Core Viewpoint - HSBC Jintrust Medical Pioneer Fund has experienced a significant turnaround, with a year-to-date increase of 68.03% in 2025, attributed to strategic adjustments and precise positioning by the new fund manager, Li Bokan [4][6][10]. Group 1: Fund Performance - The HSBC Jintrust Medical Pioneer Mixed Fund (code: 012358) ranked 23rd among all funds in the industry for its year-to-date performance, contrasting sharply with its performance from 2021 to 2024, which saw a decline of 52.15%, placing it 3438th out of 4326 similar funds [6][10]. - The fund's performance improved significantly after the appointment of Li Bokan, who took over from the previous manager, Wu Xiaowen, in late 2024 [8][10]. Group 2: Management Changes - Wu Xiaowen, the former fund manager, resigned for personal reasons, and her background in the pharmaceutical industry was considered weak compared to her successor [8][10]. - Li Bokan, the new fund manager, has a background as a pharmaceutical industry consultant and analyst, which is expected to enhance the fund's performance [10][14]. Group 3: Investment Strategy - Under Li Bokan's management, the fund has shifted its focus towards innovative drugs and has reduced its exposure to stocks negatively impacted by medical reform policies [10][14]. - The concentration of the top ten holdings in the fund decreased from 73% at the end of 2022 to 63.3% in Q1 2025, indicating a strategy to lower risk through diversification [10][14]. Group 4: Industry Context - The turnaround of the HSBC Jintrust Medical Pioneer Fund reflects the dynamic nature of the public fund industry, showcasing the importance of talent and strategic adjustments in achieving performance recovery [13][14]. - The success of the fund after a management change aligns with a broader trend in the industry where new leadership can revitalize fund performance [11][14].