Core Insights - The public fund industry has seen a record high of 242 fund manager departures in the first eight months of 2025, indicating significant changes in talent dynamics within the industry [2] - Fund companies, such as Harvest Fund, are actively adjusting their management structures, promoting mid-generation managers to lead products previously co-managed with senior managers, reflecting a focus on sustainable talent development and value creation [2][3] Talent Development - The transition of fund managers is not merely a handover but involves the transmission and iteration of investment culture, methodologies, and discipline within the organization [3] - Harvest Fund has established a talent hierarchy that includes senior, mid-generation, and new fund managers, fostering a collaborative environment that enhances research capabilities and cultural continuity [3][4] - The dual-track talent cultivation model at Harvest Fund, which includes both external recruitment and internal training, is crucial for maintaining long-term competitiveness [3][5] Performance Metrics - As of September 30, 2025, 39 actively managed equity products from Harvest Fund have achieved over 40% performance growth in the past year, with 26 products exceeding 40% growth over the past three years [4] - Specific funds managed by Harvest Fund have shown remarkable performance, such as the "Jia Shi Mutual Selection Stock" with a net value growth rate of 145.77% over three years, ranking second in the market [4][5] Team Stability - Harvest Fund's research team consists of over 300 members, with more than 100 fund managers, showcasing a stable and vibrant talent ecosystem [5] - The average tenure of the investment team is 12 years, with an average company tenure of 7 years, indicating a solid foundation for sustained performance [5][6] Industry Perspective - The public fund industry views the "passing on of knowledge" as a long-term strategic investment in talent, with both co-managed and independently managed products serving as vehicles for systematic research and development [5][6] - The maturity of the talent ecosystem is characterized by the ability to maintain core competencies amidst personnel changes, which is essential for competitive advantage in a complex market [6]

Core Insights - In June 2023, 632 out of 670 comparable QDII funds saw an increase in net value, representing over 90% of the total funds [1] - 23 QDII funds achieved a growth rate exceeding 10% in June, with the top performers being Jianxin Emerging Markets Mixed A and C, yielding 15.57% and 15.54% respectively [2] - The largest fund by size among those with over 10% growth was GF CSI Hong Kong Innovative Drug ETF, with a scale of 13.425 billion [3] Fund Performance - Jianxin Emerging Markets Mixed A and C have year-to-date returns of 14.60% and 14.44%, and since inception returns of 16.20% and 43.09% respectively [2] - The top ten holdings of Jianxin Emerging Markets Mixed A/C include major tech companies such as TSMC, NVIDIA, and Meta [2] - Among the 23 funds with over 10% growth, several others include Jiashi Global Industry Upgrade Stock Initiation C and E Fund Global Growth Select Mixed A, with growth rates of 13.30% and 12.55% respectively [3] Declining Funds - In June, 24 QDII funds experienced a decline of over 1%, with GF US Real Estate Index RMB A/C dropping by 1.50% [4] - The year-to-date returns for GF US Real Estate Index RMB A and C are -1.68% and -1.77%, with inception returns of 99.13% and 10.69% respectively [4] - The fund tracks the MSCI US REIT Index and has significant holdings in companies like Welltower Inc and Realty Income Corp [4]