Core Viewpoint - The article discusses the challenges faced by fund manager Cai Zhen, who manages 12 products and expresses a desire to reduce this number to focus on a few he truly believes in and can manage effectively [2][14]. Group 1: Fund Management and Performance - As of December 4, Cai Zhen manages a total of 12 products, including a newly established fund on December 2 [6]. - Cai Zhen's management includes a diverse range of fund types: 4 bond funds, 5 enhanced index funds, 2 flexible allocation funds, and 1 equity mixed fund [6]. - Among the 12 products, 5 were newly established this year, indicating a significant increase in his management responsibilities [7]. Group 2: Historical Performance - Cai Zhen has demonstrated strong past performance, with several funds achieving high annualized returns and ranking well within their categories [9][10]. - For instance, the fund "招商安阳A" has an annualized return of 5.75% and ranks 18 out of 578 in its category, while "招商中证1000指数增强A" has a return of 6.77% and ranks 12 out of 249 [10]. - His investment strategy focuses on a mix of value and growth, utilizing quantitative methods to select stocks and manage a diversified portfolio [11]. Group 3: Recent Challenges - Despite past successes, some of Cai Zhen's recent funds launched in 2024 have underperformed, with rankings outside the top 50% [13]. - The increase in the number of products managed has led to concerns about the sustainability of performance, as evidenced by the mediocre results of newer funds [13][15]. - The article highlights a broader trend in the industry where fund managers are facing increased pressure due to a growing number of products and a competitive environment [15]. Group 4: Industry Context - The public fund industry is shifting from reliance on "star managers" to a more platform-based research approach, which may impact the performance and management style of individual fund managers like Cai Zhen [15]. - The article notes that there has been a notable turnover of talent within the firm, with several key managers leaving, which could further complicate performance consistency [15].

Core Viewpoint - The recent comments by Cai Zhen, a fund manager at China Merchants Fund, highlight the increasing burden on fund managers due to the "one manager, multiple funds" phenomenon in the public fund industry, leading to calls for a reduction in the number of products managed by individual managers [1][2][3] Group 1: Fund Management Situation - Cai Zhen has expressed a desire to reduce the number of funds he manages, aiming to focus on a few products he truly believes in, rather than continuously launching new products [2][3] - As of the end of Q3 this year, Cai Zhen manages 12 funds with a total scale of 13.599 billion yuan, indicating a significant workload compared to the average of 3.57 funds per manager at China Merchants Fund [3][4] - The public fund industry has 289 managers overseeing more than 10 funds each, with some managing over 20, reflecting a widespread issue of overextension among fund managers [1][5] Group 2: Performance and Fund Types - Cai Zhen's management experience spans various fund types, including mixed bond funds and index funds, with notable performance in multi-asset and index products, achieving returns of 27.34% and 45.14% respectively [4][5] - However, his actively managed equity products have underperformed, with returns of 8.72% and 10.55%, which are below the average returns of their respective categories [5][6] - The disparity in performance raises questions about the effectiveness of managing multiple fund types simultaneously, particularly in the context of active equity funds that require deeper market research [6][7] Group 3: Industry Challenges - The "one manager, multiple funds" issue is symptomatic of a broader challenge in the public fund industry, where the average manager oversees 2.74 funds, yet many are burdened with excessive numbers [5][6] - The pressure to scale up and attract investments often leads to experienced managers being assigned multiple funds, which can dilute their focus and impact the quality of fund management [7] - The trend towards homogenized investment strategies among multiple funds managed by a single manager can undermine investor confidence and the perceived value of high-performing fund managers [7]