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The long-rumored departure of Qiu Dongrong has been confirmed.

Today, Zhonggeng Fund officially announced that Qiu Dongrong resigned as the company's deputy general manager on July 19, and also resigned as the fund manager of the five products he managed, namely Zhonggeng Value Leader Mixed, Zhonggeng Small Cap Value Stock, Zhonggeng Value Flexible Allocation Mixed, Zhonggeng Value Quality One-Year Holding Period Mixed, and Zhonggeng Hong Kong Stock Connect Value Stock.

As early as early May this year, news of Qiu Dongrong's resignation spread through the channels. His resignation from all managed products and his resignation from the company means that the rumors of Qiu Dongrong's resignation have come true. The latest disclosure shows that before Qiu Dongrong resigned, the scale of his management was 14.708 billion yuan. Due to the resignation rumors and other reasons, Qiu Dongrong's management scale shrank by 5 billion in the second quarter.

Four fund managers will take over Qiu Dongrong's product matrix

According to the announcement, after Qiu Dongrong's resignation, four fund managers, Liu Sheng, Chen Tao, Wu Chenggen and Sun Xiao, will take over the five products originally managed by Qiu Dongrong.

Specifically, Liu Sheng will serve as the fund manager of Zhonggeng Value Pilot Fund. Since its establishment at the end of 2018, the fund has achieved a total return of 115.61%, and the latest management scale is 4.984 billion yuan. On May 11, Zhonggeng Value Pilot issued an announcement to recruit Liu Sheng as a fund manager. Liu Sheng has been engaged in securities investment research since July 2015. He has served as a researcher in the research department of Taiping Asset Management and a researcher in the investment department of HSBC Jinxin Fund. In July 2018, Liu Sheng joined Zhonggeng Fund and served as a researcher, assistant investment manager, and investment manager. He is currently the director of the research department of the investment department.

Chen Tao will serve as the fund manager of Zhonggeng Small Cap Value Fund. Since its establishment in 2019, the fund has achieved a total return of 100.75% and the latest management scale is 2.351 billion yuan. According to information, Chen Tao has served as a researcher at Taikang Asset Management, a senior analyst at Huachuang Securities, a senior researcher at Zheshang Fund, an investment manager at HSBC Jinxin Fund, and a fund manager at Zhonggeng Fund.

It is worth noting that before this personnel change, Chen Tao was the only fund manager with independent managed products besides Qiu Dongrong at Zhonggeng Fund. He has been managing Zhonggeng Value Pioneer since 2021. The latest management scale of the fund is 4.264 billion yuan, and its major holdings include Runfeng Shares, Nasda, Antu Bio, and Yiwei Lithium Energy. However, the total return of Zhonggeng Value Pioneer in the past three years since its establishment is -18.04%.

Wu Chenggen will serve as the fund manager of Zhonggeng Value Dynamic and Zhonggeng Value Quality. On May 11, Zhonggeng Value Quality announced that Wu Chenggen was hired as a fund manager, and Zhonggeng Value Dynamic has been jointly managed by Wu Chenggen and Qiu Dongrong for many years. Wu Chenggen has served as a trust assistant, junior trust manager, trust manager, and investment manager of AVIC Trust. He joined Zhonggeng Fund in January 2019 and is currently the fund manager of the company's investment department. Zhonggeng Value Dynamic has a total return of 90.75% since its establishment in 2019, and its current management scale is 1.777 billion yuan. Zhonggeng Value Quality has a total return of 39.76% since its establishment in 2021, and its latest management scale is 3.894 billion yuan.

Sun Xiao will serve as the fund manager of Zhonggeng Hong Kong Stock Connect Value. Zhonggeng Hong Kong Stock Connect Value is the latest fund established by Qiu Dongrong. Since its establishment in early 2023, the fund's total investment return has been -15.50%, and the current management scale is 1.703 billion yuan. Sun Xiao has been engaged in securities research and investment management related work since July 2018, and joined Zhonggeng Fund in May 2023 as a Hong Kong stock researcher in the investment department research department.

Zhonggeng Fund: Short-term changes will not affect the implementation of fund investment strategies

It is worth noting that Zhonggeng Fund also released a letter to investors today. In the letter, Zhonggeng Fund expressed its sincere gratitude to Mr. Qiu Dongrong for his outstanding contributions during his tenure and his valuable efforts in the construction and improvement of Zhonggeng Fund's low-valuation value investment strategy system.

As a well-known fund manager of Zhonggeng Fund, a private fund, Qiu Dongrong is well-known in the market for his unique investment style. The industry generally believes that he is good at adopting a value investment strategy with low valuations. The Shanghai Securities Fund Evaluation Research Center believes that Qiu Dongrong's investment is biased towards stocks, with a significant mid-cap value style. From the historical records, his holdings are relatively scattered, with a long holding period for heavily weighted stocks and a varied industry distribution.

On May 11, the news that Qiu Dongrong hired additional fund managers for two products attracted market attention. Affected by the relevant news and market conditions, the scale of Qiu Dongrong's products has declined. The latest second quarter report shows that the scale of Qiu Dongrong's products shrank by more than 5 billion yuan in the second quarter.

Zhonggeng Fund emphasized in the letter that short-term changes will not affect the implementation of the fund's investment strategy. The new fund manager will continue to follow the underlying unified low-valuation value investment strategy and combine the product's own style positioning to firmly achieve "no drift in strategy and no deformation in style". At the same time, Zhonggeng Fund has always been committed to its original intention of satisfying investors' real investment needs as its only goal.

(Comprehensive from Cailianshe, China Securities Journal, and Zhonggeng Fund)