Core Viewpoint - Liu Gesong, a prominent fund manager at GF Fund, has stepped down from managing the GF Multi-Dimensional Emerging Stock Fund, which achieved a return of 140.03% during his tenure, marking it as the best-performing fund under his management [1][4][7]. Fund Management Changes - The change in management is officially termed as "dismissal of the fund manager," with Zhou Zhishuo taking over sole management responsibilities [5]. - The announcement emphasizes that Liu Gesong will remain with GF Fund, indicating that this is a "normal work adjustment" [1][7]. Performance Context - Despite the strong performance of the GF Multi-Dimensional Emerging Stock Fund, questions arise regarding the rationale behind the dismissal of the best-performing fund, especially in light of industry pressures and fee reforms [4][8]. - Liu Gesong continues to manage five other funds with a total scale of 29.463 billion yuan, maintaining a focus on key stocks such as Siasun, Shengbang, Yiwei Lithium Energy, and Sunshine Power [7]. Market Speculation - The management change has led to speculation about whether the scale of 29.463 billion yuan has become overwhelming for Liu, as larger fund sizes complicate asset allocation and rebalancing [8]. - The industry is witnessing a trend of star fund managers stepping down or leaving, with several notable managers transitioning to private equity [9]. Industry Trends - The public fund industry is experiencing a shift from "license dividends" to "capability competition," with a notable decline in the personal brand value of star managers, while platform value is becoming more prominent [9]. - The ongoing management pressures in the industry suggest that while "reducing burden" may alleviate short-term stress, optimizing portfolio strategies and enhancing the performance of remaining products are crucial for maintaining investor trust [9].

Group 1 - The announcement from GF Fund indicates a change in the fund manager for the GF Multi-Dimensional Emerging Stock Fund, with Liu Gesong stepping down and Zhou Zhishuo taking over the management responsibilities [1] - Liu Gesong managed the fund since November 2018, achieving a cumulative return of 140.03% and an annualized return of 13.63%, ranking 118th among 303 similar products [3] - The fund has performed well this year, with a return of 34.14%, focusing on sectors such as defense, electronics, and new energy [3] Group 2 - Zhou Zhishuo joined GF Fund in February this year, previously working at CCB Fund for four years, where he managed assets that peaked at 115 billion but fell to 37 billion in 2023 [4] - Zhou's management style has shown volatility, with a significant drop in performance leading to a reduction in managed assets [4] - Currently, Zhou is co-managing the GF Stable Growth Fund alongside experienced fund manager Fu Youxing [4]

Group 1 - Liu Gesong has left the position of fund manager for the GF Multi-Asset Emerging Stock Fund, which is managed by GF Fund Management Co., Ltd [1][2] - Liu Gesong has a background as a researcher and fund manager at various financial institutions, including China Post Fund Management Co., Ltd and Rongtong Fund Management Co., Ltd [1] - The GF Multi-Asset Emerging Stock Fund was established on April 25, 2017, and has achieved a year-to-date return of 34.14% and a total return of 98.48% since inception, with a cumulative net value of 1.9848 yuan [1] Group 2 - The fund's main code is 003745, and it is classified as a multi-asset emerging stock fund [2] - The announcement regarding the change in fund management is based on the "Publicly Raised Securities Investment Fund Information Disclosure Management Measures" and other relevant regulations [2] - The fund will continue to be co-managed by another fund manager, Zhou Zhishuo, following Liu Gesong's departure [2]