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]

Core Viewpoint - The recent statement by Cai Zhen, a fund manager at China Merchants Fund, regarding the need to reduce the number of managed products has sparked widespread discussion in the market about the "one manager, multiple funds" phenomenon in the public fund industry [2][10][12] Group 1: Cai Zhen's Statement and Management Situation - Cai Zhen expressed a desire to reduce the number of products he manages, indicating a mismatch between his personal needs and the company's expectations, and emphasized focusing on a few products he can manage well [2][5] - Cai Zhen has over 10 years of experience and currently manages 12 fund products, which, when split by A/C shares, amounts to 20 products with a total management scale of 13.599 billion yuan [5][6] - His management includes various types of funds, such as bond, enhanced index, mixed equity, flexible allocation, and ETF funds, with a notable increase in the number of funds he has taken over since 2024 [5][6] Group 2: Industry Context and "One Manager, Multiple Funds" Phenomenon - The "one manager, multiple funds" issue is not unique to Cai Zhen but reflects a broader trend in the public fund industry, with 286 fund managers managing 10 or more products as of November 2023 [8][10] - The average number of funds managed per fund manager is 3.22, with some managers overseeing as many as 23 funds, raising concerns about the impact on performance and risk management [8][10] - The phenomenon is driven by the industry's focus on scale, where fund companies issue more products to capture market share, potentially compromising the quality of fund management [10][11] Group 3: Regulatory and Industry Response - There are currently no explicit limits on the number of products a fund manager can oversee, but recent regulations aim to ensure that fund managers have the capacity to manage their assigned products effectively [12] - Industry experts suggest adopting differentiated management limits based on product types, such as capping active equity products at three and passive products at ten, to enhance management quality [12] - The shift towards team-based management models is encouraged to reduce reliance on individual fund managers and improve overall fund performance [12][13]