Core Viewpoint - The article highlights the talent retention challenges faced by Baoying Fund, with a significant number of fund managers leaving the company, raising concerns about its stability and growth potential in the industry [1][4][11]. Talent Turnover - Baoying Fund has seen four fund managers leave in the past year, all with over five years of tenure, including two with over ten years of experience [1]. - In the last three years, nearly ten fund managers have departed from Baoying Fund, drawing industry attention to its talent loss issues [1][6]. - Yang Siliang, a recently departed fund manager, quickly joined E Fund, exemplifying the trend of talent moving to larger firms [2][4]. Fund Management Performance - Yang Siliang managed ten public funds at Baoying Fund, achieving notable returns, including over 155% for the Baoying Consumption Theme fund [4]. - His average annualized return was 13.32%, with a peak management scale exceeding 11.5 billion [4]. Company Structure and Growth - Baoying Fund currently has 18 fund managers, with an average tenure of 3.36 years, indicating a relatively inexperienced team compared to industry leaders [1][9]. - The company's public fund management scale was 73.293 billion as of Q2 2023, showing minimal growth from 72.762 billion in Q1 2022 [9][11]. - The firm has experienced a high turnover rate of 92% in fund managers since January 2022, with 13 new hires and 9 departures [8]. Industry Context - The movement of fund managers is seen as a natural phenomenon in the market, driven by the disparity in resources and opportunities between small and large firms [7]. - The industry is experiencing a "Matthew Effect," where larger firms attract talent due to better support in research, technology, and sales channels [7].

Core Viewpoint - The recent resignation of star fund manager Yang Siliang from multiple funds at Baoying Fund highlights significant changes in the management structure and raises questions about the future performance of the affected funds [2][3][4]. Group 1: Fund Manager Resignation - Yang Siliang has resigned from the management of four funds: Baoying New Value, Baoying Quality Selection, Baoying Enhanced Income, and Baoying Advantage Industry, due to internal adjustments [2][3]. - Following his resignation, the management of these funds has been reassigned to other managers, with a focus on maintaining investment strategy continuity [3][4]. - Yang Siliang's current management count has decreased to three funds, with a total management scale of only 709 million yuan [2][7]. Group 2: Fund Performance - The funds managed by Yang Siliang have shown poor performance this year, with year-to-date returns of -2.4%, -2.73%, -0.71%, and -2.56% for the respective funds, placing them in the lower half of their peer rankings [4][7]. - Despite positive returns during his tenure, the recent performance has been attributed to market volatility and sector shifts, particularly in the consumer industry [7][9]. - The top holdings of the remaining funds include major liquor companies, which have faced challenges this year, with the liquor index down by 8.4% [8][9]. Group 3: Management Scale and Investor Sentiment - Yang Siliang's management scale has significantly decreased, with a drop from over 10 billion yuan to 709 million yuan, influenced by market fluctuations and investor behavior [6][7]. - Baoying Fund has indicated that they are enhancing research support and optimizing client services to maintain investor confidence and mitigate redemption impacts [6][9].

Core Viewpoint - Yang Siliang, a prominent fund manager at Baoying Fund, has resigned from several key funds due to internal adjustments, leading to a significant drop in his managed assets from 70 billion to 7 billion [1][3]. Group 1: Fund Manager Resignation - Yang Siliang's resignation includes management of Baoying Quality Selection (26.6 billion), Baoying Enhanced Income Bond (18.65 billion), Baoying New Value (10.54 billion), and Baoying Advantage Industry (7.59 billion) [1][3]. - The company cites internal work adjustments as the reason for Yang's departure, but speculation suggests poor performance in the current year may have contributed [3][5]. - Yang's performance has been under scrutiny, with a reported return of -2.55% this year, significantly underperforming the benchmark [3][12]. Group 2: Market Reactions and Implications - The market is speculating that Yang's resignation may indicate a potential departure from Baoying Fund, especially given his historically strong performance over the past three years [5][6]. - Baoying Fund has faced criticism for its compensation practices, which may contribute to talent retention issues [5][6]. - The recent trend of fund manager resignations at Baoying Fund raises concerns about the company's ability to retain key talent [7][8]. Group 3: Performance Metrics - Despite the recent downturn, Yang's funds had previously shown resilience, with a three-year return exceeding 10% as of early this year [1][3]. - The significant drop in managed assets in Q2, amounting to a decrease of nearly 40 billion, reflects the impact of recent performance issues [1][3]. - Yang's funds have been heavily invested in the liquor sector, which has faced challenges this year, contributing to the negative performance [12][13].