Group 1 - The core point of the article highlights the distinction between managing a company and managing a fund, emphasizing that these roles require different skill sets and can lead to conflicts when held by the same individual [1][5] - Cheng Tao, the general manager of Xiangcai Fund, has officially stepped down from managing four fund products, marking the end of his dual role as both general manager and fund manager [1][5] - The resignation is indicative of a broader trend in the industry where executives are increasingly choosing between management and fund management roles due to the complexities and conflicts that arise from holding both positions [5][9] Group 2 - Cheng Tao's departure from the four funds, including Xiangcai Research Select One-Year Holding and Xiangcai Changshun, is effective from August 20, 2025, and he will no longer manage any products [5][6] - His return to the investment front in early 2022 was a significant move, but the recent resignation suggests that this phase has come to a close [6][10] - Xiangcai Fund currently manages assets totaling 6.128 billion yuan across 19 funds, indicating its position within the mid-sized tier of the market [7][10] Group 3 - The article discusses the challenges faced by executives who attempt to juggle both company management and fund management, noting that this dual role can lead to inefficiencies and conflicts of interest [8][9] - The trend of executives stepping down from one of the roles is seen across various firms, including Dongfang Alpha Fund and Huiquan Fund, highlighting a shift towards specialization in the industry [9][10] - The future focus for Xiangcai Fund will likely be on strategic planning and team building, rather than direct fund management, which may enhance the company's overall effectiveness [10]