Core Insights - On November 20, China Merchants Fund announced a significant adjustment to its index product line, with 11 products undergoing fund manager changes, including notable departures and appointments [1][11] - The well-known fund manager, "Baijiu King" Hou Hao, stepped down from managing five products, indicating a potential shift in focus towards fewer responsibilities [1][10] Fund Manager Changes - Liu Chongjie resigned from the China Merchants CSI New Energy Vehicle Index, succeeded by Liao Yuzhou; Xu Rongman stepped down from the China Merchants CSI A100 ETF and China Merchants Hong Kong-Shenzhen Pharmaceutical ETF, with Dou Fucheng and Liao Yuzhou taking over [1] - Hou Hao's departure from five products has led to a further simplification of his managed product portfolio, allowing him to concentrate more on core responsibilities [1][11] Performance Review of Departed Products - The five products managed by Hou Hao were all passive index funds, covering various themes such as commodities, coal, IoT, and vaccine biotechnology [2] - Notable performance metrics include: - China Merchants CCTV Finance 50A: 80.32% return over 8.19 years, annualized return of 7.46%, ranked 46 out of 379 [2] - China Merchants Coal A: 76.69% return over the same period, annualized return of 7.19%, ranked 62 out of 379 [2] - China Merchants Commodity Index: 66.34% return, annualized return of 6.41%, ranked 97 out of 379 [3] - China Merchants IoT Theme ETF: 8.24% total return over 3.92 years, annualized return of 2.04%, ranked 423 out of 1307 [3] - China Merchants Vaccine and Biotechnology ETF: 29.38% total return over 1.34 years, ranked 1850 out of 2395 [3][4] New Management Team - The new management team consists of mid-generation and new-generation fund managers, including Deng Tong and Dou Fucheng, who will co-manage China Merchants Coal A and China Merchants Commodity Index, while Dou Fucheng will manage the China Merchants IoT Theme ETF alone [6] - Liao Yuzhou will take over the management of China Merchants CCTV Finance 50A and China Merchants Vaccine and Biotechnology ETF [6] Industry Trends - The trend of "burden reduction" among fund managers is becoming common in the industry, as regulatory bodies have indicated that managing too many products can affect operational efficiency [11] - The adjustments made by Hou Hao are seen as a strategy by China Merchants Fund to optimize research and investment resource allocation, enhancing management professionalism and focusing on core competencies [11]