Core Viewpoint - The article highlights a trend among certain "mini funds" adopting a defensive stance by significantly reducing their stock holdings to near cash levels, missing out on the recent market rally despite an overall positive market trend for actively managed equity funds [1][4]. Fund Performance and Strategy - Some flexible allocation funds, particularly smaller ones, have drastically decreased their stock positions in Q3, with cash assets, such as bank deposits, dominating their portfolios. For instance, the Fuanda New Power fund saw its stock allocation plummet from 87.5% at the end of Q2 to just 1.35% by the end of Q3, with over 98% of its assets held in cash [2]. - The Zhongyin Zhenli fund reported a stock allocation of only 12% in Q3, with 85% of its assets in bank deposits, indicating a conservative investment approach compared to peers [2]. - The Green Fund's Green Bory also exhibited a similar trend, with a stock allocation of just 11.23% and over 60% in cash, reflecting a cautious strategy amid market fluctuations [3]. - The Galaxy Junshang fund had a mere 0.94% in stocks by the end of Q3, primarily holding cash and bonds, contrasting sharply with its previous "heavy stock, light bond" strategy [3]. Market Context and Fund Manager Sentiment - Despite the overall market strength, with indices reaching around 4000 points and a continued upward trend in technology stocks, some fund managers opted for significant cash positions, possibly due to profit-taking from previously popular sectors or a cautious outlook on future market movements [4].

格林基金宣布，基金经理刘冬因个人原因离任，并清仓式卸任了4只产品 投资时间网、标点财经研究员 齐文健 铁打的公募基金公司，流水的基金经理。 近日，格林基金连续发布多条基金经理变更公告称，基金经理刘冬因个人原因离任，并清仓式卸任了格林研究优 选（A类份011977、C类份额011978）、格林伯锐（A类份额006181、C类份额006182）、格林新兴产业（A类份额 014327、C类份额014328）、格林聚鑫增强（A类份额015713、C类份额015714）的基金经理职务。公开资料显 示，刘冬有17年证券从业经历，其中公募基金经理从业年限为7.29年。 目前，格林研究优选、格林新兴产业、格林聚鑫增强的基金经理分别是郑中华、王振林、尹子昕，格林伯锐则由 宋宾煌、王振林共同管理。 随着刘冬离任，格林基金公募管理经验丰富的基金经理数量稍显捉襟见肘。Wind数据显示，该公司现有12位基金 经理中，有7位的证券从业年限逾10年，但公募基金经理从业年限超过5年只有李会忠，为10.18年，而他所管3只 基金当前任职回报均告负。 权益投资总监清仓式卸任 近日，格林基金发布公告称，因个人原因，刘冬已卸任格林研究优选、格林伯锐 ...