Core Viewpoint - Guotou Ruijin Fund has appointed Yang Han as a co-manager for two pension target funds, indicating her rapid rise in the fund management industry, now overseeing all FOF products under the company [1][10]. Group 1: Fund Management Changes - Yang Han has been appointed as a co-manager for both Guotou Ruijin Stable Pension Target One-Year Holding Mixed Fund (FOF) and Guotou Ruijin Balanced Pension Target Three-Year Holding Mixed Fund (FOF) alongside the original manager Zhou Hongcheng [1][3]. - Zhou Hongcheng, with 12 years of experience, has been managing only two FOF products, and his role has been expanded to share responsibilities with Yang Han [4][10]. - Yang Han's career trajectory is notable, having transitioned from a newcomer to a leading figure in FOF management within just over a year [1][5]. Group 2: Performance and Challenges - The Guotou Ruijin Stable Pension Target One-Year Holding Mixed Fund (FOF) recorded a -3.16% annual negative growth in 2023, raising concerns about the effectiveness of the FOF strategy [4][10]. - Yang Han's previous management of the Guotou Ruijin Xingyuan Six-Month Regular Open Mixed Fund (FOF) has not shown improvement, underperforming against its benchmark by 4 percentage points [5][10]. - The newly launched Guotou Ruijin Xingrun Six-Month Regular Open Mixed Fund (FOF) also faced challenges, reporting negative returns shortly after its inception [10]. Group 3: Market Context and Expectations - The FOF market has seen increasing interest, with average returns for equity mixed FOFs reaching 12.96% in 2025, highlighting the pressure on Yang Han to deliver positive results [5][10]. - The appointment of a relatively inexperienced fund manager in a struggling fund raises questions about the company's strategy and the rationale behind such decisions [10].