Following the addition of co-managers to his flagship fund, top fund manager Zhang Kun has further lightened his workload within a little over a month.
On June 27, E Fund Management announced that two of Zhang Kun's managed funds—the E Fund Select Quality and the E Fund Quality Enterprise 3-Year Holding—will now be co-managed by Peng Ke and Zhang Qi, respectively, effective immediately. After this latest adjustment, Zhang Kun retains sole management of only the E Fund Asia Select, and his individually managed assets have decreased to 3.169 billion yuan.
This move comes just over a month after co-managers He Yicheng and Yang Siliang were added to his largest fund, the E Fund Blue Chip Selected, on May 23. According to Wind data, Zhang Kun's total assets under management stood at 41.672 billion yuan at the end of the first quarter this year, with the E Fund Blue Chip Selected alone accounting for 26.793 billion yuan.
Looking at the specifics, the E Fund Select Quality is a QDII fund with a size of 9.544 billion yuan as of the end of Q1. Its portfolio allocation was approximately 47.36% to A-shares and 46.60% to Hong Kong stocks. The fund's top ten holdings, in order, are Kweichow Moutai Co.,Ltd. (600519.SH), Wuliangye Yibin Co.,Ltd. (000858.SZ), Luzhou Laojiao Co.,Ltd. (000568.SZ), HWORLD-S (01179.HK), TENCENT (00700.HK), Shanxi Xinghuacun Fen Wine Factory Co.,Ltd. (600809.SH), BABA-W (09988.HK), CNOOC (00883.HK), Focus Media Information Technology Technology Co.,Ltd. (002027.SZ), and Yum China (009987.HK). The other fund, E Fund Quality Enterprise 3-Year Holding, has a size of 2.166 billion yuan, and its top holdings largely overlap with the former, also concentrating heavily on baijiu (liquor) and leading internet companies.
Both newly appointed co-managers bring solid investment research backgrounds and extensive industry experience.
Peng Ke, who will co-manage the E Fund Select Quality, previously worked as an analyst at BOC International Securities from July 2014 to May 2015, and as a researcher at Jiutian Fund from July 2015 to February 2017. He joined E Fund in February 2017, serving as an industry researcher and investment manager before becoming a fund manager. He focuses on two types of investment opportunities: those with strong industry trends and high competitive barriers, and those driven by mean reversion forces from capital cycles.
Wind data shows Peng Ke currently manages three public funds. Among the two he has managed for over a year, the E Fund Industry Leader and the E Fund Research Select, both are all-market allocation funds. Since he took over the E Fund Industry Leader in April 2025, his return has reached 179.04% as of June 26, 2026. For the E Fund Research Select, taken over in June 2025, his return is 98.39% as of the same date. He also manages a consumer-themed fund, which has returned -4.79% since he assumed management in December 2025.
The other co-manager, Zhang Qi, for the E Fund Quality Enterprise 3-Year Holding, joined E Fund in July 2017, previously serving as an investment manager and industry researcher. He prefers to observe industries from a macro perspective, employing a top-down approach, and selects growth companies capable of consistently raising their core profitability through industry cycles.
According to Wind, Zhang Qi currently manages three public funds—E Fund Innovation Growth, E Fund Strategy Growth, and E Fund Strategy No. 2—all for over three years. Since he took charge, the annualized returns for these three funds as of June 26, 2026, are 41.96%, 26.79%, and 26.87%, respectively.
This move by Zhang Kun is not an isolated case. Recently, several other top public fund managers have begun gradually handing over partial management authority. On May 9, 2026, Invesco Great Wall Fund announced that co-managers were added to three funds managed by Liu Yanchun: Invesco Great Wall Dingyi, Invesco Great Wall Domestic Demand Growth II, and Invesco Great Wall Domestic Demand Growth.
On April 29, 2026, China Europe Fund announced that investment director Ge Lan stepped down as manager of the China Europe Mingrui New Starting Point fund due to company arrangements, with the fund now solely managed by Dai Yunfeng. In July 2025, the China Europe Healthcare Hybrid fund announced the addition of Zhao Lei as a co-manager alongside Ge Lan.
In December 2025, Liu Gesong, deputy general manager of GF Fund, stepped down from the "old" product GF Small Cap Growth Hybrid (LOF), which he had managed for over eight and a half years. In September 2025, GF Fund announced that fund manager Liu Gesong stepped down from the GF Diversified Emerging Stocks fund due to work arrangements.
Market analysts view this series of changes as a positive development. Introducing co-managers with different expertise to large-scale funds can leverage complementary perspectives and optimize the investment experience for holders. The previously released "Action Plan to Promote High-Quality Development of Public Funds" also explicitly guides fund companies to strengthen human resource investment, accelerate the construction of "platform-based, integrated, multi-strategy" investment research systems, and support team-based fund management models. Providing additional research support or reducing workload for managers overseeing large assets is becoming a common choice for leading institutions. For investors, team management is often a proactive step to strengthen research capabilities, improve decision-making quality, and pursue more stable returns.
However, some industry professionals caution that as personnel changes take effect, investors need to adjust their perspective accordingly. When facing fund manager changes, investors should not focus solely on the event itself but should closely monitor the subsequent stability of the fund's strategy and performance volatility risks. Key areas for analysis include changes in the top holdings over the three months following the adjustment, the degree of investment style drift, and trends in the proportion of institutional holders.
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