景顺长城再无鲍无可

Core Viewpoint - Invesco Great Wall Fund is facing significant challenges following the departure of key fund manager Bao Wuke, who has been instrumental in the company's performance over the past few years. The company is now at risk of losing its competitive edge in the active equity space due to a lack of strong value-style fund managers and an imbalance in its investment style structure [3][4][15]. Group 1: Company Leadership Changes - The company recently announced the resignation of Chairman Li Jin, with General Manager Kang Le temporarily taking over the role [2]. - Bao Wuke's departure is particularly impactful as he was the best-performing fund manager in the past five years, contributing significantly to the company's growth [3][15]. Group 2: Performance and Market Position - As of Q1 2025, Invesco Great Wall's non-monetary management scale is approximately 430 billion yuan, ranking 12th in the industry, with its active equity scale positioned among the top six [3][5]. - The company has seen a decline in its competitive position as it faces stronger rivals in the active equity market, particularly after the exit of high-performing fund managers [4][15]. Group 3: Investment Style and Manager Structure - The company has historically emphasized a diverse range of investment styles but is now facing a shortage of value-style fund managers following Bao Wuke's exit, which could impact its research capabilities and investment opportunities [11][15]. - The current team is heavily concentrated in growth-style managers, leading to a lack of balance in investment strategies [11][22]. Group 4: Historical Performance Trends - Invesco Great Wall's active equity management scale has fluctuated over the years, with a peak in 2021 at 2,372 billion yuan, but has since decreased significantly [10][11]. - The company has experienced a decline in revenue and net profit in 2024, with revenue dropping by 11.93% to 3.373 billion yuan and net profit decreasing by 19.09% to 951 million yuan [29]. Group 5: Talent Acquisition and Development - The company has a relatively weaker talent development capability compared to other leading firms, relying more on external hires rather than cultivating internal talent [22][24]. - Recent hires have included several fund managers from smaller firms, but the overall performance of these new managers has been mixed [24][23]. Group 6: Future Outlook - To advance further in the active equity space, Invesco Great Wall needs to enhance its investment team and address the imbalance in its fund manager styles [11][15]. - The company aims to diversify its product offerings beyond active equity, focusing on fixed income and index funds, but faces challenges in establishing a strong competitive position in these areas [26][27].