Group 1 - A fund manager from Shenwan Hongyuan Fund faced criticism from investors due to poor performance of two managed products, significantly underperforming benchmarks and major indices [1] - The fund manager, who previously had a successful track record at China Merchants Fund, has struggled since joining Shenwan Hongyuan Fund, with one fund returning -6.06%, lagging behind the benchmark by nearly 11 percentage points [1] - The independently managed Shenwan Hongyuan Industry Select Fund also performed poorly, with a return of -8.23%, underperforming its benchmark by over 13 percentage points [1] Group 2 - The trend of changing fund managers has become common in the public fund industry, with 2,554 fund products announcing manager changes in the first half of the year, involving 1,351 individuals [2] - Investor dissatisfaction with fund performance is a significant factor driving demands for manager changes, especially when funds fail to deliver positive returns even in favorable market conditions [2][3] - The public fund industry is under pressure to improve talent development and management mechanisms in response to investor demands for better returns [3]

Core Viewpoint - The article highlights the challenges faced by Hongli Fund, the first domestic public fund company to transition from a Sino-foreign joint venture to a wholly foreign-owned entity, particularly due to significant personnel changes and management issues [1][2][3]. Group 1: Personnel Changes - The former general manager, Gao Guixin, with over 20 years of experience, resigned after less than two years, transitioning to Chief Information Officer [1]. - Wang Peng, a key fund manager known for his strong historical performance, left the company in January after resigning from six funds simultaneously [1]. - Following Wang's departure, Meng Jie took over the management of the Hongli Transformation Opportunity Fund, experiencing a significant increase in management scale from 2 billion to over 5 billion [1]. Group 2: Performance Issues - Since Meng Jie became the fund manager, the unit net value of the Hongli Transformation Opportunity Fund has significantly declined, with a drop rate two to three times higher than other funds he managed [1]. - Meng Jie has maintained a stock position above 70% for the Hongli Ruizhizheng Fund over the past five years, despite the fund's contract allowing for a flexible range of 0% to 95% [1]. Group 3: Cultural and Structural Concerns - The ongoing loss of talent within the investment research team raises questions about the stability of the fund's product performance [3]. - The chairman, Jin Xu, has a history of prioritizing scale expansion over sustainable growth, which has contributed to the current issues faced by the fund [3]. - The article suggests that the problems at Hongli Fund reflect broader industry challenges, emphasizing the need for a cultural shift towards valuing professional integrity and respect for contractual obligations [3].