Yi Fang Da Fund Management announced on September 19th that Jiang Xiaoli has been appointed as the new fund manager for the Yi Fang Da Yue He Wen Jian Bond Fund (codes: 018898/018899), taking over from Lin Hu, who departed the same day due to work requirements.

In February of this year, Jiang Xiaoli penned a farewell letter to Tian Hong Fund, expressing a long-held desire for a break, stating that her intense work had left little time for family or personal health. She decided to take a complete rest to prepare for her next chapter. Yet, her hiatus was brief. By April 2nd, the Asset Management Association of China listed her new affiliation with Yi Fang Da Fund. The transition from her departure in February to her new appointment in April, culminating in taking charge of a fund in September, took roughly seven months. This period likely served as the adjustment she had sought. The acclaimed "Fixed Income Queen," who once managed funds worth 35 billion yuan, has now fully transitioned into her new role, officially embarking on her investment career at Yi Fang Da.

The Yi Fang Da Yue He Wen Jian Bond Fund, established on February 19, 2024, is a mixed secondary bond fund with a medium-low risk profile. As of June 30, 2026, its A-class shares held 2.406 billion yuan, and C-class shares held 1.36 billion yuan, totaling approximately 3.765 billion yuan. By September 18, 2026, the net unit value stood at 1.1224 yuan for A-class and 1.1111 yuan for C-class shares. The fund has returned 12.24% since inception, ranking 501st among 987 similar products, not significantly outperforming its benchmark. This performance was delivered by the outgoing manager, Lin Hu, who managed the fund since its launch and achieved a tenure return of 12.24%. Lin Hu continues to manage four other products: Yi Fang Da Rui Fu I, Yi Fang Da Rui Xiang A, Yi Fang Da Pan Tai One-year Holding A, and Yi Fang Da Yue Cheng Six-month Holding A.

Jiang Xiaoli brings 17 years of securities industry experience and nearly 14 years as a fund manager. She holds an economics master's degree and is one of the few managers with both macro research expertise and practical fixed-income experience. During her tenure at Tian Hong Fund, she managed over 30 public offerings, covering pure bond and flexible allocation funds, with peak assets under management reaching 78 billion yuan. She was a key architect of Tian Hong's "Fixed Income Plus" product line, advocating for this strategy as early as 2018 to meet absolute return demands. In late 2021, she established the Mixed Asset Department, building the firm's "Fixed Income Plus" investment framework. Her investment approach is driven by macro research and multi-asset allocation, adeptly shifting between bonds, stocks, and convertibles to manage drawdowns while preserving and growing capital. This aligns with her stated philosophy: "Aim for absolute returns, avoid unclear risks, and ensure clients' capital is preserved and grows." She emphasized the heavy fiduciary duty of managing funds that include retirees' savings and workers' wages.

As bond yields decline, simple bond funds struggle to meet investor expectations. Jiang's expertise in "Fixed Income Plus," which enhances returns with a small equity allocation, is increasingly relevant. Her arrival intensifies competition in this space. Yi Fang Da, a leading mutual fund company, boasts a strong fixed-income team, but her skills in asset allocation and absolute return strategies align perfectly with the firm's strategic priorities. Since 2026, Yi Fang Da has recruited several notable managers, including Yang Siliang from Bao Ying Fund, Jiang Xiaoli from Tian Hong Fund, Zheng Ning from Bank of China Fund, and Pei Xiaohui from Minsheng Royal Fund, prompting industry observers to joke about a "shopping spree." This reflects a broader trend where top institutions leverage their platforms to attract talent. Jiang Xiaoli once wrote, "The public good is the highest value for Chinese people, and the mutual fund industry inherently carries a sacred mission." She views her role as a fortunate blend of research interest and creating public value. Now, with her new identity, this manager, who claimed to have never taken a long break, is ready after a brief rest.

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