Core Viewpoint - The departure of Chen Zhenyu, the deputy general manager of Anxin Fund, from the management of Anxin Value Growth Mixed Fund, despite its solid performance, indicates a significant internal restructuring and power dynamics within the company [1][4]. Group 1: Management Changes - Chen Zhenyu's resignation from Anxin Value Growth, where he achieved an annualized return of 13.71%, raises questions about the internal governance and the dynamics of power within Anxin Fund [1][3]. - The management structure, characterized by a "deputy general manager nominally in charge with junior managers executing," suggests a potential "shadow management" scenario, prompting discussions about the actual contributions of senior leaders in fund management [2][3]. Group 2: Institutional Investor Behavior - The recent departures of multiple fund managers from Anxin New Growth Fund, following significant outperformance, coincide with a sharp withdrawal of institutional investors, indicating a strategic exit aligned with profit-taking and tax considerations [3][4]. - The high institutional ownership of 96.22% in Anxin New Growth Fund prior to the mass exit highlights the fund's tailored nature for large investors, raising concerns about the implications for retail investors left behind [3][4]. Group 3: Implications for Fund Stability - The frequent changes in fund managers, with 42 products experiencing management changes since 2025, pose challenges to the stability of investment research and management within Anxin Fund [3][4]. - The transition of power and the shift from a focus on scale and star managers to addressing sustainability pressures post-institutional exits reflect a critical juncture for Anxin Fund [4].