Core Viewpoint - The performance of products under China Merchants Fund has shown significant differentiation this year, with some veteran fund managers underperforming, leading to a decline in the company's non-monetary asset management ranking to 11th place in the industry [1][6]. Company Performance - As of November 16, 2023, China Merchants Fund's average return rate is 15.36%, ranking 82nd among peers [6]. - The company has seen a decrease in its non-monetary asset management scale, which is now close to 570 billion yuan, marking a slight decline compared to the end of last year [7]. - The fund's management scale reached nearly 950 billion yuan by the end of the third quarter, ranking 12th in the industry [7]. Fund Manager Insights - Fund manager Cai Zhen expressed a mismatch between personal needs and company demands, indicating plans to reduce the number of products managed and focus on those he truly believes in [4]. - Cai Zhen has managed products that significantly outperformed their peers, with returns of 23.44% and 28.5% for his longest-managed funds, compared to an average of 13.17% for similar products [5]. - Other veteran fund managers, such as Li Jiasun and Guo Rui, have also shown underperformance, with some products yielding negative returns and lagging behind industry averages [6][7].