Group 1 - The core point of the article highlights the performance of public mutual funds over different time frames, showcasing the top-performing funds and their managers [1][2] - The top-performing public actively managed equity funds over the past 10 years include Huashang Advantage Industry Mixed Fund with a total return of 568.36%, followed by Huashang New Trend Preferred Mixed Fund at 515.06%, and Dongwu Mobile Internet Mixed Fund at 487.46% [1] - Over the past 5 years, the leading fund was Dongwu New Trend Value Line Mixed Fund with a return of 267.92%, followed by Huaxia North Exchange Innovation Small and Medium Enterprises Selected Fund at 260.42%, and Dongwu Mobile Internet Mixed Fund at 256.05% [1] - In the past 3 years, the top fund was Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund with a return of 259.53%, followed by Dongwu Mobile Internet Mixed Fund at 256.09%, and Dongwu New Trend Value Line Mixed Fund at 251.22% [1] Group 2 - The analysis of successful fund managers reveals that their outstanding performance is rooted in understanding industry trends, exploring intrinsic value, and recognizing market logic, while maintaining discipline within their capability circle [2][3] - Dongwu Fund's Liu Yuanhai is noted for his ability to grasp technological changes, with his funds ranking highly due to a deep understanding of the technology growth sector [2] - The performance of Huaxia North Exchange Innovation Small and Medium Enterprises Selected Fund is attributed to its focus on the potential of specialized and innovative small and medium enterprises [2] - The recognition of "value" by fund managers is crucial, emphasizing that value investing involves careful assessment of a company's intrinsic value and investing at reasonable prices [3] - The long-term performance of Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund is linked to the manager's unique understanding of the A-share market, which includes recognizing structural characteristics and market psychology [3][4] Group 3 - The effective execution of investment strategies relies on adhering to one's capability circle, as historical data shows that rotation-based fund managers rarely achieve long-term success [4] - Focusing on creating long-term value while ignoring short-term noise is emphasized as a strategy for sustainable success in investing [4]

Core Viewpoint - The departure of several high-performing fund managers from public funds poses a significant challenge for the industry, as these managers are valuable assets that have been cultivated over many years [2][3][4]. Group 1: Departure of High-Performing Fund Managers - Multiple veteran fund managers with over 10 years of experience and impressive annualized returns have left their positions this year, creating a talent drain in the public fund sector [2][3]. - Notable departures include Zhang Yifei from Anxin Fund, who managed over 30 billion yuan in assets, and Bao Wuke from Invesco Great Wall Fund, both of whom had strong performance records [3][4]. - Other prominent fund managers such as Zhou Haidong, Li Xin, and Cao Mingchang have also announced their resignations this year, all of whom had managed funds exceeding 10 billion yuan [4]. Group 2: Reasons for Departure - Many departing fund managers are choosing to transition to private asset management firms or other competitive fund companies, indicating a shift towards more market-oriented opportunities [5][6]. - The recent wave of departures is attributed to personal career development plans and broader industry changes, including fee and compensation reforms, as well as a move away from the "star manager" model [6]. Group 3: Industry Response and Future Strategies - The industry is shifting focus from individual star managers to a more integrated, platform-based investment research system, emphasizing team collaboration and diversified strategies [7][8]. - Fund companies are increasingly promoting younger talent and launching new funds to provide opportunities for emerging managers, aiming to build a robust talent foundation [8]. - The establishment of a comprehensive evaluation system for investment research capabilities is being emphasized to enhance the overall effectiveness of fund management teams [7].