Core Insights - Liu Gesong, a prominent fund manager, has resigned from managing the Guangfa Small Cap Growth Mixed Securities Investment Fund (LOF), marking his second resignation this year [2][7] - Under Liu's management since June 2017, the fund achieved a total return of 125.2% and an annualized return of 10%, ranking 143rd among 458 similar products [3][6] - The fund's assets under management have significantly decreased from 843.3 billion yuan at the end of 2020 to 275.1 billion yuan as of the third quarter of 2025 [2][7] Fund Performance - The Guangfa Small Cap Growth LOF experienced three consecutive years of losses from 2022 to 2024, with a three-year loss of 16.0% and a five-year loss of 19.3%, underperforming its benchmark by over 40 percentage points [6] - In 2019, Liu's management of other funds led to all three achieving over 100% returns, earning him the title of "growth stock hunter" [5] Management Changes - Liu's management team has been expanded with the addition of two new fund managers, Chen Yunzong and Wu Yuanyi, to share responsibilities for the Guangfa Small Cap Growth LOF [6] - The concentration of the fund's top ten holdings has decreased from nearly 70% to below 50% since the new managers took over [6] Industry Trends - The trend of "shared management" and "graduating" new fund managers is becoming standard practice in the industry, driven by regulatory changes and increased market competition [8] - In 2025, the number of newly hired fund managers reached 599, with 461 fund managers resigning in a "clean sweep" manner, reflecting a 29% increase from the previous year [8]

Core Viewpoint - The recent resignation of prominent fund manager Liu Gesong from managing a long-standing product has raised concerns among investors, although industry insiders confirm he has no plans to leave the company [1][4]. Group 1: Fund Manager Changes - Liu Gesong has made two adjustments to his managed products within six months, with the latest being the resignation from managing the "Guangfa Multi-Asset Emerging Stock" fund, which he had managed for nearly seven years [2][4]. - Following his resignation, Liu's managed product count has decreased to five, with the latest managed scale dropping from 31.295 billion to 29.463 billion yuan, a reduction of 6% from its peak of 84.343 billion yuan [4]. Group 2: Industry Trends - The trend of "reducing burden" among well-known fund managers is becoming more common, with many gradually transferring management responsibilities to newer managers through a process of joint management [5][7]. - The public fund industry is experiencing a significant increase in the turnover of fund managers, with 293 managers having left their positions this year, a 23% increase compared to the same period last year [5][6]. Group 3: Investor Reactions - Investors are often sensitive to changes in fund management, leading to uncertainty about whether to observe patiently or redeem their investments [1][9]. - Historical data shows that after changes in fund managers, many products experience a decline in scale, indicating that investor confidence may wane following such transitions [8][10].

Core Viewpoint - The recent resignation of prominent fund manager Liu Gesong from the management of a long-standing fund has raised concerns among investors, although industry insiders confirm he has no plans to leave the company [3][7]. Group 1: Fund Manager Changes - Liu Gesong has announced his resignation from the management of the "Guangfa Multi-Asset Emerging Stock" fund, which he managed for nearly seven years, with the new manager being Zhou Zhishuo [4][5]. - Following this resignation, Liu's managed products have decreased from six to five, with the total managed assets dropping from 31.295 billion to 29.463 billion yuan, a reduction of approximately 6% from his peak of 84.343 billion yuan [6][7]. Group 2: Industry Trends - The trend of "reducing the burden" among star fund managers is becoming more common, with many experienced managers gradually transferring product management to newer managers through a process of co-management [7][10]. - The public fund industry is witnessing a significant increase in the turnover of fund managers, with 293 managers having left their positions this year, a 23% increase compared to the same period last year [7][9]. Group 3: Investor Reactions - Investors are often uncertain about how to react to changes in fund management, with some expressing concerns about the capabilities of new managers and the potential impact on fund performance [11]. - Historical data shows that fund sizes often decline following the departure of well-known managers, indicating a potential risk for investors [11].