Core Insights - Yuan Zuodong, the General Manager of the Equity Investment Department at Xingyin Fund, has resigned due to personal reasons, marking a significant departure in the fund management landscape [1][2][4] - The year has seen a record number of fund manager departures, with 345 managers leaving their positions, indicating a shift in the industry towards high-quality development and adjustments in talent structure [1][6][7] Company Summary - Yuan Zuodong has been a notable figure at Xingyin Fund, managing a total of 20.39 billion yuan across eight funds, including three equity mixed funds and three bond mixed funds [4][5] - His investment strategy focused on balanced approaches, diversifying across various sectors such as consumption, technology, and finance, while also maintaining a dynamic balance between equity and debt [5] Industry Summary - The fund management industry is experiencing a high turnover rate, with 345 fund managers having left their positions this year, the highest in recent years [6][7] - The trend of "clean sweep" resignations is prevalent, with many well-known managers seeking new opportunities, often moving to private equity due to better autonomy and compensation structures [6][7] - Despite the high turnover, the industry is also seeing a significant influx of new talent, with 473 new fund managers hired this year, indicating a robust demand for skilled professionals in the evolving market [7]

Core Viewpoint - The departure of Yuan Zuodong, the General Manager of the Equity Investment Department at Xingyin Fund, marks a significant trend in the industry where a record number of fund managers are leaving their positions, reflecting a shift towards high-quality development in the fund management sector [2][10][11]. Summary by Sections Departure of Yuan Zuodong - Yuan Zuodong has left his position as the General Manager of the Equity Investment Department and has resigned from all managed funds due to personal reasons, effective October 28 [2][4][6]. - He was known for his balanced investment style and had a management scale of 2.039 billion yuan before his departure [6][7]. Performance and Investment Style - During his tenure, all funds managed by Yuan recorded positive returns, with the longest-managed fund, Xingyin Fengyun Stable Income A, achieving a return of 63.78%, ranking 13th out of 315 [7]. - Yuan's investment strategy focused on balance, diversifying across various sectors such as consumption, technology, manufacturing, finance, and cyclical industries, while also maintaining a dynamic balance between equity and debt [7][8]. Industry Trends - As of October 28, 2023, a total of 345 fund managers have left their positions this year, marking a new high in departures [10]. - The current wave of departures is attributed to the industry's transition towards high-quality development, with many fund managers opting to move to private equity due to greater autonomy in investment decisions and a more closely linked compensation structure to performance [11]. - Despite the high turnover, the industry has seen a significant influx of new talent, with 473 new fund managers hired this year, indicating a strong attraction of new professionals to the fund management sector [11].

Core Viewpoint - Yuan Zuodong has resigned from multiple funds managed by Xingyin Fund, including the Xingyin Fengyun Stable Return Mixed Fund and others, after serving as the General Manager of the Equity Investment Department since June 2019 [1][4][5]. Fund Performance Summary - **Xingyin Fengyun Stable Return Mixed Fund A/C**: Established on May 21, 2020, with a year-to-date return of 18.77% and a cumulative return of 63.78%, net asset value at 1.6378 yuan [1]. - **Xingyin Value Balanced Mixed Fund A/C**: Established on March 20, 2024, with a year-to-date return of 24.72% and a cumulative return of 36.41%, net asset value at 1.3641 yuan [1]. - **Xingyin Stable Benefit 180-Day Holding Mixed Fund A/C**: Established on April 26, 2023, with a year-to-date return of 6.16% and a cumulative return of 14.98%, net asset value at 1.1498 yuan [2]. - **Xingyin Xinghui One-Year Holding Mixed Fund A/C**: Established on October 26, 2021, with a year-to-date return of 13.10% and a cumulative return of 19.23%, net asset value at 1.1923 yuan [2]. - **Xingyin Smart Consumption Mixed Fund A/C**: Established on November 2, 2023, with a year-to-date return of 27.37% and a cumulative return of 29.97%, net asset value at 1.2997 yuan [2]. - **Xingyin Yield Enhancement A/C**: Established on November 28, 2016, with a year-to-date return of 17.21% and a cumulative return of 62.23%, net asset value at 1.5592 yuan [2]. - **Xingyin Carbon Neutral Theme Mixed Fund A/C**: Established on February 23, 2022, with a year-to-date return of 39.25% and a cumulative return of 23.04%, net asset value at 1.2304 yuan [3]. - **Xingyin Competitive Advantage Mixed Fund A/C**: Established on September 2, 2022, with a year-to-date return of 24.57% and a cumulative return of 17.56%, net asset value at 1.1756 yuan [3]. Managerial Changes - Yuan Zuodong has been dismissed as the fund manager for several funds, including the Xingyin Fengyun Stable Return Mixed Fund, Xingyin Value Balanced Mixed Fund, and others, with other managers continuing to oversee these funds [4][5].