Group 1 - The equity market experienced a comprehensive rise in Q3 2025, benefiting both investors and fund companies as fund net values increased [1] - Employee holdings are primarily concentrated in stable products and those managed by star fund managers, with some equity funds showing significant returns in Q3 [1] Group 2 - As of mid-2025, there are 10,075 funds in the market with initial shares held by employees, with money market funds being the mainstay of employee holdings [3] - Among the top twenty funds, 16 are money market funds, with E Fund Cash Management holding 378 million shares, and other funds like Huatai-PB and CITIC Securities holding over 100 million shares each [3] - In the active equity category, Zhonggeng Value Pioneer leads with 197 million shares held by employees, followed by other funds with significant holdings [3] - Overall employee holdings slightly decreased to 6.029 billion shares by the end of Q2 compared to the end of the previous year due to profit-taking behavior [3] - Zhonggeng Value Pioneer heavily invested in Anjixin Food, achieving a net value increase of 13.31%, while Hengyue Advantage Selection's net value doubled [3]

三季度行情落下帷幕，在权益市场全面上涨的行情中，基金净值上扬不仅让基民得以参与行情盛宴，亦 让"自家人"获利匪浅。 从持有份额来看，被基金管理人员工持股最多的几只产品均为行业布局较为稳健的基金，或者是由公司 旗下主力基金经理担纲管理的产品，个别基金经理在三季度内"不负众望"，以极佳的净值表现回馈了对 其投信任票的内部员工。 值得一提的是，财通基金金梓才旗下多只产品在三季度内涨幅约为九成，从数据来看，他在公司内部亦 有一定"号召力"，这部分绩优基金在二季度末被基金管理人员工持有了相当高的份额。 超万只基金获"自己人"持有 Wind数据显示，截至2025年上半年末，全市场共有10075只基金产品（仅统计初始份额）获公募基金自 家员工持有。 从持有份额看，截至二季度末，共有83只主动权益基金中的基金管理人员工持有份额超过1000万份，还 有1200余只产品持有份额超过100万份；且在行情回温的过程中，管理人员工选择落袋为安，截至六月 末整体持有份额为60.29亿份，较去年末的61.64亿份环比略有缩水。 部分产品斩获颇丰 随着下半年行情的加速上涨，部分主动权益基金也在三季度内为基金管理人员工提供了丰厚收益。 如前述 ...

Core Viewpoint - The article discusses the recent management changes at E Fund, highlighting the trend of star fund managers stepping down from executive roles to focus on investment management, with Zhang Kun being a prominent example [1][2][3]. Group 1: Management Changes - On May 16, E Fund announced that Zhang Kun would no longer serve as Deputy General Manager and would concentrate on investment management, continuing his role as a fund manager [1]. - This follows a previous adjustment in the management team where other star fund managers, Chen Hao and Xiao Nan, also stepped down from executive positions to focus on investment [2][3]. - The trend indicates a shift in the industry where many fund managers are opting to relinquish management duties to dedicate more time to fund management [4]. Group 2: Zhang Kun's Investment Philosophy - Zhang Kun has been with E Fund since graduating from Tsinghua University in 2008, focusing on deep research and value discovery to achieve long-term stable excess returns [7]. - His investment style emphasizes high-quality value, prioritizing companies with strong competitive advantages and sustainable growth, while maintaining a focus on safety margins [7][8]. - Zhang Kun's commitment to long-term investments is evident in his portfolio, where he has consistently held stocks with strong fundamentals over multiple quarters [8]. Group 3: Performance Metrics - As of March 31, 2025, Zhang Kun managed a total fund size of 608 billion yuan, making him the largest active equity fund manager in China [1]. - His cumulative return since becoming a fund manager in September 2012 is 298.80%, with an annualized return of 11.69%, significantly outperforming the CSI 300 Index during the same period [9]. - Specific funds managed by Zhang Kun, such as E Fund Quality Selection Mixed and E Fund Asian Selection Stock, have shown cumulative returns of 425.50% and 374.40%, respectively, since his tenure, far exceeding their respective benchmarks [9].

Core Viewpoint - Zhang Kun, a prominent fund manager at E Fund, has stepped down from his position as Deputy General Manager to focus on investment management, continuing his role as a fund manager to create long-term sustainable returns for investors [1][2]. Group 1: Zhang Kun's Background and Investment Philosophy - Zhang Kun has been with E Fund since graduating from Tsinghua University in 2008, accumulating nearly 17 years of experience in investment research [1]. - His investment style emphasizes high-quality value, focusing on companies with strong competitive advantages, business models, and the ability to generate free cash flow [1]. - He aims to invest in companies with a strong margin of safety and growth certainty, holding them for the long term to share in their performance growth [1]. Group 2: Recent Performance and Achievements - Since becoming a fund manager in September 2012, Zhang Kun has achieved a cumulative return of 298.80% and an annualized return of 11.69% as of March 31, 2025, significantly outperforming the CSI 300 Index during the same period [2]. - The three funds managed by Zhang Kun for over five years have all outperformed their respective benchmarks, with cumulative returns of 425.50%, 37.40%, and 89.26% for E Fund Quality Selection Mixed, E Fund Asia Selection Stock, and E Fund Blue Chip Selection Mixed, respectively [2]. Group 3: Management Changes at E Fund - In March, E Fund announced the departure of other senior management personnel, Chen Hao and Xiao Nan, who will also focus on investment management [2]. - Currently, E Fund still has several fund managers holding the position of Deputy General Manager, including Feng Bo, Zhang Qinghua, and Hu Jian [3].