张坤卸任副总，易方达告别“明星挂帅”时代

Core Viewpoint - The departure of Zhang Kun from the position of Vice President at E Fund marks the end of an era dominated by star fund managers, reflecting a shift in the company's management strategy and a response to performance pressures in the market [2][4][5]. Management Changes - Zhang Kun's resignation is part of a broader trend where star fund managers are stepping down from executive roles to focus on investment management, following similar departures of Xiao Nan and Chen Hao earlier this year [3][4][19]. - E Fund's management adjustments signify a strategic shift from a "star-driven" model to a more team-oriented and professional investment approach, emphasizing the importance of investment capabilities over individual star power [19][21]. Performance Analysis - Over the nearly five years of Zhang Kun's tenure as Vice President, his managed funds have seen a cumulative return of -11.22%, underperforming the CSI 300 Index, which had a return of -1.7% during the same period [7][18]. - The performance of Zhang Kun's flagship fund, E Fund Blue Chip Selection, experienced significant volatility, with a peak net value increase of 162% followed by a decline of over 56% [8][12]. Fund Management Strategy - Zhang Kun's investment strategy has evolved to focus more on risk management and sustainable business models, while still adhering to a long-term value investment philosophy [11][21]. - The shift in focus has led to increased attention on emerging industries and sectors, such as women's consumption and logistics, in response to changing market conditions [11][21]. Industry Trends - The trend of star fund managers stepping down from executive roles is indicative of a broader "de-administrative" movement within the public fund industry, with over 100 fund managers making similar transitions since 2024 [20][22]. - Regulatory changes are also influencing this trend, as new guidelines encourage fund managers to prioritize long-term investment returns, further supporting the shift towards a more collaborative and research-driven investment environment [22].