Core Viewpoint - The article emphasizes the investment potential of the E Fund Kexiang Mixed Fund, highlighting its ability to capitalize on growth opportunities during economic transitions, supported by an experienced fund manager and a robust research team [3][5]. Fund Overview - Fund Code: 110013 - Fund Type: Actively Managed - Large Cap Growth - Benchmark Index: CSI 300 Relative Growth Total Return [1] - Fund Size: 42.09 billion yuan as of September 30, 2025 [2]. Market Context - Since 2026, the A-share market has welcomed a "good start" with core indices steadily rising, with both the Shanghai Composite Index and Shenzhen Component Index recording positive returns [3]. - The market style is becoming more balanced, with a notable advantage for growth sectors, particularly in technology, while signs of profit recovery are emerging in consumption, cyclical, and manufacturing sectors [3]. Fund Manager Profile - Fund Manager: Chen Hao, managing the fund since May 2014, with 18 years of investment experience, including 13 years in public fund management [5]. - Chen has maintained a stable number of products and scale, managing a total of 29.9 billion yuan as of Q3 2025 [5]. Investment Strategy - The fund focuses on mid-cap stocks and employs a strategy that combines macro industry comparisons with bottom-up stock selection, targeting industries with significant long-term growth trends [8][10]. - The fund manager emphasizes a concentrated industry allocation while maintaining a diversified stock portfolio, typically holding between 70 to 100 stocks [8]. Performance Metrics - Since Chen Hao took over, the fund has achieved an annualized return of 19.96%, outperforming the benchmark by 12.48% [20]. - In 2025, the fund benefited from a favorable market environment, achieving a return of 72.25%, surpassing the benchmark by 39.81% [20]. Risk and Volatility - The fund's performance volatility is higher than the benchmark and peer averages, with a standard deviation of 23.48% [29]. - Despite higher risks, the fund has provided substantial excess returns, with a Sharpe ratio of 0.57, outperforming 93% of peers [30]. Fee Structure - The fund has an annual comprehensive fee rate of 1.76%, which is lower than the peer average of 2.27%, benefiting investors through reduced costs [31].

Core Viewpoint - The public fund industry is experiencing a generational shift as veteran balanced fund managers retire, raising concerns about the ability of successors to maintain the established investment styles of their predecessors [1][4][12]. Group 1: Departure of Veteran Managers - Notable veteran fund managers like Zhou Haidong and Bao Wuke have left the public fund industry, leading to a scarcity of balanced fund managers [1][4]. - The successors of these veterans often have differing investment styles, which may not align with the balanced approach that characterized their predecessors' management [1][4]. - The transition of management styles is evident, as seen with the varied expertise of fund managers taking over Bao Wuke's products, including strengths in cycles, technology, and asset allocation [1][4]. Group 2: Industry Statistics and Trends - As of May 30, 2025, there are 3,850 public fund managers, but only 27.58% have over seven years of experience, and very few exceed ten years [6]. - The performance of veteran managers has been validated over time, with Zhou Haidong's representative product achieving an annualized return of 27.82% from 2019 to 2024, significantly outperforming the CSI 300 index [8]. - The market has seen a trend where only 14 products have achieved six consecutive years of positive returns since 2019, with eight of these managed by the departing veterans [8][9]. Group 3: Challenges Faced by Veterans - The public fund industry prioritizes scale, leading to a situation where veteran managers struggle to grow their fund sizes compared to more aggressive, growth-oriented products [12]. - Despite superior performance, veterans like Bao Wuke have not ascended to higher management positions, highlighting a disconnect between performance and career advancement [11][12]. - The combination of slow growth in fund size and limited career progression opportunities contributes to the departure of veteran managers seeking new challenges [12]. Group 4: Shift in Investment Styles - The investment landscape has shifted towards growth styles, with 76% of new fund products launched post-2019 being growth-oriented, while balanced styles have decreased to 18.58% [15][17]. - The emergence of successful growth fund managers has overshadowed balanced fund managers, making it difficult for the latter to gain recognition [18]. - The trend towards a more tool-oriented approach in fund management has led to a decline in the appeal of balanced fund strategies, as firms opt for specialized managers focusing on specific sectors [20]. Group 5: Future Outlook - The public fund industry faces a critical juncture, needing to decide on the investment styles that will resonate with investors moving forward [18][20]. - The scarcity of balanced fund managers poses a risk to the long-term stability and diversity of investment strategies within the industry [20][21]. - Historical lessons suggest that overly focusing on a single investment style can lead to rapid declines in performance, emphasizing the need for a balanced approach [20][21].