Core Viewpoint - The public fund industry is undergoing a transformation from "star-making" to "team-building," with a significant increase in the hiring of fund managers, indicating a shift towards a collaborative management model rather than a signal of risk [1][6]. Group 1: Increase in Fund Manager Hiring - As of July 7, over 710 public fund products have hired additional fund managers in 2023, with nearly 900 related announcements made [4][5]. - Notable fund managers, such as Ge Lan and Feng Bo, are involved in these newly managed products, indicating a trend towards team management [4][5]. - The hiring of additional managers is often misinterpreted as a sign of the original manager's impending departure, but it is primarily a strategy for dynamic optimization of team capabilities [5][6]. Group 2: Shift to Co-Management Models - The co-management model is becoming the norm in the public fund industry, with 25.61% of funds currently managed by two or more managers [7]. - This shift is supported by regulatory guidance aimed at reducing reliance on individual star managers and promoting a more collaborative investment approach [8]. - The number of fund managers has surpassed 4,000, with over one-third being new managers with less than three years of experience [8]. Group 3: Emergence of New Generation Fund Managers - New generation fund managers, who often have less than three years of experience, are increasingly demonstrating strong performance, with half of the top 10 active equity funds managed by such individuals [2][9]. - These younger managers are perceived to be more aggressive and adaptable, potentially leading to better returns despite their limited experience [9][10]. - However, concerns remain regarding their high industry concentration and the sustainability of their performance over different market cycles [10].

Core Viewpoint - The recent trend of hiring additional fund managers in the public fund industry is seen as a dynamic optimization of teams rather than a signal of impending departures of existing managers [1][4][5] Group 1: Hiring Trends - As of July 7, over 710 public fund products have hired additional fund managers this year, with nearly 900 related announcements [1][3] - The hiring trend includes well-known fund managers, indicating a shift towards a collaborative management model [3][4] - More than 25% of funds are now adopting a co-management model, reflecting a significant industry transformation [5][6] Group 2: Team Optimization - The core logic behind hiring additional managers is to optimize team capabilities, allowing for mentorship and shared responsibilities [4][5] - The trend is driven by the need to manage larger fund sizes effectively, where a single manager may struggle to adjust holdings [4][5] - The industry is moving away from reliance on "star fund managers" towards a more team-oriented approach, supported by regulatory guidance [5][6] Group 3: Rise of New Generation Managers - The number of fund managers with less than three years of experience has increased significantly, with over 1,500 new generation managers now in the industry [6][7] - Many top-performing funds this year have managers with less than three years of tenure, showcasing the emergence of new talent [2][7] - New generation managers are perceived to be more adaptable and innovative, although their performance sustainability requires further observation [2][7]

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].