Core Viewpoint - The resignation of prominent fund manager Zhai Xiangdong from China Merchants Fund has been confirmed, with speculation about his potential move to a private equity fund, possibly Hillhouse Capital. This trend of high-profile fund manager departures has been increasing in the industry this year, with a total of 242 public fund managers leaving as of August 12, 2025, compared to 212 in the same period last year, marking a 14.15% increase [1][19][21]. Group 1: Resignation Details - Zhai Xiangdong has officially resigned as the manager of the China Merchants Advantage Enterprise Fund due to personal reasons and will not take on any other roles within the company [2][3]. - His departure follows a series of high-profile exits from various funds, including notable managers from firms like China Europe Fund and Industrial Bank of China Fund [1][19]. - The number of fund managers leaving this year has significantly increased, with 242 departures compared to previous years, indicating a trend in the industry [19][21]. Group 2: Performance and Management - Zhai Xiangdong's management of the China Merchants Advantage Enterprise Fund has been marked by impressive performance, achieving a 124.59% increase during his tenure, with an annualized return of 27.96% [5][6]. - The fund's performance has been notable, especially in 2023 and 2024, where it outperformed benchmarks significantly, although it faced challenges in the second quarter of 2025, resulting in a net value decline of 3.63% [6][11]. - His investment strategy focused on high-risk, high-reward opportunities, particularly in TMT (Technology, Media, and Telecommunications) sectors, which contributed to the fund's strong performance during market upswings [12][9]. Group 3: Industry Trends - The trend of fund managers transitioning from public to private equity is becoming more pronounced, driven by the allure of higher compensation and greater investment freedom in private equity [22]. - The public fund industry has seen a shift in dynamics, with an oversupply of fund managers following a period of rapid expansion, leading to increased departures as performance evaluations come into play [21][22]. - The active equity funds have recently begun to outperform the market after three years of underperformance, yet this has not prevented the exodus of top-performing fund managers [18][21].

Core Viewpoint - The article discusses the recent resignation of prominent fund manager Zhai Xiangdong from the China Merchants Fund, highlighting a trend of increasing departures among star fund managers in the industry, with a total of 242 fund managers leaving in 2025, compared to 212 in the previous year, marking a 14.15% increase [1][14][15]. Summary by Sections Resignation of Zhai Xiangdong - Zhai Xiangdong has officially resigned as the manager of the China Merchants Advantage Enterprise Fund due to "personal reasons" and is rumored to join a private equity fund, possibly Hillhouse [3][5]. - His tenure saw the fund achieve a 124.59% increase over 3 years, significantly outperforming the CSI 300 index [5][9]. Performance and Strategy - Under Zhai's management, the fund's annualized return was 27.96%, with a maximum quarterly drawdown of less than 25%, making it a popular choice among investors [5][9]. - Despite strong past performance, the fund experienced a net value decline of 3.63% in Q2 2025, attributed to a lack of exposure to high-performing sectors during that period [6][9]. Market Trends and Departures - The article notes a significant increase in fund manager departures this year, with 242 resignations reported by August 12, 2025, compared to previous years [14][15]. - The trend is linked to a market shift where many fund managers are facing performance evaluations after three years of underperformance, leading to a surplus of fund managers in the industry [15]. Transition to Private Equity - The article highlights the trend of fund managers moving to private equity, driven by better compensation structures and greater investment freedom, allowing them to implement personal investment strategies [15][16]. - Zhai's successor, Lu Wenkai, is noted to have a more balanced investment approach compared to Zhai's high-risk strategy, indicating a potential shift in the fund's management style [11][12].

Core Viewpoint - The resignation of Zhai Xiangdong from the position of fund manager at China Merchants Fund has been confirmed, with speculation that he may join a private equity fund, possibly Hillhouse Capital [1][2][3] Fund Manager Resignation - Zhai Xiangdong's departure is part of a broader trend, with 242 public fund managers leaving their positions in 2025, a 14.15% increase compared to the previous year [1][16][18] - Other notable fund managers who have left this year include those from various well-known funds, indicating a significant turnover in the industry [1][16] Performance and Management - Zhai Xiangdong managed the China Merchants Advantage Enterprise Fund, which achieved a return of 124.59% during his tenure, significantly outperforming the benchmark indices [5][6] - The fund's performance in 2023 and 2024 was strong, with returns of 27.25% and 30.16% respectively, but faced challenges in the second quarter of 2025, resulting in a net value decline of 3.63% [6][10] Transition and Successor - Lu Wenkai has been appointed as the co-manager of the China Merchants Advantage Enterprise Fund, bringing nearly seven years of fund management experience [12][13] - Lu's investment style is more balanced compared to Zhai's focus on high-risk, high-reward strategies, indicating a potential shift in the fund's management approach [13] Industry Trends - The trend of fund managers moving from public to private equity is attributed to better compensation structures and greater investment freedom in private firms [19] - The public fund industry has seen a shift from expansion to a more competitive environment, leading to increased turnover among fund managers [18][19]

Group 1 - The core point of the news is the appointment of Lu Wenkai as a co-manager for the招商优势企业 fund, indicating a significant signal in the industry [1] - Zhai Xiangdong has a unique career trajectory, having worked in various roles related to TMT research and fixed income before managing the招商优势企业 fund, which has consistently performed in the top quartile since 2022 [2] - Lu Wenkai, the newly appointed fund manager, has a background in various industries including home appliances and technology, and aims to balance growth stock investments with a mean-reversion strategy [4] Group 2 - Zhai Xiangdong's investment strategy focuses on high-return configurations and a combination of top-down macro analysis and bottom-up stock selection, primarily in the TMT sector, with some exposure to defense and consumer sectors [4] - Lu Wenkai's investment approach emphasizes a balanced and diversified portfolio across multiple sectors, including TMT, defense, public utilities, and food and beverage [4] - Both fund managers share a growth-oriented investment style, with overlapping historical sector preferences, but Lu Wenkai's approach is noted for its more balanced sector allocation [4]