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].