Core Viewpoint - The recent announcement from Baoying Fund indicates the departure of Deng Dong from multiple bond funds, which may impact the management and performance of these funds moving forward [1][2][3][4] Fund Performance Summary - **Baoying Yingtai Pure Bond Fund**: - Established on June 20, 2018 - Year-to-date return: 1.41% (A), 1.32% (C) - Since inception return: 21.61% (A), 11.90% (C) - Cumulative net value: 1.2106 (A), 1.1763 (C) [1] - **Baoying Rongyuan Convertible Bond Fund**: - Established on September 4, 2019 - Year-to-date return: 21.25% (A), 21.03% (C) - Since inception return: 40.80% (A), 38.30% (C) - Cumulative net value: 1.4080 (A), 1.3830 (C) [1][2] - **Baoying Jufeng Two-Year Fixed Open Bond Fund**: - Established on September 27, 2019 - Year-to-date return: 1.53% (A), 1.34% (C) - Since inception return: 19.55% (A), 17.43% (C) - Cumulative net value: 1.1925 (A), 1.1717 (C) [2] - **Baoying Enhanced Income Bond Fund**: - Established on May 15, 2008 - Year-to-date return: -0.80% (A), -1.05% (B), 0.00% (C) - Since inception return: 156.18% (A), 129.77% (B) - Cumulative net value: 2.1390 (A), 2.0205 (B) [2][4] - **Baoying Xiangqing 9-Month Holding Mixed Fund**: - Established on August 3, 2021 - Year-to-date return: 0.77% (A), 0.50% (C) - Since inception return: -5.90% (A), -7.42% (C) - Cumulative net value: 0.9410 (A), 0.9258 (C) [2][4] - **Baoying Antai Short Bond Fund**: - Established on December 7, 2018 - Year-to-date return: 1.09% (A), 0.90% (C) - Since inception return: 23.45% (A), 21.01% (C) - Cumulative net value: 1.2286 (A), 1.2049 (C) [2][4] Management Changes - Deng Dong has been dismissed as the fund manager for multiple funds including Baoying Yingtai Pure Bond Fund, Baoying Rongyuan Convertible Bond Fund, Baoying Jufeng Two-Year Fixed Open Bond Fund, Baoying Enhanced Income Bond Fund, Baoying Xiangqing 9-Month Holding Mixed Fund, and Baoying Antai Short Bond Fund [1][3][4] - Other fund managers will continue to manage these funds alongside new appointments [3][4]

Group 1 - The announcement from Baoying Fund indicates the appointment of new fund managers, Ge Xi and Lv Gongji, while Yang Siliang has left the position [1][2] - Ge Xi has a background in fixed income research and management, having worked at Guangzhou Chenyang Investment Management and Evergrande Life Insurance before joining Baoying Fund in May 2021 [1] - Lv Gongji has experience as a consultant at KPMG and as a research assistant at China International Capital Corporation, joining Baoying Fund in October 2017 [1] Group 2 - Baoying Enhanced Income Bond Fund A/B was established on May 15, 2008, and Fund C was established on October 20, 2008 [1] - As of August 1, 2025, the year-to-date returns for the funds are -0.71% and -0.94%, while the cumulative returns since inception are 156.41% and 130.03% [1] - The cumulative net values for the funds are 2.1403 yuan and 2.0220 yuan respectively [1][2]

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].