Core Viewpoint - The departure of star fund manager Fan Kun from Rongtong Fund due to maternity leave has sparked significant market reactions, highlighting the industry's over-reliance on star fund managers and raising concerns about liquidity crises triggered by individual departures [2][5]. Group 1: Personnel Changes - Fan Kun's leave is seen as a "substantive departure" rather than a typical maternity leave, contrasting with industry norms where fund managers are often co-managed during such absences [3]. - The management of Fan Kun's four funds was transferred to new managers, which led to a significant drop in assets under management, with a reported decline of over 60% from peak levels by Q1 2025 [2][5]. Group 2: Fund Performance and Investor Behavior - Following the introduction of new managers, there was a dramatic decline in institutional holdings, with the share of institutional investors in the Rongtong Domestic Demand Driven Mixed Fund plummeting from 73.86% in mid-2024 to 38.38% by the end of the year [5]. - The Rongtong Huixin Mixed Fund experienced complete redemption by institutional investors by the end of 2024, indicating a loss of confidence in the fund's management [5]. Group 3: Governance and Structural Issues - The departure of Fan Kun coincides with a period of governance instability at Rongtong Fund, marking the third leadership change in five years, which may exacerbate existing challenges such as talent loss and business imbalance [6]. - The industry is facing a broader issue of over-reliance on individual fund managers, which has led to systemic risks when such key personnel leave [6]. Group 4: Future Strategies - Rongtong Fund is focusing on building a multi-layered research and investment team to enhance stability and investor confidence, emphasizing a platform-based, team-oriented investment approach [6].

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].