Core Viewpoint - Wu Haoyang has resigned from multiple funds managed by Dacheng Fund Management Co., Ltd, indicating a significant change in the management structure of these investment funds [1][2]. Fund Performance Summary - Dacheng Growth Pioneer Mixed Fund A/C, established on October 27, 2020, has a year-to-date return of 13.47% and 13.30%, with a cumulative net value of 0.9568 CNY and 0.9459 CNY, respectively. Since inception, the return is -4.32% and -5.41% [1]. - Dacheng Strategy Pioneer Mixed Fund A/C, established on December 25, 2020, has a year-to-date return of 16.79% and 16.57%, with a cumulative net value of 0.8188 CNY and 0.8106 CNY, respectively. Since inception, the return is -18.12% and -18.94% [1]. - Dacheng Value Pioneer Flexible Allocation A/C, established on May 19, 2021, has a year-to-date return of 26.50% and 25.93%, with a cumulative net value of 0.7887 CNY and 0.7708 CNY, respectively. Since inception, the return is -21.13% and -22.92% [2]. - Dacheng Yichuang Selected Mixed A/C, established on January 26, 2021, has a year-to-date return of 6.36% and 5.87%, with a cumulative net value of 0.6601 CNY and 0.6442 CNY, respectively. Since inception, the return is -33.99% and -35.58% [2]. Management Changes - Wu Haoyang has been dismissed as the fund manager for multiple funds, including Dacheng Growth Pioneer Mixed, Dacheng Strategy Pioneer Mixed, Dacheng Value Pioneer Flexible Allocation, and Dacheng Yichuang Selected Mixed [3]. - The other fund managers for these funds include Chen Jun and Chen Yi, who will continue to manage the respective funds [3].

Core Insights - On November 28, Dachen Fund announced the resignation of two fund managers, Chen Ji and Wu Haoyang, affecting eight funds, which is notable given the company's limited number of fund managers [1][2][5] - The company has experienced a slow growth in management scale since its establishment, with no new fund launches this year [1][10] Fund Manager Changes - Wu Haoyang resigned due to personal reasons, managing four equity funds with a total scale of less than 20 million yuan [4][6] - Chen Ji also resigned for personal reasons, managing four fixed-income funds with a total scale of 917 million yuan, primarily driven by one fund exceeding 700 million yuan [4][6] Historical Context - Dachen Fund has a history of fund managers leaving before completing three years, with many having short tenures of one to two years [5][6][7] - The company has not launched any new equity funds since 2022, indicating a stagnation in product offerings [10] Company Background - Dachen Fund was established on August 5, 2019, and has not significantly increased its public fund management scale, which is currently below 1.1 billion yuan [8][9]