Core Viewpoint - The departure of renowned fund manager Zhang Yifei from Anxin Fund is expected to have a significant impact on the company's business, particularly in the fixed income sector where he was a leading figure [1][4]. Company Impact - Zhang Yifei managed nine funds with a total management scale exceeding 28 billion yuan, and his exit will lead to a new management team for these funds [1][3]. - Anxin Fund's overall scale was reported at 94.018 billion yuan as of June 30, with bond funds accounting for 39.364 billion yuan, representing over 40% of the total [3]. - The company is facing increased redemption pressure as several of Zhang's funds have already seen significant declines in share volume prior to his departure announcement [3][4]. Industry Context - The "fixed income plus" funds, which have gained popularity among investors, are an area where Zhang excelled by balancing risk and return through flexible allocation of bonds and equity assets [3]. - Anxin Fund has been struggling with a shrinking public offering scale despite overall growth in the public fund industry, making Zhang's departure a critical moment for the company [4].

Core Viewpoint - The resignation of Zhang Yifei, a prominent fund manager at Anxin Fund, has triggered anxiety among investors, leading to concerns about the potential risks associated with the change in management and the future performance of the funds he managed [2][3][11]. Company Overview - Anxin Fund was established in 2011 and is owned by several state-owned enterprises, including Minmetals Capital and Guotou Securities. It specializes in public offering securities investment fund management and asset management services [5]. - Zhang Yifei joined Anxin Fund during its early days and developed a unique investment philosophy focused on financial risk control [6][7]. Performance Metrics - Under Zhang Yifei's management, the Anxin Stable Growth Mixed A fund achieved a return of 82.81% with an annualized return of 5.52% and a maximum drawdown of only 7.2% since its inception in May 2015 [7][9]. - The Anxin Target Return Bond A fund, managed since March 2016, recorded a return of 43.06%, outperforming the average of its peers [7]. Recent Developments - Zhang Yifei's departure coincides with a significant decline in Anxin Fund's assets under management (AUM), which fell by 16% year-on-year to 99.275 billion yuan in 2024, further dropping to 94.531 billion yuan in Q1 2025 [11][12]. - The mixed fund category has seen a continuous decline in AUM for ten consecutive quarters, dropping from a peak of 86.078 billion yuan in Q3 2022 to 39.332 billion yuan [11]. Management Transition - Following Zhang Yifei's resignation, the management of nine funds has been handed over to his long-time colleagues, Li Jun and Huang Wanshu, although their ability to manage these funds independently remains untested [13][15]. - Concerns have arisen regarding the potential performance gap, as Li Jun's management of the Anxin Min Stable Growth A fund has underperformed compared to Zhang Yifei's previous results [13]. Industry Context - Zhang Yifei's move to the private equity sector reflects a broader trend of talent migration within the public fund industry, highlighting challenges in retaining key personnel [15][18]. - The public fund industry is facing pressures to develop a platform-based investment research system, as evidenced by the challenges Anxin Fund faces in transitioning from a star manager model to a more sustainable team-based approach [15][19].