Core Viewpoint - The departure of Fan Kun from Rongtong Fund has raised concerns about the stability of its products and the ability of new managers to maintain performance [6][11]. Group 1: Manager Departure - On April 30, 2024, Fan Kun announced her departure from 8 funds due to maternity leave, effective until April 30, 2025, following an 11-month transition period [3][10]. - The announcement of her departure used "internal adjustment" as the reason, leading to speculation about her future [3]. - Fan Kun's tenure included managing the Rongtong Nixu Driven Mixed A fund, which had a return of 108.22% over her management period [9]. Group 2: Fund Performance - The largest fund managed by Fan Kun, Rongtong Enhanced Income Bond A, had a scale of 2.199 billion, with a return of 10.02% over her 2-year tenure [5]. - The Rongtong Nixu Driven Mixed A fund, her representative work, has shown mediocre performance recently, with a near 1-year performance ranking as "average" or "poor" [7]. - The fund's scale decreased from 2.351 billion at the end of June 2024 to 846 million by the end of March 2025, indicating a significant drop in investor confidence [8]. Group 3: Market Context - As of April 24, 2024, Rongtong Fund had a total management scale of 148.875 billion across 167 funds, with 38 fund managers [9]. - In the past year, only 19% of mixed funds managed by Rongtong Fund had returns exceeding 5%, while 58% of funds experienced negative returns [9].

Group 1 - Wealth Trend (688318.SH) released its 2024 annual report on March 29, 2025, indicating that as of March 28, 2025, 39 institutional investors disclosed holdings in Wealth Trend A-shares, totaling 3.2782 million shares, which represents 1.79% of the total share capital [1] - The top ten institutional investors collectively hold 1.61% of the shares, with a decrease of 0.33 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, four public funds reported a decrease in holdings compared to the previous quarter, including Southern CSI 1000 ETF and Bosera Sci-Tech 100 ETF [2] - A total of 29 new public funds were disclosed this period, including Sci-Tech 100 and Silver Hua Xin Flexible Allocation Mixed (LOF) A [2] - Eighteen public funds were not disclosed this period, including Guotai Golden Dragon Industry Selected Mixed and Great Wall Anxin Return Mixed A [2]