Core Insights - BlackRock Fund, China's first wholly foreign-owned public fund company, has faced market skepticism regarding its adaptability since its establishment four years ago, highlighted by the recent resignation of its Chief Equity Investment Officer [1][2] Company Overview - BlackRock Fund was established in September 2020 and officially began operations in June 2021 after receiving its public fund business license [2] - The company has been perceived as "out of place" in the market due to frequent executive changes, departures of key equity team members, and prolonged underperformance of its equity products [2] Performance Metrics - The Chief Equity Investment Officer, Shen Yufei, who joined in March 2022, has announced his resignation for personal reasons, managing products such as BlackRock Industry Select Mixed and BlackRock China New Horizons [1] - Under Shen's management, the BlackRock Industry Select Mixed A fund recorded a return of -2.07% from March 28, 2023, to September 18, 2025, while the average return for similar funds was 14.4%, ranking 5653 out of 6906 [1] - The BlackRock China New Horizons Mixed fund, launched after the company's entry into China, achieved a return of 21.46% from January 9, 2022, to September 18, 2023, compared to nearly 40% average returns for similar funds, ranking 4992 out of 7644 [1] - During Shen's tenure, these two funds collectively charged management fees of 34.03 million yuan and generated total profits of 60.94 million yuan [1]

Core Insights - BlackRock Fund announced the departure of Shen Yufei from the BlackRock China New Horizons Mixed Fund and the BlackRock Industry Preferred Mixed Fund [1] Group 1: Fund Performance - BlackRock China New Horizons Mixed Fund A/C, established on September 7, 2021, has a year-to-date return of 12.86% and 12.46%, with a cumulative return since inception of -32.59% and -33.93%, and a cumulative net value of 0.6741 CNY and 0.6607 CNY [1] - BlackRock Industry Preferred Mixed Fund A/C, established on March 28, 2023, has a year-to-date return of 17.60% and 17.18%, with a cumulative return since inception of -1.99% and -3.20%, and a cumulative net value of 0.9801 CNY and 0.9680 CNY [1] Group 2: Management Changes - Shen Yufei served as the Chief Equity Investment Officer at BlackRock Fund Management Co., Ltd. and has held various roles including macro strategy researcher, industry researcher, assistant fund manager, and fund manager at Galaxy Fund Management Co., Ltd. [1] - The new fund manager for BlackRock China New Horizons Mixed Fund is Wang Xiaojing, with Dan Xiuli as a co-manager [2] - Shen Yufei's departure is categorized as both an appointment and dismissal of fund managers for the respective funds [2]

Core Insights - The recent appointment of Liu Yingzhou as the new Deputy General Manager of BlackRock Fund highlights ongoing leadership changes within the company, following the departures of several key executives earlier this year [1][4][5] - The fund's assets under management (AUM) have significantly declined, with a reported AUM of 5.601 billion yuan as of Q1 2025, nearly halving from 10.785 billion yuan at the end of Q4 2024 [1][7][8] - The company has faced challenges in maintaining its product scale and performance, with many funds experiencing substantial reductions in size since their inception [8][10][11] Leadership Changes - Liu Yingzhou joined BlackRock Fund in March 2023 and has held various roles, including Chief Information Officer [4] - The previous Deputy General Manager, Hong Xia, and former General Manager, Chen Jian, left the company for personal reasons earlier this year [4][5] - The new leadership team appears to favor executives with extensive backgrounds in domestic and international asset management [6] Asset Management Performance - As of Q1 2025, BlackRock Fund's AUM has fluctuated significantly, remaining below 10 billion yuan since its establishment [8] - The fund's performance has been mixed, with some products achieving positive returns year-to-date, while others have underperformed compared to their peers [10][11] - The flagship product, BlackRock China New Vision Mixed Fund, has seen a decline of over 30% in the past three years, underperforming its category average [11] Market Position and Strategy - BlackRock Fund's AUM is currently lower than many of its foreign peers, with only a few funds exceeding its AUM [7] - The company is focusing on enhancing its product offerings and adapting its risk management strategies to better align with the Chinese market [12] - Future strategies include integrating local insights with international perspectives to meet diverse investment needs and enhance brand value [12]