Core Insights - Dongfanghong Asset Management Company announced the early closure of its first floating fee rate fund, Dongfanghong Core Value Mixed Fund, which reached its fundraising limit of 2 billion yuan in just 6 working days, significantly ahead of the original deadline of June 17 [2] - The fund's management fee structure is designed to adjust based on the annualized return, with a maximum fee of 1.5% applicable when returns exceed the benchmark by 6% and are positive [4] - The fund is managed by Zhou Yun, a veteran in the industry known for his "good company + low valuation" investment style, emphasizing contrarian investment and balanced allocation [5] Fund Performance - Zhou Yun has a strong track record, with his flagship products, Dongfanghong New Power Mixed Fund and Dongfanghong JD Big Data Mixed Fund, achieving returns of 177.09% and 196.15% over nearly 10 years, respectively, both with annualized returns exceeding 10% [5][6] - Despite Zhou Yun's impressive performance, Dongfanghong Asset Management has faced challenges, with its total management scale shrinking by over 100 billion yuan from 2021 to 2024, and mixed fund management scale dropping from 200.2 billion yuan at the end of 2021 to 80.1 billion yuan by the first quarter of 2025 [6][7] Personnel Changes - The company has experienced significant personnel turnover, with notable departures in 2022, including executives like Zhang Feng, which has contributed to the challenges faced by the firm [7] - The recent success of the Dongfanghong Core Value Mixed Fund raises questions about whether it can help the company reverse its declining trend, which will depend on improvements in overall research and investment capabilities [7]