Changes in fund managers increase uncertainty in performance

-morningstar Morningstar (China) Liang Manager needs to make investment decisions to pursue long-term performance in a variety of complex market conditions.　　Even for the first-class fund of a first-rate fund, the change of fund manager may be quite frequent, the former fund manager may be internal position transfer, job-hopping to other companies, retirement or other career development.　　The list of fund research institutes ' select funds sets a high threshold for shortlisted funds, in general, it is not only the potential for long-term return, but the selection criteria for performance include: Good fiduciary duty rating, low cost, continuous and far-sighted investment strategy, senior management team with successful investment experience. For the first 3 of the 4 non-performance factors, there is generally no drastic change in the short term, and fund companies with good fiduciary duty ratings and interest in the interests of the holders rarely sacrifice the trust of investors for short-term benefits, even if the best funds update their investment strategies,　　But these adjustments are usually small and realistic investments. The Oppenheimer Development Market Fund was transferred to the management Oppenheimer Global Fund in December 2004, nearly 8 years after the successful management of the fund by former fund manager Rajev Haman. Oppenheimer Funds arranged for successor Mark Meden as a joint fund manager to manage the fund in August 2004 prior to the departure of Haman. This will allow the successor and the departing person to have a full transition period to familiarize the new fund manager with the Fund's investment strategy and portfolio.　　Malden's performance in 1994-2004 as Pioneer's emerging-market fund manager was remarkable, and the investment strategy and scope of the two funds were highly similar, and Malden could apply pioneer investment skills to the new fund. But we removed the fund from the Select Fund after the departure and Oppenheimer of the spring of 2007. The new successor, Jiasting Leverenz, does have an advantage: he has a lot of experience in emerging Asia and high technology before joining Oppenheimer, and has further developed regional and industry experience as a senior fellow at Oppenheimer Global Fund.　　Before that, however, Leverenz had only one experience in portfolio management, which managed offshore funds in Taiwan and China in the middle of the 90. Matthews Pacific Tiger Fund the Fund retained its status as a select fund after a change in the management team in early 2008. The original fund manager, Mark Heng, managed the fund as a joint fund manager in 1996, and in a few years began to take charge of the fund alone, leaving for health reasons.　　This was indeed a fluctuation in the management of the Fund, one of the most senior investment experts at the time in Asia. The good news is that Heinz will still be the manager and the transition to the Joint fund manager's supplementary Fund. And we have confidence in the new two main fund managers Richard Gao and Sarat Schloff. Richard Gao is an investment veteran in managing MatthewsChina's fund has been a great success, and the former Joint fund manager of the Pacific Tiger Fund has been in the same position for several years, looking like a foreshadowing. Schloff is a joint fund manager for another two outstanding Asian funds.　　And the company's strong investment and research team in Asia has also increased our confidence. The T. Rowe Price Latin American Fund has invited a select list of T. Rowe Price when it announced last December that Go Sida Back would replace former fund manager Gianzalo Pongaro as the new fund manager.　　Pongaro from the T. Rowe Price fund manager of Latin America funds to the main fund managers have a beautiful report card, his departure is of course regrettable. The good news is that Pongaro, who is still a member of the Latin American Fund's Investment committee, will be able to exert influence over the fund after he has been in the market as the main fund manager of the Emerging Markets Equity fund. Buck, the Fund's principal fund manager, was an analyst with his Latin American market and worked closely with former fund managers, who had some experience in the market before joining the letter in 2000. In addition, the fund is backed by one of Mr Thaksin's biggest and best emerging-market teams.　　But these are difficult to constitute the necessary and sufficient conditions, the new Buck had no investment management experience. T. Rowe Price New Asia Fund T. Rowe Price recently announced that Francis Dai Cisco, the fund's former fund manager, will retire this August, when he became the Fund's joint fund manager in 1996 and the manager of the Fund in 2006, Ann Roux as the new chief fund manager.　　Dai's long tenure in the fund has made her a visionary and sophisticated Asian market investment expert, but we have also seen the positive side of that change. Lu has just been appointed as the Fund's joint fund manager to adapt to the transition period and has a good background. As an analyst, she studied Thailand, the Philippines and Indonesia for several years, with a brief investment experience in a Thai portfolio and a south-East Asian Fund with the exception of Japan, which was an investment banker in the region before joining Mr Thaksin in 2001. After joining the letter, she was an analyst with the company's Asian technology industry and was responsible for picking up small stocks in emerging Asia as a joint manager of the General Trust International Discovery Fund, as well as working closely with Cisco's Asia Fund. However, Lu's investment management experience is relatively short, the scope of focus is narrow, lack of public investment performance reference. We believe that these have constituted greater uncertainty and thus removed the fund from the list of selected funds.