Core Viewpoint - The article discusses the recent departure of prominent fund manager Yang Siliang from Baoying Fund, highlighting the challenges the company faces in retaining top talent despite its historical success in nurturing well-known fund managers [1][2]. Group 1: Departure of Yang Siliang - Yang Siliang, a well-known fund manager with a track record of impressive returns, left Baoying Fund at the end of August 2023 after a decade with the company [1]. - During his tenure, Yang managed several funds, achieving a return of 156.84% and an annualized return of 14.76% for Baoying Consumer Theme Fund, and a return of 89.47% with an annualized return of 12.77% for Baoying New Value Fund [1][2]. Group 2: New Management - Following Yang's departure, the Baoying Consumer Theme Fund and Baoying Brand Consumption Stock Fund are now managed by Zhang Ruolun, who joined Baoying Fund in July 2018 [2]. - The Baoying Value Growth Mixed Fund is now managed by Li Weiyu, who has been with Baoying Fund since November 2021 [2]. Group 3: Fund Performance - Despite Yang's strong historical performance, the funds he left behind have shown mediocre results in 2023, with Baoying Consumer Theme Fund yielding only 5.41%, significantly below the 22.46% average of its peers [2]. - The Baoying Brand Consumption Stock Fund reported annual returns of 1.32% and 0.72%, lagging behind the 30.48% average of similar funds [2]. Group 4: Investment Focus - The underperformance of the funds may be attributed to their heavy investment in consumer and blue-chip stocks, particularly in the liquor sector, which includes major holdings like Kweichow Moutai and Wuliangye [3]. - The top holdings of the Baoying Consumer Theme Fund include major brands in food and beverage, insurance, and home appliances, indicating a concentrated investment strategy [3].

Core Viewpoint - The article discusses the recent departure of prominent fund manager Yang Siliang from Baoying Fund, highlighting the challenges the company faces in retaining top talent despite its historical success in nurturing well-known fund managers [1][2]. Group 1: Departure of Key Personnel - Yang Siliang, a notable fund manager with a track record of impressive returns, left Baoying Fund at the end of August 2023 after a decade with the company [1]. - Baoying Fund, established 24 years ago, has been referred to as the "Huangpu Military Academy of Shenzhen Public Funds," having produced several prominent fund managers over the past decade [1]. Group 2: Performance of Funds - Yang Siliang managed several funds, achieving a return of 156.84% and an annualized return of 14.76% for Baoying Consumer Theme Fund, which became one of his signature funds [1]. - Despite Yang's strong historical performance, the funds he recently managed have underperformed in 2023, with Baoying Consumer Theme Fund yielding only 5.41%, significantly below the 22.46% average of its peers [2]. Group 3: Fund Management Transition - New fund managers Zhang Ruolun and Li Weiyu have taken over the management of Baoying Consumer Theme Fund and Baoying Value Growth Fund, respectively, both having joined Baoying Fund in recent years [2]. - The new managers have limited experience, with Li Weiyu managing public funds for just over a year [2]. Group 4: Investment Focus - The underperformance of the funds may be attributed to their heavy investment in consumer and blue-chip stocks, particularly in the liquor sector, which constitutes a significant portion of their top holdings [3]. - Major holdings include well-known companies such as Kweichow Moutai, Wuliangye, and Tencent Holdings, indicating a concentrated investment strategy in large-cap stocks [3].

Core Viewpoint - Yang Siliang has resigned from multiple funds at Baoying Fund Management Co., with Zhang Ruolun and Li Weiyu appointed as new fund managers for specific funds [1][3][4] Fund Manager Changes - Yang Siliang has left his positions as fund manager for Baoying Consumer Theme Mixed Fund, Baoying Value Growth Mixed Fund, and Baoying Brand Consumption Stock Fund [1] - Zhang Ruolun has been appointed as the new fund manager for both Baoying Consumer Theme Mixed Fund and Baoying Brand Consumption Stock Fund [1][3] - Li Weiyu has been appointed as the new fund manager for Baoying Value Growth Mixed Fund [1][4] Fund Performance - Baoying Consumer Theme Mixed Fund has a year-to-date return of 3.36% and a cumulative return of 110.35% since inception [2] - Baoying Value Growth Mixed Fund A/C has year-to-date returns of 1.11% and 0.57%, with cumulative returns of 12.37% and 11.43% since inception [2] - Baoying Brand Consumption Stock Fund A/C has year-to-date returns of 0.72% and 0.15%, with cumulative returns of 60.17% and 53.51% since inception [2]