Core Viewpoint - The resignation of Zhai Xiangdong from the position of fund manager at China Merchants Fund has been confirmed, with speculation that he may join a private equity fund, possibly Hillhouse Capital [1][2][3] Fund Manager Resignation - Zhai Xiangdong's departure is part of a broader trend, with 242 public fund managers leaving their positions in 2025, a 14.15% increase compared to the previous year [1][16][18] - Other notable fund managers who have left this year include those from various well-known funds, indicating a significant turnover in the industry [1][16] Performance and Management - Zhai Xiangdong managed the China Merchants Advantage Enterprise Fund, which achieved a return of 124.59% during his tenure, significantly outperforming the benchmark indices [5][6] - The fund's performance in 2023 and 2024 was strong, with returns of 27.25% and 30.16% respectively, but faced challenges in the second quarter of 2025, resulting in a net value decline of 3.63% [6][10] Transition and Successor - Lu Wenkai has been appointed as the co-manager of the China Merchants Advantage Enterprise Fund, bringing nearly seven years of fund management experience [12][13] - Lu's investment style is more balanced compared to Zhai's focus on high-risk, high-reward strategies, indicating a potential shift in the fund's management approach [13] Industry Trends - The trend of fund managers moving from public to private equity is attributed to better compensation structures and greater investment freedom in private firms [19] - The public fund industry has seen a shift from expansion to a more competitive environment, leading to increased turnover among fund managers [18][19]