The summer season's public fund personnel changes often reflect the subtle shifts in industry dynamics.

In 2025, healthcare-themed funds have emerged as market leaders with accumulated momentum, with multiple funds achieving double-digit returns.

As of August 1st, the Yongying Medical Innovation Smart Selection C (015916), co-managed by Chu Kefan and Shan Lin, topped industry rankings with an impressive 112.70% year-to-date return.

This success stemmed from precise timing of the innovative drug industry cycle - with heavy positions in companies like Innovent Biologics and Akeso, which leveraged global clinical progress and commercialization capabilities to drive the fund's net asset value growth of over 27% in Q2, significantly outperforming the benchmark's 1.56% gain.

As industry dividends enter a concentrated release period, fund managers' entries and exits have become key windows for observing industry trends.

At the peak of performance, Yongying Fund suddenly announced on August 1st that fund manager Chu Kefan would step down due to "internal work arrangements" without transitioning to another position, with the Yongying Medical Innovation Smart Selection Hybrid Fund being solely managed by Shan Lin.

Chu Kefan's academic background from Tsinghua University (Master's in Applied Statistics) and experience at China International Capital Corporation Securities gave her significant advantages in combining quantitative and active investment strategies.

Currently, she only manages the Technology Innovation Enhanced ETF co-managed with Qian Houxiang, a fund with merely 0.04 billion yuan in assets under management that was established just one month ago.

According to Choice platform data, the Yongying Medical Innovation Smart Selection Hybrid Fund recorded a maximum drawdown of -15.52% over the past year, below industry average, with a significantly superior risk-return ratio.

The fund's Q2 2025 report showed assets under management surged to 27.05 billion yuan, with Chu Kefan achieving an annualized return of 100.83% during her tenure. Her strategy of highly focusing on Hong Kong-listed and STAR Market innovative pharmaceutical companies proved successful, with top ten holdings consistently maintaining over 70% allocation in recent years.

However, her performance on the Yongying Consumer Leaders Smart Selection Hybrid Fund, from which she stepped down in 2024, showed a loss of 30.81%, highlighting the deep connection between capability circles and industry beta.

This contrast validates her investment framework characteristics - the "steady innovation" strategy flourished in the healthcare sector, using commercialization-ready leaders as shields and technology breakthrough targets as spears, yet encountered setbacks in the consumer sector.

This timing of resignation has sparked various speculations: was it a proactive choice after achieving success, or a passive departure due to investment research disagreements?

The personnel changes reflect Yongying Fund's strategic transformation. As of June 30th, this bank-affiliated institution with 543.498 billion yuan in assets under management faces contradictions between rapid scale expansion and investment research growing pains.

According to Wind data, the departure of 10 fund managers and addition of 11 new hires over the past year represents a turnover rate far above industry average, resulting in an average fund manager tenure of only 3.37 years, significantly below the industry's 4.89-year level.

Behind frequent changes lies volatile performance: with 286.9 billion yuan in bond products representing 52% of assets under management, this "specialized" structure faces fluctuations and losses from the departure of veterans like Yan Qing.

The company has welcomed Hong Xia, former BlackRock Vice President, as Senior Advisor to strengthen international business development, while core equity personnel like Li Yongxing have departed, exposing challenges in the young management team and investment research.

The market will continue monitoring the future development of this "star fund."

This information is for reference only and does not constitute investment advice. Investors should bear their own risks when making decisions based on this information.