Core Viewpoint - Wang Dengfeng, the former manager of Yu'ebao, has joined BlackRock Fund as Chief Investment Officer starting from August 1, 2025, following the appointment of Yu Peihua as General Manager of BlackRock Fund in March 2025, indicating a significant shift in the fund's management team [1][5]. Group 1: Wang Dengfeng's Background and Experience - Wang Dengfeng previously managed Yu'ebao, the world's largest money market fund, and has extensive experience in fixed income investment [3][5]. - He holds a master's degree in economics and has worked in various roles, including Senior Manager at CITIC Securities and Fund Manager at Tianhong Fund, where he managed the Tianhong Cash Manager Money Market Fund [3][5]. - His experience in investment strategy, product innovation, and liquidity management is expected to enhance BlackRock Fund's fixed income platform and product offerings [3][5]. Group 2: BlackRock Fund's Management Changes - The position of Chief Investment Officer is newly established, and Wang's addition is seen as a move to strengthen the fixed income capabilities of BlackRock Fund [5]. - Following Wang's departure, Liu Rui, the former Deputy General Manager and Chief Multi-Asset Investment Officer, will expand his responsibilities to become the Chief Investment Officer of BlackRock Fund [3][5]. - The current management team includes key figures such as Shen Yufei as Chief Equity Investment Officer and Liu Xin as Chief Fixed Income Investment Officer, with a total of eight fund managers at BlackRock Fund [5][6]. Group 3: Fund Performance and Market Position - As of June 30, 2025, BlackRock Fund's non-cash management scale was 6.86 billion yuan, ranking 132nd in the public fund industry [5][6]. - The first product, BlackRock China New Horizons C, has not yet returned to a net value of 1, with a scale of 2.253 billion yuan, indicating a significant reduction compared to its issuance scale [6]. - The fund's performance has shown improvement in certain products, with the BlackRock Advanced Manufacturing One-Year Holding Fund ranking well among its peers in recent performance metrics [6].

Core Viewpoint - Wang Dengfeng, the former manager of Yu'ebao, has joined BlackRock Fund as Chief Investment Officer starting from August 1, 2025, marking a significant shift in the fund's management team [2][4]. Group 1: Wang Dengfeng's Background and Role - Wang Dengfeng previously managed Yu'ebao, the world's largest money market fund, and has extensive experience in fixed income investment [4]. - He holds a master's degree in economics and has worked at CITIC Securities and Tianhong Asset Management before managing Yu'ebao [4]. - His transition to BlackRock Fund is expected to enhance the fund's fixed income platform and product offerings, leveraging his strategic vision and industry resources [4][7]. Group 2: BlackRock Fund's Management Changes - Following Wang's departure, Liu Rui will expand his role to become the Chief Investment Officer of BlackRock Jianxin Asset Management [5]. - The fund has recently seen a leadership change with the appointment of Yu Peihua as General Manager in March 2025, indicating a broader restructuring within the firm [7]. Group 3: Fund Performance and Market Position - As of June 30, 2025, BlackRock Fund's non-money market management scale was 6.86 billion yuan, ranking 132nd in the public fund industry [7]. - The first product, BlackRock China New Horizons C, has not yet returned to its initial net value, with a scale of 2.253 billion yuan, indicating a significant reduction from its issuance size [8]. - In contrast, the BlackRock Advanced Manufacturing One-Year Holding Fund has shown strong performance, ranking among the top in its category for various growth rates [8].