Core Viewpoint - The resignation of Jiang Qiu, a senior fund manager at Huashan Fund, after over 14 years, is attributed to "personal reasons," and he has completely exited from managing all nine funds under his supervision, with speculation that he may transition to private equity [1][4][19]. Fund Performance Summary - Jiang Qiu managed nine funds, with notable performances including: - Huashan Dynamic Flexible Allocation A, which achieved a return of 202.24% since its inception, with an annualized return of 11.00%, ranking 24th out of 517 in its category [5]. - Huashan Manufacturing Pioneer A, with a return of 306.59% and an annualized return of 21.95%, ranking 30th out of 613 [5][6]. - Huashan Growth Pioneer A, which had a return of 18.10% and ranked 393rd out of 1589 [5]. - Conversely, some funds under Jiang's management performed poorly, such as: - Huashan Manufacturing Upgrade One-Year Holding A, which recorded a loss of 3.29% since inception [7]. - Huashan Industry Power Six-Month Holding A, with a loss of 13.81% [7]. Market Context and Fund Management Challenges - Jiang Qiu's management coincided with market highs, leading to significant inflows into his funds, but subsequent market corrections resulted in substantial losses for investors who entered at peak times [10]. - The performance of Jiang's funds reflects a broader issue in the industry where fund managers may experience strong long-term returns, but individual investor experiences can vary significantly due to market timing and fund inflows [10][12]. Transition and Future Implications - Jiang Qiu's departure may impact Huashan Fund's investment team and the performance continuity of the funds he managed, raising concerns among investors about the ability of new managers to maintain performance [19]. - The trend of fund managers transitioning to private equity or other platforms reflects ongoing changes in the industry, driven by competitive pressures and personal career aspirations [23].