Core Viewpoint - The public fund industry is transitioning from a "star fund manager" model to a "team-based fund manager" approach, which is seen as a necessary evolution towards a more mature asset management industry that emphasizes long-term performance [1][6][20]. Group 1: Team-Based Management Model - The public fund high-quality development action plan supports the team-based management model, encouraging fund companies to explore this approach [2][14]. - Recent examples include the establishment of the Ruiyuan Research Balanced Three-Year Holding Mixed Fund managed by three fund managers and the ICBC Leading Three-Year Holding Mixed Fund managed by four fund managers [1][14]. - As of January 25, there are 25 funds in the market managed by three or more fund managers, indicating a growing trend towards collaborative management [1][15]. Group 2: Operational Mechanism - The Ruiyuan fund employs a collaborative mechanism where multiple fund managers manage different segments of the fund independently, with performance contributions aggregated for overall fund performance [2][14]. - This model respects individual decision-making while holding each manager accountable for their respective segments, promoting a diversified source of alpha returns [2][14]. Group 3: Market Context and Challenges - The high volatility of the A-share market necessitates a team-based approach, as individual managers may struggle to cover the vast opportunities presented by over 6,000 listed companies [3][17]. - The transition to a team-based model addresses the limitations of relying on individual managers, especially in light of potential departures or style drift [17][21]. Group 4: Advantages of Team-Based Approach - The team-based model enhances decision-making efficiency and effectiveness through specialized roles and collective decision-making, leading to a more robust long-term risk-return profile [18]. - It allows for a higher degree of portfolio diversification, reducing risk and potential drawdowns compared to single-manager strategies [5][16]. Group 5: Industry Implications - If the team-based model becomes mainstream, it will lead to a systemic restructuring of the public fund ecosystem, focusing on long-term, professional investment strategies [20][21]. - The emphasis will shift from individual star managers to team capabilities, influencing how investors select funds based on team strength and governance structures [20][21].

Core Viewpoint - The article discusses the shift in the public fund industry from a "star fund manager" model to a "team-based fund manager" approach, emphasizing the importance of systematic collaboration to reduce reliance on individual managers and enhance long-term investment performance [2][8]. Group 1: Team-Based Management Model - The public fund high-quality development action plan supports the team-based management model, encouraging fund companies to explore this approach [4]. - Recent examples include the establishment of the Ruiyuan Research Selection Balanced Three-Year Holding Mixed Fund managed by three fund managers and the ICBC Leading Three-Year Holding Mixed Fund managed by four fund managers [4][5]. - As of January 25, there are 25 funds in the market managed by three or more fund managers, indicating a growing trend towards this collaborative model [2][5]. Group 2: Advantages of Team-Based Management - The team-based model allows for independent decision-making by each fund manager while promoting collaboration, which can lead to diversified sources of alpha returns and reduced risk [4][6]. - This model is particularly beneficial in the context of the high volatility of the A-share market, where individual managers may struggle to cover all market opportunities effectively [5][8]. - The integration of diverse investment styles and expertise among multiple managers enhances the overall investment strategy and risk management [6][9]. Group 3: Industry Transformation - The rise of the team-based management model signifies a deeper transformation in the public fund industry, moving from a focus on individual star managers to a more systematic and collaborative investment research approach [8][12]. - This shift is driven by the industry's recognition of the limitations of relying on individual managers, especially in a complex market with over 6,000 listed companies [8][12]. - If the team-based model becomes mainstream, it will lead to a restructuring of the fund ecosystem, emphasizing long-term, professional investment practices and reducing the impact of individual manager turnover on fund performance [12][14]. Group 4: Implications for Investors - Investors will need to shift their focus from selecting individual managers to evaluating the strength of the entire investment team and the stability of the governance structure [12][14]. - The team-based model is expected to provide a more predictable and stable investment experience, aligning investor interests with the long-term development of fund companies [12][14]. - The emphasis on team collaboration and long-term performance will redefine success for fund managers, moving away from the "star" mentality [12][14].

Core Viewpoint - The team-based management model for fund managers is recognized as a key approach to enhance the research and investment capabilities of public funds in the context of high-quality development [1][2]. Group 1: Implementation and Exploration - The China Securities Regulatory Commission has released an action plan that emphasizes the team-based management model as a crucial part of strengthening the core research and investment capabilities of public funds [2]. - Some fund companies have already begun exploring integrated research practices, with notable examples including the industrialized and intelligent research platform of China Europe Fund and the technology research team integration of Nuoan Fund [2]. - The emergence of a four-person co-management fund, the ICBC Leading Navigator Three-Year Holding Mixed Fund, marks a significant innovation in the fund industry to address the limitations of single-manager strategies [3]. Group 2: Challenges and Coordination - Despite the benefits of co-management, there are significant challenges that need to be addressed, such as unclear role definitions, high coordination costs, and potential decision-making conflicts among fund managers [4]. - Current co-managed funds have not yet demonstrated the "1+1 greater than 2" effect, indicating that the integration of multiple managers may not always lead to improved performance [4][5]. Group 3: Market Dynamics and Competition - Fund managers face significant challenges in a competitive market characterized by a large number of companies and products, which complicates the investment decision-making process [7]. - The rise of passive and quantitative funds has intensified competition for actively managed funds, making it increasingly difficult to generate excess returns [7]. Group 4: Future Development and Mechanism Innovation - The development of the team-based management model requires a higher-level mechanism transformation, which is gradually being implemented [8]. - Effective team-based investment emphasizes risk-return matching and requires fund managers to possess complementary skills, such as macro analysis, industry trends, and risk control [8].