Summary of Key Points
This news article focuses on the profound changes within the public fund industry: the star model, where one individual used to manage funds worth tens of billions and create market trends, is gradually being replaced by a new ecosystem characterized by team collaboration and systematic support. The ranks of fund managers managing hundreds of millions of yuan are undergoing a major reshuffle. Established stars are reducing their workload and hiring partners, while emerging managers are quickly rising due to their performance or the support of experienced professionals. Some of the older, top-performing managers have dropped in rankings or even left the industry's elite group. This transformation is driven by three factors: a reversal in performance cycles, new industry regulations, and an upgrade in investment research methods, all with the ultimate goal of improving fund management quality and providing investors with more stable returns.
Detailed Analysis
1. The Reduction in the Workload of Top Fund Managers
Recently, several well-known fund managers (such as Zheng Chengran, Zhang Kun, and Ge Lan) have stepped down from managing certain products or hired additional partners. This is not a sign of departure but part of the industry's normal optimization process. For example, Zheng Chengran has managed three products over half a year, reducing their scale from tens of billions to 7.8 billion yuan, without any plans to leave the industry; instead, he aims to focus on managing fewer products more effectively. Other top managers like Zhang Kun and Ge Lan have also added assistants to their teams, breaking away from the old model of one person managing hundreds of millions.
Why is this happening? On one hand, the workload is immense—managing funds of that size can be overwhelming both in terms of research and operations. On the other hand, new industry regulations (such as those regarding performance benchmarks and compensation management) are forcing fund companies to reduce their reliance on individual managers. To date, 230 fund managers have left their positions, and over 3,000 products have seen personnel changes, but most of these are part of a strategic effort to streamline operations rather than a mass exodus.
2. The Great Reshuffle of Top Managers
The number of fund managers managing hundreds of millions remains relatively stable (104 compared to 102 at the end of last year), but the internal landscape has completely changed:
- Emerging Managers Surpassing Established Ones: Zhang Lu from Yongying Fund, who started with a small portfolio of 2 billion yuan, saw its size soar to 35.6 billion yuan in just one year due to impressive performance, rising to second place in the industry. He Yicheng from E Fund was promoted to co-manage E Fund Blue Chip Selection (26.8 billion yuan) and quickly moved up to third place.
- Established Managers Falling in Rank: Xie Zhiyu from Xingzheng Global and Ge Lan from China Europe Fund have dropped from the top ranks to fourth and fifth, respectively. Liu Yanchun from Jingshun Great Wall (who once managed funds worth over 100 billion yuan) has exited the top ten, and other former top performers like Xiao Nan and Liu Gesong have fallen outside the top 20.
These changes are not random. Emerging managers are more willing to seize new opportunities, while those sticking to traditional sectors (such as consumer goods or healthcare) may fall behind if their performance fails to keep up with market trends.
3. The Power of Team Collaboration
The shift from individual management to team collaboration has led to improved fund performance in some cases:
- Jingshun Great Wall Dingyi: After hiring Ke Haidong, the product's return increased from -7.91% at the beginning of the year to 6% as of July 7th, while two products managed by Liu Yanchun alone continued to decline.
- E Fund Competitive Enterprise: Under Feng Bo's management, the fund lost 39% in four years; after hiring Guo Jie and He Chongkai, it gained 93% in one year, and its portfolio shifted from traditional sectors to technology.
Why does team collaboration work? Different managers have different areas of expertise. Experienced managers can help control risks, while newer managers are more sensitive to emerging trends, complementing each other's strengths and resulting in less volatility for investors.
4. The Shift from “Creating Stars” to “Building Systems”
This transformation is the result of three combined factors:
- Reversal in Performance Cycles: Managers who succeeded in certain sectors (e.g., renewable energy or consumer goods) may see their performance decline when those sectors cool down, leading to their exit from the elite ranks.
- New Regulations: Regulatory bodies have introduced performance evaluation and compensation policies, requiring fund companies to establish more stable investment research systems rather than relying on individual stars.
- Upgraded Investment Research Methods: Fund companies are realizing that relying on a single manager carries significant risks and are adopting team-based approaches to diversify management responsibilities and reduce risk.
5. What Investors Should Do
For ordinary investors, the focus should no longer be on individual stars but on the quality of the investment team and the underlying system:
- Choose Products with Stable Teams: Prioritize funds managed by well-coordinated teams with clear collaboration mechanisms.
- Evaluate Strategy Compatibility: If a product is managed by a team, consider whether the managers' expertise complements each other and whether they can cover current market trends.
- Assess Sustainable Performance: Look at long-term performance rather than short-term gains to determine if it is the result of teamwork rather than luck.
In summary, the public fund industry is moving away from relying on individual stars to build robust systems for better returns. For investors, this shift means more reliable investments, as stable teams are generally more trustworthy than fleeting sensations created by individual performers.
(The entire analysis is presented in plain language, avoiding technical jargon and using real-world examples and data to make the industry changes accessible to non-financial professionals.)