Core Viewpoint - The departure of renowned fund manager Zhang Yifei from Anxin Fund has raised concerns among investors, as he managed over 300 billion yuan in assets, accounting for more than one-third of the company's total fund size, and was known for his emphasis on long-term stable returns and strict risk control [2][5]. Group 1: Zhang Yifei's Background and Performance - Zhang Yifei joined Anxin Fund in September 2012 and became a public fund manager in March 2014, later promoted to Deputy General Manager in May 2023, but resigned from this position within a year [2]. - His public equity products achieved a total return of 75.9% and an annualized return of 5.72%, significantly outperforming the CSI 300 index's annualized return of 2.35% during the same period [3]. - Zhang managed 18 funds, all of which maintained positive returns, with Anxin Stable Growth being the longest-held fund, achieving ten consecutive years of positive returns [3][5]. Group 2: Impact of Departure on Investors - Investors are uncertain about whether to hold or redeem their investments following Zhang's departure, with some expressing a desire to increase their investments while others are hesitant [6][7]. - The change in fund management has led to discussions among investors, with some indicating they would leave if the new management does not perform well [8][7]. Group 3: Industry Trends - The fund industry is shifting towards a platform-based investment research model, reducing reliance on individual star managers, as highlighted by recent regulatory guidance [10]. - Numerous funds have announced the addition of multiple fund managers to their teams, indicating a trend towards collaborative management structures [10].

Core Viewpoint - The public fund industry is experiencing a significant wave of fund manager changes, driven by various factors including market conditions, industry competition, incentive mechanisms, the trend of "de-starring," and personal career planning [2][12]. Group 1: Fund Manager Changes - As of June 24, nearly 200 public fund products have announced fund manager changes this month, indicating a trend of frequent adjustments within the industry [2][5]. - The changes in fund managers can be categorized into three main types: new appointments, simultaneous appointments and dismissals, and departures [6][10]. - The increase in fund manager dismissals is attributed to work needs and performance evaluations, with companies adjusting their fund manager assignments based on product style and performance benchmarks [9][11]. Group 2: Industry Changes - The public fund industry is gradually moving away from reliance on "star fund managers" and is transitioning towards a team-based and institutionalized approach [14]. - Talent mobility within the industry is accelerating, with competition shifting from mere salary comparisons to diverse dimensions such as equity incentives and differentiated assessments [14]. - The industry is evolving from extensive growth to high-quality development, emphasizing long-term performance, risk management, and effective communication with investors [14]. Group 3: Team Management Model - The implementation of a team management model for fund managers is expected to increase, as highlighted in the new regulations aimed at enhancing core investment research capabilities [15]. - The team management model allows for resource integration and improved investment quality, while also posing challenges such as decision-making conflicts and coordination costs [16][17]. - This model reduces dependency on individual fund managers and enhances the stability of performance, but it requires careful management to avoid potential pitfalls [17].

Group 1 - The core point of the article is the recent changes in fund management at E Fund, specifically the appointment of new fund managers for the E Fund Competitive Advantage Enterprises and E Fund Research Selection, indicating a shift in management strategy [1][2] - Feng Bo, the previous sole manager, has now appointed Guo Jie, He Chongkai, and Peng Ke as co-managers, suggesting a move towards a team-based management approach [1][2][10] - As of the end of the first quarter, Feng Bo managed assets totaling 12.472 billion yuan, but he has recently stepped down from managing two other funds due to "work needs" [2][10] Group 2 - Feng Bo's management history dates back to 2010, with a notable return of 131.18% over 15 years for the E Fund Industry Leader [3] - The E Fund Competitive Advantage Enterprises, launched with a record-breaking subscription of 239.9 billion yuan, has faced significant performance challenges, with a current net value of only 0.46 yuan and a return rate of -53.92% since inception [9][10] - The trend of appointing multiple fund managers is becoming common in the industry, with approximately 25% of open-end public funds in China managed by teams of two or more [11] Group 3 - The recent changes align with the China Securities Regulatory Commission's initiative to promote high-quality development in public funds, emphasizing the importance of team-based management to enhance investment capabilities [11][12] - Team-based management aims to mitigate risks associated with individual managers and improve performance stability through collaboration and complementary skills among fund managers [12] - However, effective team management requires that fund managers possess complementary strengths, such as macro analysis, industry trends, and stock selection [12]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a new action plan aimed at promoting the high-quality development of public funds, linking fund manager compensation directly to long-term performance, which addresses the industry's longstanding issue of prioritizing scale over performance [1]. Summary by Relevant Sections Fund Manager Compensation - The new regulations stipulate that fund managers will face salary reductions if their performance lags the benchmark by more than 10%, while those who outperform will receive salary increases [1]. - This policy aims to rectify the industry's focus on scale rather than performance, highlighting the significant performance disparities among fund managers [1]. Performance Data - Among the 111 equity fund managers managing over 10 billion yuan, 45 have underperformed the benchmark, with 24 of them lagging by more than 10% [1]. - Conversely, 66 fund managers have outperformed the benchmark, with 38 exceeding it by more than 10% [1]. Specific Fund Manager Cases - Fund manager Feng Bo from E Fund has a three-year return of -33.56%, underperforming the benchmark by 33 percentage points, making him one of the worst performers [2][3]. - E Fund's Research Selected Fund has experienced significant losses over the past four years, with a total loss of 31.01 billion yuan in 2022 and 21.23 billion yuan in 2023 [4]. Financial Performance and Fees - Despite the losses, the Research Selected Fund has collected a total of 562 million yuan in management fees over the past four years, with a notable reduction expected due to the new floating management fee reform [4]. - The fund's asset allocation has shifted towards sectors like automotive, consumer electronics, and semiconductors, while reducing exposure to food and beverage, home appliances, and pharmaceuticals [9]. Market Implications - The new regulations are seen as a move to bring the industry back to its asset management roots, with long-term performance becoming critical for fund managers' careers [12]. - For investors, this could lead to a reduction in risks associated with poor-performing funds and allow them to share in the capital market's growth [12].