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]

Core Insights - The third quarter saw a significant rise in equity markets, leading to an increase in fund net values, benefiting both investors and fund management employees [1] - Fund managers' internal holdings were concentrated in stable industry-focused funds, with some managers delivering exceptional performance, rewarding internal trust [1][6] - Notably, funds managed by Jin Zicai from Caitong Fund experienced approximately a 90% increase in the third quarter, indicating his strong influence within the company [1][6] Fund Holdings Overview - As of mid-2025, there are 10,075 fund products held by public fund employees, with a majority being stable money market funds [3] - Among the top twenty funds, sixteen are money market funds, with E Fund Cash Growth Money Fund having 378 million shares held by its employees [3] - Active equity products show that Zhonggeng Value Pioneer has the highest employee holdings at 197 million shares, followed by other notable funds [3][4] Performance of Active Equity Funds - The third quarter provided substantial returns for active equity funds, with Zhonggeng Value Pioneer seeing a net value increase of approximately 13.31% [6] - The fund's investment strategy focuses on low valuation and growth potential, aiming for long-term gains through careful stock selection [7] - Other funds, such as Hengyue Advantage Select, also achieved significant gains, with employee holdings reflecting confidence in these products [6][7] Employee Ownership Ratios - As of mid-2025, certain funds like Jinyuan Shun'an Xinyi and Dongfang Alpha Technology Select have over 99% of their shares held by employees, indicating strong internal support [8] - Newer funds with lower entry thresholds have seen high employee ownership ratios, reflecting confidence in their performance [8]

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].