimates showing that it received approximately 6.47 billion yuan in dividends from 2020 to 2024 [10][24] - Key executives, including the chairman and general manager, have invested substantial amounts in the employee stock ownership platform, linking their personal financial gains to the company's high dividend policy [12][26] Group 5 - The recent regulatory guidelines emphasize that dividends should align with product performance and investor returns, challenging the previous focus on scale and dividend distribution [15][29] - GF Fund's current model, characterized by high dividends despite underperforming products, raises questions about the fairness of profit distribution between shareholders and investors [15][29] - The new guidelines aim to correct the governance tendency of prioritizing shareholders over investors, placing GF Fund's practices under scrutiny for potential regulatory adjustments [15][29]