Core Viewpoint - The resignation of Jiang Xiaoli from Tianhong Fund's management of multiple public funds is primarily due to personal reasons, including a desire for a break and to focus on family [1][2] Group 1: Fund Management Changes - Jiang Xiaoli managed a total of 41 funds, with 10 products under her management before her departure, totaling over 35 billion yuan in assets [2] - Following her resignation, Tianhong Fund has appointed Du Guang and Zhang Yu to co-manage Tianhong Yongli Bond Fund, while Zhang Yu will manage Tianhong Enhanced Return Fund alone [5][6] Group 2: Performance and Strategy - Jiang Xiaoli emphasized an investment philosophy focused on absolute returns and asset preservation, adapting investment frameworks to changing political and economic landscapes [5] - Under her management, Tianhong Yongli Bond Fund achieved a cumulative return of 167.12% over nearly 18 years, surpassing its benchmark by 60.85% [5] Group 3: Industry Trends - The trend of fund manager resignations is increasing, with 484 managers leaving the industry in 2025, resulting in an 11.76% turnover rate, higher than previous years [6] - As of the end of 2025, Tianhong Fund managed a total of 1.33 trillion yuan in public funds, with significant portions in money market funds and bond funds [6]

Core Viewpoint - The resignation of Jiang Xiaoli from Tianhong Fund's management of multiple public funds is primarily due to personal reasons, including a desire for a break and to focus on family after years of continuous work since 2009 [1][2]. Group 1: Fund Management Changes - Jiang Xiaoli managed a total of 41 funds, with 10 products under her management before her resignation, amounting to over 35 billion yuan in total assets [2]. - The funds managed by Jiang Xiaoli include Tianhong Yongli Bond, Tianhong Ankang Yiyang, and Tianhong Enhanced Return, among others, with varying performance metrics [4][6]. - Following her departure, Tianhong Fund has appointed Du Guang and Zhang Yu to co-manage Tianhong Yongli Bond, while Tianhong Ankang Yiyang is now managed by Wan Ruxue and He Jian [5][6]. Group 2: Performance Metrics - Under Jiang Xiaoli's management, Tianhong Yongli Bond achieved a cumulative return of 167.12% over nearly 18 years, significantly outperforming its benchmark of 60.85% [5]. - The annualized return for Tianhong Ankang Yiyang is approximately 4.50% and 2.52% for its current managers [6]. - Zhang Yu, managing Tianhong Enhanced Return, has a return rate of about 34.38% over more than five years [6]. Group 3: Industry Context - The trend of fund manager resignations has been increasing, with 484 fund managers leaving the industry in 2025, resulting in a turnover rate of 11.76%, higher than previous years [6]. - As of the end of 2025, Tianhong Fund managed a total of 1.33 trillion yuan in public funds, with significant portions in money market funds and bond funds [6].