传言坐实，又一明星基金经理离职

Core Viewpoint - The article discusses the recent resignation of prominent fund manager Zhai Xiangdong from the China Merchants Fund, highlighting a trend of increasing departures among star fund managers in the industry, with a total of 242 fund managers leaving in 2025, compared to 212 in the previous year, marking a 14.15% increase [1][14][15]. Summary by Sections Resignation of Zhai Xiangdong - Zhai Xiangdong has officially resigned as the manager of the China Merchants Advantage Enterprise Fund due to "personal reasons" and is rumored to join a private equity fund, possibly Hillhouse [3][5]. - His tenure saw the fund achieve a 124.59% increase over 3 years, significantly outperforming the CSI 300 index [5][9]. Performance and Strategy - Under Zhai's management, the fund's annualized return was 27.96%, with a maximum quarterly drawdown of less than 25%, making it a popular choice among investors [5][9]. - Despite strong past performance, the fund experienced a net value decline of 3.63% in Q2 2025, attributed to a lack of exposure to high-performing sectors during that period [6][9]. Market Trends and Departures - The article notes a significant increase in fund manager departures this year, with 242 resignations reported by August 12, 2025, compared to previous years [14][15]. - The trend is linked to a market shift where many fund managers are facing performance evaluations after three years of underperformance, leading to a surplus of fund managers in the industry [15]. Transition to Private Equity - The article highlights the trend of fund managers moving to private equity, driven by better compensation structures and greater investment freedom, allowing them to implement personal investment strategies [15][16]. - Zhai's successor, Lu Wenkai, is noted to have a more balanced investment approach compared to Zhai's high-risk strategy, indicating a potential shift in the fund's management style [11][12].