华夏时报（www.chinatimes.net.cn）记者 叶青 见习记者 栗鹏菲 北京报道 Wind数据显示，截至2025年一季度，范琨管理规模较峰值缩水超六成，部分产品更是遭遇机构全额赎回。这场由 个人离任引发的流动性危机，将公募行业对明星基金经理的过度依赖问题再次推向台前。 融通基金向《华夏时报》记者透露，公司一直采用"两阶段培养制"：第一阶段通过公共组合培养研究员的大局 观，第二阶段以投资体系六要素框架推动基金经理完善自洽的投资逻辑。融通基金表示："范琨是这套体系培养出 的标杆，她的经验传承也将为投研团队持续赋能。" 机构用脚投票导致规模塌方 理想是美好的，但现实略有残酷。范琨的基金引入其他基金经理共管后，犹如推倒多米诺骨牌，引发机构资金连 锁撤离。融通内需驱动混合的机构持有份额从2024年上半年73.86%，年底断崖式跌至38.38%；融通慧心混合更在 2024年年底遭遇机构全额赎回。 "机构资金看重策略稳定性，范琨的价值与趋势平衡术难以复制，后继者稍有不慎就会引发二次赎回。"业内人士 指出，范琨管理的产品机构占比普遍超过七成，其投资框架与机构资金的风险偏好深度绑定，"接任者刘安坤、李 文海虽具研究 ...

Core Viewpoint - The announcement from Rongtong Fund indicates the departure of Fan Kun from multiple funds, highlighting changes in fund management and performance metrics of the affected funds [1][2]. Fund Management Changes - Fan Kun has been with Rongtong Fund since July 2012, serving in various roles including industry researcher and fund manager for several funds [1]. - The funds affected by Fan Kun's departure include Rongtong Huixin Mixed Fund, Rongtong Growth 30 Flexible Allocation Mixed Fund, Rongtong Enhanced Income Bond Fund, and Rongtong Domestic Demand Driven Mixed Fund [1][3][4]. - New fund managers appointed include Huang Xian for the Rongtong Huixin Mixed Fund and Rongtong Growth 30 Flexible Allocation Mixed Fund, with other managers also involved in the management of these funds [3][4]. Fund Performance Metrics - Rongtong Huixin Mixed Fund has a year-to-date return of -3.40% and a cumulative return of -5.62%, with a net value of 0.9438 yuan as of April 29, 2025 [1]. - Rongtong Growth 30 Flexible Allocation Mixed Fund has a year-to-date return of -0.38% and a cumulative return of 159.90%, with a net value of 2.6020 yuan [1][2]. - Rongtong Enhanced Income Bond Fund has a year-to-date return of 1.12% and a cumulative return of 72.80%, with a net value of 1.7099 yuan [2]. - Rongtong Domestic Demand Driven Mixed Fund has a year-to-date return of -3.30% and a cumulative return of 187.12%, with a net value of 2.6950 yuan [2].