私募基金的江湖，从来都是风起云涌。在这个以业绩为王的领域中，基金经理的投资哲学与操作策略，往往深植于其独特的从业背景之中。有人出身公 募，秉承严谨的投研体系与风控传统；有人来自期货市场，擅长衍生工具与波动博弈；还有人源自券商，深谙宏观趋势与资源整合等，这些由背景衍生出 的方法论差异，直接影响了其产品的业绩表现与风险特征。 私募排排网数据显示，截至2025年9月19日，今年来有业绩展示的私募基金经理共2669位，旗下符合排名规则的产品合计5270只，今年来收益均值为 25.57%；分从业背景来看，公募、期货、民间、券商从业背景的基金经理业绩位居前列。 今年来"公募派"基金经理旗下328只符合排名规则产品收益均值为31.26%，险胜"期货派"基金经理业绩，期货从业背景基金经理旗下72只符合排名规则产 品的收益均值为31.21%。 另外，"券商派"基金经理旗下936只符合排名规则产品今年来收益均值为27.66%，不敌"期货派"、"民间派"基金经理业绩。 | 从业背景 | 符合排名的产品数 | 产品规模合计(万元) | 今年来收益均值 | | --- | --- | --- | --- | | 公募 | 328 | ...

Core Viewpoint - The article discusses the performance of private equity fund managers from different backgrounds, highlighting the differences in investment strategies and their impact on fund performance. It emphasizes that the "public fund" managers have outperformed others in terms of returns this year, driven by their rigorous investment research and risk control practices [1][4]. Summary by Category Performance Overview - As of September 19, 2025, there are 2,669 fund managers with performance data, managing a total of 5,270 products, with an average return of 25.57% this year [1]. - Fund managers from public funds achieved an average return of 31.26%, slightly ahead of those from the futures background at 31.21% [1][2]. Fund Manager Backgrounds - The performance of fund managers varies significantly based on their professional backgrounds: - Public Fund Managers: 328 products, total scale of approximately 4.16 billion, average return of 31.26% [3]. - Futures Managers: 72 products, total scale of approximately 609 million, average return of 31.21% [3]. - Private Managers: 119 products, total scale of approximately 1.21 billion, average return of 30.07% [3]. - Securities Managers: 936 products, total scale of approximately 7.65 billion, average return of 27.66% [2][3]. Top Performing Products - The article lists the top-performing products from public fund managers, with "路远睿泽稳增" managed by 路文韬 leading with significant returns [5][6]. - For futures managers, "富延盛世1号" managed by 刘腾蛟 is highlighted as the top product, showcasing strong performance [10][11]. - The "民间派" managers also have notable products, with "泽源多策略2号A类份额" managed by 唐韵捷 leading in returns [12][14]. Trends and Insights - There is a notable trend of public fund managers transitioning to private equity, with 307 departures recorded this year, the highest in five years [4]. - The article indicates a growing interest in sectors like gold and military industries among fund managers, reflecting broader market trends [6].

Core Viewpoint - The article discusses the increasing trend of public fund managers transitioning to private equity, driven by changes in incentive mechanisms, a trend towards "de-starring," and a bullish market environment since 2025 [1]. Group 1: Public to Private Transition - As of September 19, 2023, a total of 307 public fund managers have left their positions this year, marking a five-year high, with several star managers rumored to join private equity firms [1]. - Notable departures include managers from Huashang Fund, Invesco Great Wall Fund, and China Merchants Shekou, with many expected to join Hillhouse Capital's Lingren Investment [1]. Group 2: Performance of Former Public Fund Managers - Among the 859 former public fund managers, those who transitioned to private equity have shown strong performance, with average returns of 28.26%, 57.63%, and 58.89% over the past year, three years, and since the beginning of the year, respectively [1]. Group 3: Top Performers in 2023 - Wang Penghui from Wangzheng Asset tops the list of private fund managers for this year, with an average return of ***% across three products [4]. - The only quantitative fund manager on the list is Nie Shouhua from Hanrong Investment, who ranks fourth with an average return of ***% [5]. Group 4: Performance Over One Year - In the past year, Zeng Weijiang from Beijing Zhenke Private Equity leads with a significant advantage, achieving an average return of ***% [6][7]. - The top ten list includes eight subjective private fund managers, with many managing less than 50 billion [6]. Group 5: Performance Over Three Years - In the last three years, Zhang Wenlong from Jinyu Investment and Yuan Wei from Huazhong Hexin rank among the top five, with average returns of ***% [9][10]. - Wang Penghui and Lu Hang have consistently appeared in the top rankings across different time frames [9].

Core Viewpoint - The article discusses the increasing trend of public fund managers transitioning to private equity, driven by changes in incentive mechanisms, a shift away from star managers, and a bullish market environment since 2025 [1]. Group 1: Public to Private Transition - As of September 19, 2023, a total of 307 public fund managers have left their positions this year, marking a five-year high, with several star managers rumored to join private equity firms [1]. - Notable managers who have transitioned include Zhou Haidong from Huashang Fund and Bao Wuke from Invesco Great Wall, both reportedly joining Hillhouse Capital's Lingren Investment [1]. Group 2: Performance of Transitioned Managers - Among the 859 former public fund managers, those who have moved to private equity have shown strong performance, with average returns of 28.26%, 57.63%, and 58.89% over the past year, three years, and since the beginning of the year, respectively [1]. - The top-performing managers in the current year include Wang Penghui from Wangzheng Asset, who leads with an average return of ***% [2][4]. Group 3: Top Managers by Performance - In the current year, the top 10 "public to private" fund managers have a performance threshold of ***%, with 9 being from subjective private equity and only 1 from quantitative private equity [2]. - Wang Penghui from Wangzheng Asset ranks first, with an average return of ***% across three products [4]. - The only quantitative manager in the top ranks is Nie Shouhua from Hanrong Investment, with an average return of ***% [5]. Group 4: Yearly and Three-Year Performance - In the past year, Zeng Weijiang from Beijing Zhenke Private Equity achieved the highest average return of ***%, with 8 out of the top 10 managers being from subjective private equity [6][7]. - Over the past three years, Zeng Weijiang also leads with an average return of ***%, with Wang Penghui and Lu Hang appearing in the top ranks multiple times [9][10].

Group 1 - DeepSeek's parent company director is under investigation for allegedly siphoning off over 100 million in commissions from a brokerage [11] - The case involves a "rebate" scandal linked to top quantitative private fund Huanfang Quantitative and China Merchants Securities [11] - The investigation has led to the transfer of involved personnel to judicial authorities, with no current response from China Merchants Securities [11] Group 2 - The Chinese economy is experiencing anxiety and pessimism due to a shift from easy earnings to economic volatility, as noted by Fan Gang, Vice President of the China Economic System Reform Research Association [3] - Economic fluctuations are common in market economies, and despite a 5% growth rate, consumer behavior is being affected by this anxiety [3] Group 3 - The supply-side adjustment in China is facing greater challenges than in 2016, with severe overcapacity issues arising from production in recent years, according to economist Hong Hao [5][12] - The current market conditions are compared to previous years, highlighting the unsustainable pricing of products like electric vehicles and milk tea [5][12] Group 4 - Lenovo reported a record high revenue of 136.2 billion RMB for the first quarter of the 2025 fiscal year, marking a 22% year-on-year increase [13] - The company’s net profit also saw significant growth, with a 108% increase under Hong Kong Financial Reporting Standards [13] - Lenovo's CEO emphasized that China remains a competitive manufacturing base, with lower costs compared to other regions [13] Group 5 - The recent trend of high-profile fund managers leaving public funds has raised concerns about the "public to private" phenomenon, with 242 fund managers departing in 2025 alone [16] - This trend reflects broader industry changes, including salary reforms and regulatory adjustments, as well as private firms actively recruiting top talent [16] Group 6 - The "Dong Mingzhu Health Home" brand has been renamed to "Gree Good Goods Guide" in preparation for the launch of an online store, according to Gree Electric's marketing director [17] - This change is part of a strategic adjustment to meet platform naming rules [17] Group 7 - Future Health, the parent company of SKG, has halted its plans for an IPO on the Beijing Stock Exchange after signing a termination agreement with CITIC Securities [20] - The company reported earnings of 500 million over four years, with SKG being a popular brand endorsed by Elon Musk's mother [20]

Core Viewpoint - The recent trend of fund manager departures at China Asset Management Company reflects a broader talent migration within the public fund industry, driven by compensation reforms, regulatory adjustments, and the shift from a "star" model to a "platform" model [3][6][12]. Group 1: Fund Manager Departures - Zhai Xiangdong, a prominent fund manager at China Asset Management, has officially resigned due to personal reasons, marking another high-profile departure in 2025 [2][4]. - This year, China Asset Management has lost four key fund managers, including Ma Long, Su Yanqing, and Wang Yan, with Ma Long managing assets worth 876 billion yuan before his departure [4][10]. - The public fund industry has seen a total of 242 fund manager departures in 2025, a record high, indicating a significant trend of talent movement [3][6]. Group 2: Industry Trends - The public fund industry is undergoing a transformation from reliance on individual star fund managers to a more team-oriented and institutionalized approach [8][12]. - The shift is characterized by enhanced collaboration within research teams and a focus on long-term performance and risk management, reducing dependency on individual managers [8][9]. - Compensation structures are evolving, with a greater emphasis on equity incentives and differentiated assessments, reflecting a competitive landscape for talent [7][12]. Group 3: Company Response - China Asset Management has stated that the recent personnel changes are part of a long-term strategy for optimizing resources and product management [5][9]. - The company emphasizes its commitment to developing a robust talent pipeline and maintaining a culture of focus and openness within its investment team [5][9]. - The firm has extended its performance evaluation period from three to five years to enhance investor experience and align interests with long-term returns [9].

Group 1 - The departure of fund manager Zhai Xiangdong from China Merchants Fund is part of a broader trend of talent migration within the public fund industry, with 242 fund managers leaving since 2025, marking a new high [2][6][8] - Zhai Xiangdong achieved a return of 117.90% and an annualized return of 27.24% since taking over the China Merchants Advantage Enterprise Mixed Fund, which grew from less than 40 million to over 10 billion in size [3][4] - The fund's size has decreased to 81.32 billion following Zhai's departure, with over 300 million shares redeemed, raising concerns about the future performance under the new manager [3][4] Group 2 - The trend of talent loss at China Merchants Fund is not isolated, as four prominent fund managers have left the company this year, including Ma Long and Su Yanqing, due to personal reasons [4][5] - The public fund industry is experiencing a shift from a "star manager" model to a "platform" model, emphasizing team collaboration and reducing reliance on individual managers [9][10] - The industry is seeing an increase in competition for talent, with factors such as salary reforms and regulatory changes driving the migration of fund managers to private equity firms [9][10] Group 3 - The average tenure of fund managers in the industry is around 4.15 years, with a significant number of managers leaving their positions, indicating a high turnover rate [7][8] - The trend of high-level personnel changes is also evident, with frequent adjustments in executive roles across various fund companies, reflecting the competitive landscape and the need for strategic realignment [11][12][14] - The ongoing transformation in the public fund industry is pushing firms to focus on long-term performance, risk management, and effective communication with investors, which raises the bar for fund managers' professional skills [10][14]

Core Viewpoint - The resignation of prominent fund manager Zhai Xiangdong from China Merchants Fund has been confirmed, with speculation about his potential move to a private equity fund, possibly Hillhouse Capital. This trend of high-profile fund manager departures has been increasing in the industry this year, with a total of 242 public fund managers leaving as of August 12, 2025, compared to 212 in the same period last year, marking a 14.15% increase [1][19][21]. Group 1: Resignation Details - Zhai Xiangdong has officially resigned as the manager of the China Merchants Advantage Enterprise Fund due to personal reasons and will not take on any other roles within the company [2][3]. - His departure follows a series of high-profile exits from various funds, including notable managers from firms like China Europe Fund and Industrial Bank of China Fund [1][19]. - The number of fund managers leaving this year has significantly increased, with 242 departures compared to previous years, indicating a trend in the industry [19][21]. Group 2: Performance and Management - Zhai Xiangdong's management of the China Merchants Advantage Enterprise Fund has been marked by impressive performance, achieving a 124.59% increase during his tenure, with an annualized return of 27.96% [5][6]. - The fund's performance has been notable, especially in 2023 and 2024, where it outperformed benchmarks significantly, although it faced challenges in the second quarter of 2025, resulting in a net value decline of 3.63% [6][11]. - His investment strategy focused on high-risk, high-reward opportunities, particularly in TMT (Technology, Media, and Telecommunications) sectors, which contributed to the fund's strong performance during market upswings [12][9]. Group 3: Industry Trends - The trend of fund managers transitioning from public to private equity is becoming more pronounced, driven by the allure of higher compensation and greater investment freedom in private equity [22]. - The public fund industry has seen a shift in dynamics, with an oversupply of fund managers following a period of rapid expansion, leading to increased departures as performance evaluations come into play [21][22]. - The active equity funds have recently begun to outperform the market after three years of underperformance, yet this has not prevented the exodus of top-performing fund managers [18][21].

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].

Core Insights - The number of fund managers leaving their positions has increased from 212 last year to 240 this year, marking a year-on-year increase of 28, or approximately 13.21% [2] - Notable departures include star fund manager Zhai Xiangdong from China Merchants Fund, who left due to personal reasons, leading to significant attention in the industry [2][3] - The fund managed by Zhai, China Merchants Advantage Enterprise, is the largest actively managed equity fund under China Merchants Fund, with a total scale of 8.132 billion yuan as of August 8 [2] Fund Manager Departures - Zhai Xiangdong's departure is part of a broader trend, with several star fund managers leaving their firms this year, including Bao Wuke from Invesco Great Wall Fund and Zhang Yifei from Anxin Fund [3][5] - The public fund industry has seen a dual impact from fee reforms and salary adjustments, leading to increased pressure on fund managers and contributing to their departure [5] Performance Metrics - Zhai Xiangdong achieved a total return of 124.59% and an annualized return of 27.96% during his tenure, significantly outperforming the industry benchmark [2] - The fund's performance has been strong, with returns of 23.88% and 23.44% for its A and C shares respectively in the current year [2] Industry Trends - The trend of public fund managers moving to private equity is gaining momentum, driven by the flexibility and higher performance incentives offered by private funds [13][17] - The departure of high-performing fund managers poses a risk of significant redemptions for their previous funds, as seen with Zhonggeng Fund after the exit of a top manager [17][18] Manager Transition - Lu Wenkai has taken over as the new manager of China Merchants Advantage Enterprise following Zhai's departure, raising questions about his ability to maintain the fund's performance [10] - Lu has a diverse background in both public and private fund management, currently overseeing a total of approximately 12.441 billion yuan across six funds [10]