Core Viewpoint - The public fund industry is transitioning from a "star fund manager" model to a "team-based fund manager" approach, which is seen as a necessary evolution towards a more mature asset management industry that emphasizes long-term performance [1][6][20]. Group 1: Team-Based Management Model - The public fund high-quality development action plan supports the team-based management model, encouraging fund companies to explore this approach [2][14]. - Recent examples include the establishment of the Ruiyuan Research Balanced Three-Year Holding Mixed Fund managed by three fund managers and the ICBC Leading Three-Year Holding Mixed Fund managed by four fund managers [1][14]. - As of January 25, there are 25 funds in the market managed by three or more fund managers, indicating a growing trend towards collaborative management [1][15]. Group 2: Operational Mechanism - The Ruiyuan fund employs a collaborative mechanism where multiple fund managers manage different segments of the fund independently, with performance contributions aggregated for overall fund performance [2][14]. - This model respects individual decision-making while holding each manager accountable for their respective segments, promoting a diversified source of alpha returns [2][14]. Group 3: Market Context and Challenges - The high volatility of the A-share market necessitates a team-based approach, as individual managers may struggle to cover the vast opportunities presented by over 6,000 listed companies [3][17]. - The transition to a team-based model addresses the limitations of relying on individual managers, especially in light of potential departures or style drift [17][21]. Group 4: Advantages of Team-Based Approach - The team-based model enhances decision-making efficiency and effectiveness through specialized roles and collective decision-making, leading to a more robust long-term risk-return profile [18]. - It allows for a higher degree of portfolio diversification, reducing risk and potential drawdowns compared to single-manager strategies [5][16]. Group 5: Industry Implications - If the team-based model becomes mainstream, it will lead to a systemic restructuring of the public fund ecosystem, focusing on long-term, professional investment strategies [20][21]. - The emphasis will shift from individual star managers to team capabilities, influencing how investors select funds based on team strength and governance structures [20][21].

Core Viewpoint - The article discusses the shift in the public fund industry from a "star fund manager" model to a "team-based fund manager" approach, emphasizing the importance of systematic collaboration to reduce reliance on individual managers and enhance long-term investment performance [2][8]. Group 1: Team-Based Management Model - The public fund high-quality development action plan supports the team-based management model, encouraging fund companies to explore this approach [4]. - Recent examples include the establishment of the Ruiyuan Research Selection Balanced Three-Year Holding Mixed Fund managed by three fund managers and the ICBC Leading Three-Year Holding Mixed Fund managed by four fund managers [4][5]. - As of January 25, there are 25 funds in the market managed by three or more fund managers, indicating a growing trend towards this collaborative model [2][5]. Group 2: Advantages of Team-Based Management - The team-based model allows for independent decision-making by each fund manager while promoting collaboration, which can lead to diversified sources of alpha returns and reduced risk [4][6]. - This model is particularly beneficial in the context of the high volatility of the A-share market, where individual managers may struggle to cover all market opportunities effectively [5][8]. - The integration of diverse investment styles and expertise among multiple managers enhances the overall investment strategy and risk management [6][9]. Group 3: Industry Transformation - The rise of the team-based management model signifies a deeper transformation in the public fund industry, moving from a focus on individual star managers to a more systematic and collaborative investment research approach [8][12]. - This shift is driven by the industry's recognition of the limitations of relying on individual managers, especially in a complex market with over 6,000 listed companies [8][12]. - If the team-based model becomes mainstream, it will lead to a restructuring of the fund ecosystem, emphasizing long-term, professional investment practices and reducing the impact of individual manager turnover on fund performance [12][14]. Group 4: Implications for Investors - Investors will need to shift their focus from selecting individual managers to evaluating the strength of the entire investment team and the stability of the governance structure [12][14]. - The team-based model is expected to provide a more predictable and stable investment experience, aligning investor interests with the long-term development of fund companies [12][14]. - The emphasis on team collaboration and long-term performance will redefine success for fund managers, moving away from the "star" mentality [12][14].

Core Viewpoint - The issuance of the Ruiyuan Research Balanced Three-Year Holding Mixed Fund reflects the company's commitment to exploring a team-based fund management model and a cautious approach to fund establishment [1][2]. Fund Structure and Management - The Ruiyuan Research Balanced Three-Year Holding Mixed Fund is a mixed equity fund primarily investing in A-shares and Hong Kong stocks, with an equity asset investment ratio of 60%-95%, and a maximum of 50% of equity assets in Hong Kong Stock Connect targets [2]. - The fund will adopt an active management philosophy, focusing on identifying value investment targets with competitive advantages across various industries, aiming for long-term stable asset appreciation and excess returns beyond performance benchmarks [2][3]. - The fund will be managed by a team of three fund managers, who will collaborate through a cooperative mechanism and manage their respective units independently, with performance based on the aggregate contributions of each manager [2][7]. Fee Structure - The fund employs a floating management fee model, with fees determined based on the holding period and annualized return of each fund share, categorized into three tiers depending on performance relative to benchmarks [3]. Strategic Rationale - The exploration of the team-based fund management model aligns with regulatory guidance aimed at enhancing core investment research capabilities and supporting diversified management strategies [4][6]. - The fund's management team believes that a multi-manager approach can reduce risk and enhance returns by leveraging diverse investment styles and expertise [5][8]. Historical Context and Future Direction - The team-based management model has been successfully implemented by firms like Capital Group, which utilizes a multi-advisor system to achieve superior long-term investment performance [7]. - The Ruiyuan Research Balanced Fund represents a significant step in the company's ongoing exploration of this management model, with a focus on continuous improvement and adaptation based on operational experiences [8].

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].

Core Viewpoint - The team-based management model for fund managers is recognized as a crucial approach to enhance the research and investment capabilities of public funds in the context of high-quality development [1][6]. Group 1: Implementation and Exploration - The China Securities Regulatory Commission (CSRC) has proposed an action plan to support the establishment of a team-based management model for fund managers, emphasizing the need for a comprehensive research and investment system [2][6]. - Some fund companies have already begun to explore integrated research practices and the co-management model among fund managers to address the limitations of single-strategy funds [2][5]. - The trend of co-management is increasing, with examples of funds being managed by two or three managers, indicating a shift towards collaborative management [2][5]. Group 2: Advantages of Team-Based Management - Team-based management can enhance the stability of fund performance by leveraging the complementary strengths of different fund managers, thus improving compatibility with various investment styles [3][6]. - The collaborative approach aims to mitigate risks associated with individual fund managers, such as personal biases and the impact of manager turnover on performance [3][6]. Group 3: Challenges and Limitations - Despite the potential benefits, the current co-management model has not yet demonstrated significant advantages, with concerns about decision-making conflicts and unclear responsibilities among managers [4][5]. - The effectiveness of co-management is hindered by the reluctance of established fund managers to share control and the potential for coordination challenges [4][5]. Group 4: Future Directions - The development of a team-based management model requires a fundamental change in the investment research mechanism, emphasizing the need for a structured approach to integrate various analytical strengths [6][7]. - The future of team-based management in public funds will depend on the establishment of a supportive culture and governance framework that encourages collaboration and effective resource allocation [7].

Group 1 - The public fund industry is experiencing a trend of "de-starring," with notable fund managers like Bao Wuke leaving their positions, indicating a shift from the previous "talent promotion" culture [2][6] - As of May 19, 141 fund managers have left their positions this year, surpassing the number from the same period last year, with a total of 361 departures in 2024, marking a 15% increase from 2023 [7] - Regulatory changes encouraging team-based management among fund managers are contributing to this trend, promoting transparency and strategy sharing within teams [6][8] Group 2 - Bao Wuke, a prominent fund manager with 17 years of experience, has officially left Invesco Great Wall Fund, managing assets totaling 16.207 billion yuan, and is recognized for his strong performance [3][5] - The departure of Bao Wuke has raised questions about the future performance of the funds he managed, with his successors now overseeing a total of 10 funds, reflecting a talent shortage in the industry [5][6] - Recent regulatory reforms have increased performance assessment pressures on fund managers, with a focus on long-term performance metrics, leading to a sense of uncertainty among active equity fund managers [7][8]