Following similar adjustments to products managed by star fund managers at firms like Invesco Great Wall and China Europe Asset Management, E Fund Management has now taken a comparable step.
On May 23, E Fund Management announced that Zhang Kun's flagship fund, the E Fund Blue Chip Select, will now be jointly managed by two additional fund managers, He Yicheng and Yang Siliang, effective immediately.
Following this adjustment, the number of funds managed solely by Zhang Kun has been reduced to three: E Fund Quality Select, E Fund Quality Enterprise Three-Year Holding, and E Fund Asia Select. Wind data shows that as of the end of the first quarter of this year, Zhang Kun's total assets under management amounted to 41.672 billion yuan, with the E Fund Blue Chip Select accounting for 26.793 billion yuan. After this appointment, his solo management scale has decreased to 14.879 billion yuan.
As Zhang Kun's largest fund by size, the E Fund Blue Chip Select has long maintained a core position in baijiu and consumer stocks. As of the end of the first quarter, the fund's top ten holdings remained primarily focused on leading consumer and internet companies, listed in order as: Kweichow Moutai Co.,Ltd. (600519.SH), Wuliangye Yibin Co.,Ltd. (000858.SZ), Luzhou Laojiao Co.,Ltd. (000568.SZ), TENCENT (00700.HK), YUM CHINA (09987.HK), CNOOC (00883.HK), Shanxi Xinghuacun Fen Wine Factory Co.,Ltd. (600809.SH), BABA-W (09988.HK), JD HEALTH (06618.HK), and Focus Media Information Technology Co.,Ltd. (002027.SZ).
The two newly appointed co-managers each have distinct focuses and investment styles. He Yicheng has eight years of experience in securities investment management. He joined E Fund Management in July 2019 and began his role as a fund manager in August 2024. Currently, he manages a total of three funds with combined assets under management of 8.428 billion yuan, primarily focusing on the TMT sector with a technology and growth-oriented style. As of the end of the first quarter, key holdings in his managed funds included hard-tech stocks such as Eoptolink Technology Inc.,Ltd. (300502.SZ), Zhongji Innolight Co.,Ltd. (300308.SZ), Suzhou Dongshan Precision Manufacturing Co.,Ltd. (002384.SZ), Hengtong Optic-Electric Co.,Ltd. (600487.SH), Nanya New Material Technology Co.,Ltd. (688519.SH), Jiangsu Zhongtian Technology Co.,Ltd. (600522.SH), and Wus Printed Circuit(Kunshan)Co.,Ltd. (002463.SZ).
The other co-manager, Yang Siliang, has over seven years of public fund management experience and 15 years in securities investment management. He joined E Fund Management in September 2025. Wind data indicates that as of May 22, his annualized return is 11.47%. He currently manages a single fund, the E Fund Long-term Value, with assets under management of 530 million yuan. As of the end of the first quarter, key holdings in his managed fund also included Kweichow Moutai Co.,Ltd., TENCENT, CNOOC, BABA-W, and Wuliangye Yibin Co.,Ltd., alongside positions in stocks like Guangdong Haid Group Co.,Limited (002311.SZ), SD GOLD (01787.HK), and Angel Yeast Co.,Ltd. (600298.SH).
In fact, Zhang Kun's move to reduce his workload is not an isolated case. Recently, several top-tier public fund managers have begun gradually ceding partial management authority. On May 9, 2026, Invesco Great Wall Fund announced that three funds managed by Liu Yanchun—Invesco Great Wall Dingyi, Invesco Great Wall Domestic Demand Growth II, and Invesco Great Wall Domestic Demand Growth—would all have additional fund managers appointed for co-management.
On April 29, 2026, China Europe Asset Management announced that its investment director, Ge Lan, would step down as fund manager of the China Europe Mingrui New Starting Point fund due to company arrangements, with the fund to be managed independently by Dai Yunfeng. In July 2025, the China Europe Medical & Health Care Mixed Fund announced the appointment of Zhao Lei as a co-manager alongside Ge Lan for that product.
In December 2025, Liu Gesong, deputy general manager of GF Fund Management, stepped down from managing the GF Small Cap Growth Mixed (LOF) fund, a product he had overseen for over eight and a half years. In September 2025, GF Fund Management announced that fund manager Liu Gesong would step down from managing the GF Diversified Emerging Stocks fund due to work arrangements.
Market analysts view these changes as a move where larger funds introduce managers with different areas of expertise for co-management. This can leverage complementary perspectives and optimize the investment experience for fund holders. The previously released "Action Plan for Promoting High-Quality Development of Public Funds" also explicitly guides fund companies to continuously strengthen human resource investment, accelerate the construction of a "platform-based, integrated, multi-strategy" investment research system, and support team-based management models for fund managers. Adding research support or reducing the workload for managers overseeing large-scale funds is becoming a common choice for leading institutions. For investors, team management is often a positive measure to strengthen research allocation, improve decision-making quality, and pursue more stable returns.
However, some industry insiders caution that as personnel adjustments take effect, investors need to adjust their perspective accordingly. When facing a change in fund manager, one should not focus solely on the event itself but should also closely monitor the subsequent stability of the fund's strategy and the risk of performance volatility. Key areas for analysis include the turnover rate of major holdings in the three months following the portfolio adjustment, the degree of investment style drift, and trends in the proportion of institutional holders.
Comments