基金经理“团队制”如何搞？这些有益探索已先行！

Core Viewpoint - The team-based management model for fund managers is recognized as a key approach to enhance the research and investment capabilities of public funds in the context of high-quality development [1][2]. Group 1: Implementation and Exploration - The China Securities Regulatory Commission has released an action plan that emphasizes the team-based management model as a crucial part of strengthening the core research and investment capabilities of public funds [2]. - Some fund companies have already begun exploring integrated research practices, with notable examples including the industrialized and intelligent research platform of China Europe Fund and the technology research team integration of Nuoan Fund [2]. - The emergence of a four-person co-management fund, the ICBC Leading Navigator Three-Year Holding Mixed Fund, marks a significant innovation in the fund industry to address the limitations of single-manager strategies [3]. Group 2: Challenges and Coordination - Despite the benefits of co-management, there are significant challenges that need to be addressed, such as unclear role definitions, high coordination costs, and potential decision-making conflicts among fund managers [4]. - Current co-managed funds have not yet demonstrated the "1+1 greater than 2" effect, indicating that the integration of multiple managers may not always lead to improved performance [4][5]. Group 3: Market Dynamics and Competition - Fund managers face significant challenges in a competitive market characterized by a large number of companies and products, which complicates the investment decision-making process [7]. - The rise of passive and quantitative funds has intensified competition for actively managed funds, making it increasingly difficult to generate excess returns [7]. Group 4: Future Development and Mechanism Innovation - The development of the team-based management model requires a higher-level mechanism transformation, which is gradually being implemented [8]. - Effective team-based investment emphasizes risk-return matching and requires fund managers to possess complementary skills, such as macro analysis, industry trends, and risk control [8].