Group 1 - The public fund industry is undergoing a significant management model transformation, shifting from reliance on a single fund manager to a collaborative "multi-manager" approach [1][4] - As of July 8, over 700 funds have appointed additional fund managers this year, with the number of funds managed by three or four managers on the rise [1][3] - Notable fund managers, such as Ge Lan and Zheng Chengran, have recently announced the appointment of additional managers to their funds, indicating a trend towards shared management [3][4] Group 2 - The rise of the "co-management" model is driven by industry transformation and regulatory advocacy, bringing positive changes to the sector [4] - The multi-manager approach enhances asset coverage and expands the skill set of fund managers while improving strategy diversification [4] - This model effectively mitigates risks associated with single decision-maker errors and aggressive operations, and addresses challenges related to fund performance continuity in the event of a manager's departure [4]

Core Viewpoint - The resignation of Zhang Yifu, a key figure at Huisheng Fund, raises questions about the underlying reasons for his departure, especially given the poor performance of the funds he managed [1][4][6]. Group 1: Fund Manager Changes - On May 20, Huisheng Fund announced the resignation of Zhang Yifu from his roles managing three mixed funds, with no clear indication of his future plans [1][2]. - The three funds previously managed by Zhang Yifu will now be overseen by new managers: Sun Qing, Peng Baiwen, and Zhang Zheng [1][2]. - Zhang Yifu's departure follows a trend of increasing managerial changes within Huisheng Fund, including the recent hiring of experienced personnel to strengthen the investment team [6][9]. Group 2: Fund Performance - Prior to his resignation, Zhang Yifu managed funds with a total scale of 2.267 billion yuan, accounting for 72.68% of Huisheng Fund's mixed product total [4]. - The performance of the funds under Zhang Yifu's management was notably poor, with annualized returns of only 1.21% for Huisheng Huimin Mixed Fund and -40.54% for Huisheng Medical Health Fund, significantly underperforming their benchmarks [4][10]. - The overall performance of Huisheng Fund's equity products has been under pressure, with five out of eight mixed funds reporting losses since inception [10]. Group 3: Company Structure and Strategy - As of the end of Q1 2025, Huisheng Fund's total management scale was 52.772 billion yuan, with fixed income assets making up 94.09% of the portfolio, highlighting a significant imbalance in product structure [9]. - The company has not launched any new equity products since March 2022, indicating a stagnation in its equity investment strategy despite recent managerial changes aimed at enhancing this area [9][10]. - The recent high-level departures and appointments within Huisheng Fund suggest a strategic shift as the company attempts to address its historical reliance on fixed income products and improve its equity investment capabilities [9].