Core Viewpoint - The recent announcement by China Europe Fund regarding the appointment of Zhao Lei as a co-manager for the China Europe Medical Health Mixed Fund has raised concerns among investors, particularly in light of the fund's significant losses over the past three years, leading to speculation about the future of the fund and its management [1][5][19] Fund Management Changes - The China Europe Medical Health Mixed Fund, with a total scale of 311.79 billion yuan, has appointed Zhao Lei to co-manage alongside the well-known manager Ge Lan [1][2] - Zhao Lei has 8 years of experience in the securities industry, primarily focused on medical research, but lacks independent management experience of large-scale funds [3][14] Performance Metrics - The fund has experienced a net value decline of 39.40% over the past three years, significantly underperforming its peers, which averaged a decline of 15.85%, and the CSI 300 index, which fell by 10.76% [8][10] - The fund's performance has deteriorated sharply, with a peak return of 90.57% in 2021, followed by three consecutive years of losses that have diluted long-term returns [8][10] Investor Sentiment - Investor sentiment has turned negative, with many expressing concerns about the management changes and the fund's performance, leading to speculation about potential withdrawals from the fund [5][19] - The shift in management strategy, including the appointment of a co-manager, has raised questions about the future direction of the fund and the distribution of decision-making power between Ge Lan and Zhao Lei [14][19] Industry Context - The medical sector is currently facing challenges due to policy adjustments and overcapacity, impacting the performance of key stocks previously favored by Ge Lan [16][17] - The ongoing struggles in the medical sector may complicate Zhao Lei's ability to balance high-research investment stocks with low-valuation consumer medical stocks, potentially affecting the fund's future performance [18][19]