Market Performance - The A-share market has shown strong performance recently, with the Shanghai Composite Index returning to a relative high of 3600 points [1][2] - As of May 27, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index closed at 3608.85, 14897.19, and 3226.11 points, with daily increases of 0.43%, 0.7%, and 0.92% respectively [2] Fund Performance - Equity fund returns have significantly rebounded, with some star fund managers seeing their products' year-to-date returns turn positive and continue to rise [1][2] - Notable fund performances include E Fund's Blue Chip Select Mixed Fund with a year-to-date return of 8.43%, Invesco Great Wall Dingyi Mixed Fund at 8.48%, and China Europe Medical Health Mixed A Fund at 16.68% [2] Investor Sentiment - Many investors have expressed relief at recovering their investments, with some stating they have "broken even" after previous losses [4] - However, a portion of investors remains in a loss position, particularly those who entered the market during high net asset values before the recent downturn [4] Market Recovery Factors - The recent market recovery is attributed to a temporary easing of liquidity and a reduction in commodity price pressures [3] - As of May 26, the number of equity funds with negative year-to-date returns decreased to 1170, representing less than 20% of the total, indicating a significant recovery in fund performance [3] Future Outlook - Industry experts maintain an optimistic outlook for the market, suggesting that high-quality blue-chip stocks will continue to attract investment [5] - There is a consensus that while market sentiment may fluctuate, structural opportunities for growth remain, particularly as systemic risks have decreased [5]

Core Insights - The article discusses the performance of various funds in the first quarter of 2025, highlighting significant profits and losses among them [1][2][3] Fund Performance Summary - E Fund Blue Chip Selection Mixed Fund (005827.OF) achieved the highest quarterly profit of 3.172 billion, making it the only equity fund to surpass the 3 billion mark [1][2] - The second tier of profitable funds includes Wanji Industry Selection (18.81 million), China Merchants Advantage Enterprises A (16.05 million), and others, indicating a clear performance hierarchy [1][2] - The article notes that the medical sector showed a strong recovery, with China Europe Medical Innovation A reversing a previous loss of 1.718 billion to achieve a quarterly return of 20.33% [2][6] Losses and Challenges - The top loss was recorded by Xingquan Trend Investment (163402.OF) with a quarterly loss of 935 million, reflecting a year-to-date return of -9.64% [3][4] - Other notable losses include Caizhong Value Momentum A (-648 million) and Caizhong Growth Selection A (-521 million), both managed by the same individual, indicating significant challenges in the TMT sector [6][7] - The article emphasizes the risks associated with large funds that may struggle to convert scale into effective returns, as seen with E Fund Blue Chip Selection [6][7] Market Dynamics - The article highlights the contrasting performance of funds, suggesting that investors should be cautious of both oversized funds that may underperform and smaller funds that may show high returns without substantial profit realization [7][8] - The ongoing market differentiation in the second quarter is expected to continue influencing fund performance, with a focus on those that can maintain scale flexibility while efficiently converting profits [7][8]

作 者丨庞华玮 值得一提的是，上次易方达高管团队的调整中，还包括两位副总级基金经理卸任高管职务， 作为明星基金经理的陈皓和萧楠在上次管理团队的微调中卸任高管职务，但继续担任易方达 基金公司的基金经理，两人均表示："未来将更加专注于投资"。 而此次管理团队的微调中，张坤卸任高管职务，同样表示要"专注于投资管理工作"。 至此，易方达"三剑客"张坤、陈皓和萧楠均已卸任高管职务。 编 辑丨姜诗蔷 5 月 1 6 日 ， 易 方 达 基 金 公 告 称 ， 因 工 作 调 整 ， 张 坤 不 再 担 任 副 总 经 理 ， 将 专 注 于 投 资 管 理 工 作。 易方达内部人士向2 1世纪经济报道记者证实，卸任后，张坤将继续坚守在基金经理岗位上， 全身心投入到投资管理工作中，努力为持有人创造长期可持续回报。 张坤是公募圈中最有影响力的明星基金经理之一，截至2 0 2 5年3月3 1日，张坤在管基金总规模 6 0 8亿元，是国内管理规模最大的主动权益基金经理。并且在其担任基金经理的1 3年里，旗下 基金长期业绩优秀，年化收益率高达11 . 6 9%。 明星基金经理纷纷卸任"高管"职务 1个多月前，易方达基金刚经历了管理 ...

易方达基金的明星基金经理张坤，有了职务上的变动。 5月16日晚间，易方达基金公告称，因工作调整，张坤不再担任副总经理高级管理人员，将专注于投资 管理工作。 易方达内部人士称，卸任后，张坤将继续坚守在易方达公司的基金经理岗位上，全身心投入到投资管理 工作中，努力为持有人创造长期可持续回报。 资料显示，张坤自2008年清华大学研究生毕业即加入易方达基金，从事投研工作近17年，是该公司主动 权益投研团队的核心人员。 张坤的投资是高质量价值风格，追求高安全边际和持续稳定的成长性。他通过自下而上深度研究优秀企 业、挖掘优秀企业的核心竞争力，选股时看重企业的竞争力、护城河、商业模式及创造自由现金流的能 力；同时强调安全边际，倾向于在有较强估值保护的情况下买入成长确定性强的公司，通过中长期持股 分享优秀企业业绩成长，实现资本增值，获取长期稳定回报。 此前的3月份，易方达也公告了陈皓、萧楠离任副总经理级高级管理人员的公告。当时公告显示，两人 未来专注于投资管理工作。 此外，目前易方达仍有部分在职基金经理，任职副总经理级高级管理人员的职务，包括冯波、张清华、 胡剑等。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人 ...