Core Viewpoint - The article discusses the recent resignation of prominent fund manager Zhai Xiangdong from the China Merchants Fund, highlighting a trend of increasing departures among star fund managers in the industry, with a total of 242 fund managers leaving in 2025, compared to 212 in the previous year, marking a 14.15% increase [1][14][15]. Summary by Sections Resignation of Zhai Xiangdong - Zhai Xiangdong has officially resigned as the manager of the China Merchants Advantage Enterprise Fund due to "personal reasons" and is rumored to join a private equity fund, possibly Hillhouse [3][5]. - His tenure saw the fund achieve a 124.59% increase over 3 years, significantly outperforming the CSI 300 index [5][9]. Performance and Strategy - Under Zhai's management, the fund's annualized return was 27.96%, with a maximum quarterly drawdown of less than 25%, making it a popular choice among investors [5][9]. - Despite strong past performance, the fund experienced a net value decline of 3.63% in Q2 2025, attributed to a lack of exposure to high-performing sectors during that period [6][9]. Market Trends and Departures - The article notes a significant increase in fund manager departures this year, with 242 resignations reported by August 12, 2025, compared to previous years [14][15]. - The trend is linked to a market shift where many fund managers are facing performance evaluations after three years of underperformance, leading to a surplus of fund managers in the industry [15]. Transition to Private Equity - The article highlights the trend of fund managers moving to private equity, driven by better compensation structures and greater investment freedom, allowing them to implement personal investment strategies [15][16]. - Zhai's successor, Lu Wenkai, is noted to have a more balanced investment approach compared to Zhai's high-risk strategy, indicating a potential shift in the fund's management style [11][12].

Group 1 - The core point of the article highlights the frequent changes in fund managers within the public fund industry this year, specifically focusing on the departure of Zhai Xiangdong from the China Merchants Fund and the subsequent appointment of Lu Wenkai as the new fund manager for the China Merchants Advantage Enterprise fund [2][3][4] - Zhai Xiangdong's management of the China Merchants Advantage Enterprise A fund yielded a return of 124.59% from April 29, 2022, to August 9, 2023, ranking 5th out of 2890 similar products [2][3] - The fund's assets under management grew significantly from 193 million yuan at the end of Q2 2022 to 10.146 billion yuan by Q1 2025, before decreasing to 8.132 billion yuan by Q2 2025 [3] Group 2 - Lu Wenkai, who has nearly 7 years of experience as a public fund manager, will continue to follow a growth-oriented investment strategy, focusing on valuation and growth potential while ensuring the continuity of investment strategies [4] - The market outlook for A-shares and H-shares is cautiously optimistic, with Lu Wenkai indicating a potential increase in allocation towards consumer-related sectors, particularly those closely linked to retail [4]