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].