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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.

At the same time, Qiu Dongrong forwarded "A Letter to Investors" issued by Zhonggeng Fund in his circle of friends and responded.

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 yuan in the second quarter.

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

According to the announcement, the funds managed by Qiu Dongrong will be taken over by other fund managers under Zhonggeng Fund.

Among them, Liu Sheng serves as the fund manager of Zhonggeng Value Pilot Fund. According to public information, Liu Sheng is a doctor of chemistry from Nanjing University and has nearly 9 years of experience in securities industry. 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 and a fund manager.

Chen Tao is the fund manager of Zhonggeng Small Cap Value Fund on the basis of managing Zhonggeng Value Pioneer Fund. Chen Tao has a master's degree in engineering. He previously served as a researcher at Taikang Asset Management, a senior analyst at Huachuang Securities, a senior researcher at Zheshang Fund, and an investment manager at HSBC Jinxin Fund. He is currently the fund manager of Zhonggeng Fund.

Wu Chenggen is the fund manager of Zhonggeng Value Dynamic Fund and Zhonggeng Value Quality Fund. He has been engaged in securities investment management since 2012 and has served as a trust assistant, junior trust manager, trust manager and investment manager of AVIC Trust. In January 2019, he joined Zhonggeng Fund and is currently the fund manager of the company's investment department.

Sun Xiao serves as the fund manager of Zhonggeng Hong Kong Stock Connect Value Fund. It is reported that Sun Xiao has rich experience in Hong Kong stocks and overseas investment research and has a diversified investment vision.

Zhonggeng Fund expressed its sincere gratitude to 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. The fund manager team independently cultivated by Zhonggeng Fund will continue to play a professional alpha and jointly manage Zhonggeng Fund's low-valuation value strategy product line with the help of systematic advantages and strengths.

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.

Source: Cailianshe, China Securities Journal, Zhonggeng Fund

SFC

Editor of this issue: Li Yutong, intern: Li Jie

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