“公奔私”再潮起！乾图黄立图、翰荣聂守华近半年居前5！资瑞兴汪忠远近5年领衔

Core Viewpoint - The article discusses the significant reforms in the public fund industry that took effect in December 2025, focusing on changes in investment scope, compensation incentives, and business restrictions, which are seen as crucial steps in reshaping the industry ecosystem [2]. Group 1: Historical Context of "Public to Private" Transition - The article reflects on three previous waves of "public to private" transitions, highlighting that these movements are not only personal career choices for fund managers but also indicative of the restructuring of the fund industry and market changes [3]. - The first wave occurred between 2006-2007, during which the Shanghai Composite Index surged from 1,000 to 6,124 points, leading to a boom in public fund sizes but lacking effective incentive mechanisms. Notable fund managers like Zhao Jun and Jiang Hui transitioned to private equity [4]. - The second wave from 2012-2015 coincided with a bull market in the ChiNext board and a blue-chip rally, with prominent figures like Wang Yawei and Qiu Guolu moving to establish private firms [4]. - The third wave from 2020-2022 was marked by a structural bull market in sectors like new energy, with managers such as Zhou Yingbo and Dong Chengfei making headlines for their transitions [4]. Group 2: Current Trends and Performance of Fund Managers - As of December 12, 2025, there are 859 fund managers with backgrounds in public funds who have transitioned to private equity. The article notes that 304 public fund managers left their positions in 2025 alone, with many rumored to be moving to private equity [5]. - In the past six months, the top-performing fund manager is Huang Litong, with his products achieving significant returns. He emphasizes the potential for economic recovery supported by domestic policies and the effects of U.S. interest rate cuts [8]. - The article lists the top fund managers based on their performance over different time frames, indicating that many of them have extensive experience, with several having over 20 years in the industry [9][10][11][12][13][17]. - Notably, the article highlights that the top managers in the last five years include four from billion-dollar private equity firms, showcasing the competitive landscape and the performance of these managers [17].