告别“明星”时代！新模式来了

Core Viewpoint - The public fund industry is transitioning from a "star fund manager" model to a "team-based fund manager" approach, which is seen as a necessary evolution towards a more mature asset management industry that emphasizes long-term performance [1][6][20]. Group 1: Team-Based Management Model - The public fund high-quality development action plan supports the team-based management model, encouraging fund companies to explore this approach [2][14]. - Recent examples include the establishment of the Ruiyuan Research Balanced Three-Year Holding Mixed Fund managed by three fund managers and the ICBC Leading Three-Year Holding Mixed Fund managed by four fund managers [1][14]. - As of January 25, there are 25 funds in the market managed by three or more fund managers, indicating a growing trend towards collaborative management [1][15]. Group 2: Operational Mechanism - The Ruiyuan fund employs a collaborative mechanism where multiple fund managers manage different segments of the fund independently, with performance contributions aggregated for overall fund performance [2][14]. - This model respects individual decision-making while holding each manager accountable for their respective segments, promoting a diversified source of alpha returns [2][14]. Group 3: Market Context and Challenges - The high volatility of the A-share market necessitates a team-based approach, as individual managers may struggle to cover the vast opportunities presented by over 6,000 listed companies [3][17]. - The transition to a team-based model addresses the limitations of relying on individual managers, especially in light of potential departures or style drift [17][21]. Group 4: Advantages of Team-Based Approach - The team-based model enhances decision-making efficiency and effectiveness through specialized roles and collective decision-making, leading to a more robust long-term risk-return profile [18]. - It allows for a higher degree of portfolio diversification, reducing risk and potential drawdowns compared to single-manager strategies [5][16]. Group 5: Industry Implications - If the team-based model becomes mainstream, it will lead to a systemic restructuring of the public fund ecosystem, focusing on long-term, professional investment strategies [20][21]. - The emphasis will shift from individual star managers to team capabilities, influencing how investors select funds based on team strength and governance structures [20][21].