Core Insights - The "Fund Manager 100" series of high-end interviews, co-hosted by 21st Century Business Herald and Dianshi Investment, will officially launch on October 22 in Shanghai, focusing on the long-term viability of the "Fixed Income +" strategy [2][12] - The event aims to create a professional and high-quality communication platform, emphasizing the performance of fund managers and their products [2][3] Group 1: Event Overview - The first event will feature discussions on asset allocation strategies, stock-bond mixed strategies, and achieving low-volatility returns [3] - Notable fund managers from various firms, including Anxin Fund, GF Fund, and others, will participate in roundtable discussions to share practical insights on "Fixed Income +" investments [3][5] Group 2: Fund Performance Highlights - Anxin Stable Growth A, managed by Li Jun, has achieved positive returns every year since its inception in 2015, with a total scale of 10.371 billion [4] - GF Fund's GF Jiyu A, managed by Zeng Gang, has a year-to-date return of 9.37% and is highly favored by institutional investors, with over 98% institutional holding [4][5] - The newly established mixed bond fund, Zhao Shang An Ning A, has been co-managed by experienced managers with over 12 years in the industry [5] Group 3: Professional Engagement - The event is expected to attract a diverse audience from the asset management industry, including investment managers, researchers, and product experts from various sectors [10][11] - The focus will be on fostering deep exchanges of ideas and experiences among participants, enhancing the overall quality of discussions [11]

Core Insights - The departure of Zhang Yifei, a prominent figure in fixed income investment, has prompted a search for alternative funds that can match his performance [1][6] - The most recommended fund managed by Zhang Yifei is the Anxin Stable Growth A, which he has managed alone since its inception [1][3] Fund Performance Summary - Anxin Stable Growth A has achieved a return of 82.81% since its inception, with an annualized return of 6.12% and a ranking of 71 out of 457 funds [2] - Other notable funds include: - Anxin Target Return A: 58.49% return, 5.05% annualized return, ranking 15 out of 211 [2] - Anxin Min Stable Growth A: 62.25% return, 9.19% annualized return, ranking 5 out of 245 [2] - Anxin Stable Growth A: 38.66% return, 6.37% annualized return, ranking 43 out of 285 [2] - Anxin Min Return A: 20.37% return, 4.93% annualized return, ranking 26 out of 853 [2] Alternative Fund Identification - The only fund that meets and exceeds the four criteria set for finding a replacement for Zhang Yifei's fund is E Fund Yu Hui Return A [4][6] - E Fund Yu Hui Return A has consistently generated positive returns, with an annualized return of 7.13% and a maximum drawdown of -5.66% [6] Performance Comparison - E Fund Yu Hui Return A's annual performance from 2015 to 2025 shows consistent positive returns, with the highest return of 29.44% in 2015 and a projected return of 3.69% in 2025 [7] - The fund's benchmark has consistently underperformed compared to its returns, indicating strong management performance [7] Other Notable Funds - Penghua Fengrong, managed by Liu Tao, has also shown commendable performance with annual positive returns and a maximum drawdown of -2.93% [9][12] - However, both E Fund Yu Hui Return A and Penghua Fengrong are currently closed for subscription, limiting immediate investment opportunities [12]

Core Viewpoint - The departure of Zhang Yifei, a prominent fund manager at Anxin Fund, has raised concerns about the company's declining public fund management scale and the overall trend in the public fund industry [3][4][7]. Group 1: Departure of Zhang Yifei - Zhang Yifei has resigned from his position as the manager of nine funds at Anxin Fund due to personal reasons, marking a significant change in the company's management [3][4]. - As of July 15, 2025, all nine funds managed by Zhang Yifei have positive returns, with five funds showing returns exceeding 30%, including Anxin Stable Growth A, which has a return of 82.81% [5]. - Following his departure, Zhang Yifei remains a member of the investment decision committee and holds the position of Chief Investment Officer (CIO) at Anxin Fund [4][5]. Group 2: Declining Management Scale - Anxin Fund's public fund management scale has been on a continuous decline, with a reported scale of 94.034 billion yuan as of the end of Q2 2025, marking a decrease for four consecutive quarters [3][7]. - In contrast, the overall public fund industry has seen growth, with total management scale increasing from 31.08 trillion yuan in June 2024 to 33.74 trillion yuan in May 2025 [7]. - The decline in Anxin Fund's management scale is primarily attributed to reductions in fixed-income and mixed funds, with significant decreases in the scale of various fund types [7][8]. Group 3: Fund Performance and Management Changes - As of the end of Q2 2025, Anxin Fund has 54 funds with management scales that have decreased compared to Q2 2024, with ten funds experiencing declines of over 1 billion yuan [8]. - The departure of Zhang Yifei has left Anxin Fund with only two fund managers who have over ten years of experience in public fund management, raising questions about the future management of mixed asset investments [8].

Core Viewpoint - The departure of Zhang Yifei, a prominent fund manager at Anxin Fund, marks a significant shift for the company, which is currently facing challenges such as shrinking assets and a potential loss of investor confidence [1][3][19]. Group 1: Departure of Zhang Yifei - Zhang Yifei has resigned from all nine funds he managed, concluding a 13-year career at Anxin Fund, during which he managed assets totaling 32.2 billion CNY [1][3]. - His departure coincides with a 16% year-on-year decline in Anxin Fund's public offering scale, dropping to 99.275 billion CNY in 2024 and further to 94.034 billion CNY by the second quarter of 2025 [1][2]. Group 2: Fund Performance and Challenges - The mixed fund category has been a core pressure point, experiencing a continuous decline for eleven quarters, with its scale halving from a peak of 86.078 billion CNY in Q3 2022 to 38.676 billion CNY by Q2 2025 [2]. - Zhang Yifei's flagship product, Anxin Steady Growth A, achieved a remarkable 81.54% return over nearly ten years, significantly outperforming its benchmark by 25 percentage points [3]. Group 3: Management Transition - Anxin Fund has appointed Zhang Yifei's long-time partners, Li Jun and Huang Wanshu, to take over his responsibilities, emphasizing that core team members will remain and strategies will not change [6][19]. - Li Jun has over 20 years of experience in the securities industry and has co-managed flagship products for over seven years, while Huang Wanshu, with only three years of experience, raises concerns about her ability to manage mixed assets effectively [6]. Group 4: Financial Performance - Anxin Fund reported a revenue of 672 million CNY in 2024, a sharp decline of 20% year-on-year, while net profit increased by 14% to 130 million CNY, indicating a "revenue without profit" dilemma [9][12].

Core Viewpoint - The departure of renowned fund manager Zhang Yifei from Anxin Fund marks a significant shift in the asset management landscape, as he transitions to the private equity sector seeking new challenges in his career [1][3]. Summary by Sections Departure Announcement - Zhang Yifei officially announced his resignation from all managed products at Anxin Fund as of July 15, 2023, confirming his intention to continue in the asset management industry [1][3]. Background and Performance - Zhang Yifei has over 11 years of experience in investment management, having previously held various roles in finance and asset management. His managed products had a total scale exceeding 32 billion yuan, accounting for over one-third of Anxin Fund's total assets of approximately 94.53 billion yuan [3][5]. - As of July 15, 2023, all nine products managed by Zhang Yifei reported positive returns, with six products achieving annualized returns exceeding 5%. The longest-managed product, Anxin Steady Growth A, recorded a return of 82.81% since May 25, 2015, with an annualized return of 6.12% [5]. Market Impact and Team Stability - Zhang Yifei's departure raised concerns about the stability of Anxin Fund's fixed income team. However, core team members he previously managed will remain at Anxin Fund to continue overseeing the products [3][5]. Successors - Following Zhang Yifei's exit, two core team members, Li Jun and Huang Wanshu, will take over the management of the products. Li Jun, with 20 years of experience and a history of collaboration with Zhang, will manage several key funds, while Huang Wanshu will oversee others, bringing her expertise in bond yield curve analysis [7][9].

Core Viewpoint - The well-known fund manager Zhang Yifei has officially left Anxin Fund Management due to personal reasons, effective July 15, 2023, and will not take on any other roles within the company [1][3]. Group 1: Departure Announcement - Anxin Fund announced Zhang Yifei's departure through a public statement, highlighting his 13 years at the company and expressing gratitude for the trust and support he received from investors [3]. - Zhang emphasized the significant social value created by the asset management industry and his commitment to continue working in this field despite his age [5]. Group 2: Performance and Management - Zhang Yifei managed nine funds with a total scale of 32.192 billion yuan, accounting for nearly one-third of Anxin Fund's total management scale [5]. - As of his departure, several funds under his management reported annualized returns exceeding 6%, ranking them among the top in their categories [5]. - The fund with the longest management duration, Anxin Stable Value A, achieved a return of 82.81% and an annualized return of 6.12%, maintaining positive returns for nine consecutive years [5][6]. Group 3: Industry Context - The departure of Zhang Yifei is part of a broader trend in the industry, with several star fund managers leaving their positions in 2023, including notable figures from other funds [7].