Core Viewpoint - The public fund industry is experiencing frequent adjustments in research and investment teams at the beginning of 2026, with 56 fund managers changing across 153 funds as of January 18, indicating a normal talent flow in the industry [1][2]. Group 1: Fund Manager Changes - A total of 153 funds have undergone manager changes, with prominent institutions like Huaxia Fund and Harvest Fund seeing a significant number of changes, particularly in technology and manufacturing-themed products [1]. - The majority of the changes involve equity products, with 109 equity funds changing managers, accounting for 71% of the total, primarily in mixed funds that track consumer and technology sectors [1][2]. Group 2: Performance of Adjusted Funds - Contrary to the stereotype that changes indicate poor performance, 142 of the 153 adjusted funds have shown positive net value growth over the past year, with 14 funds exceeding a 50% increase [2]. - The average net value growth rate for the 60 funds that added managers is 22%, with 54 of these funds achieving positive growth [3]. Group 3: Reasons for Manager Changes - The adjustments are seen as a strategy to enhance long-term management, allowing for better alignment with current market trends and risk diversification through team collaboration [2][3]. - Experts suggest that the trend of adding managers will continue as institutions seek to optimize research and investment capabilities, particularly in specialized fields [3]. Group 4: Future Outlook - As the spring market unfolds, further adjustments in fund managers for equity products are anticipated, focusing on optimizing research configurations around technology and high-end manufacturing sectors [4].

导语 根据晨星Direct的统计，截至2025年3月底，目前我国开放式公募基金的数量为10291只 （仅算主份额），其中约25%的基金由两位及以上的基金经理共同管理。作为掌管基金 的"掌舵手"，基金经理的决策和行为对基金的平稳运行、业绩表现和持有人体验有着举 足轻重的影响。投资管理经验丰富、且在完整的市场牛熊周期中有过成功经验的基金经 理会更有可能在中长期为投资者带来良好稳定的投资回报，反之则会给投资者体验带来 负面冲击。对于投资者而言，基金经理的变动和收益预期密切相关。当基金突然增聘基 金经理时，比起在恐慌中立刻回撤投资的资金，解读变化背后的原因后再做决定，方为 明智的应对之策。 在这篇文章中，我们希望从增聘基金经理的目的出发，从以老带 新、优势互补、分担管理压力和应对人员变动的风险等不同的角度，为大家解码增聘基 金经理背后的逻辑。 01 增聘基金经理原因1：以老带新 以老带新是增聘基金经理的常见现象之一，通常由投资经验丰富的基金经理（原基金经理）将 自己的投资经验传授给投资管理经验尚不充足的基金经理，帮助其增强对市场的理解，提升投 资管理能力。与此同时，新晋基金经理也可以通过协助组合的部分投资操作，帮助原 ...