Core Insights - Invesco Great Wall Fund Manager Zhan Cheng's Invesco Great Wall Industry Selection One Year Fund has been liquidated after only 1.5 years of operation despite achieving nearly 30% returns since inception [4][12] - The fund's assets shrank significantly from an initial size of 210 million yuan to just 41 million yuan by the end of Q3 2023, triggering liquidation clauses [5][10] Fund Performance and Management - The fund was launched in February 2023 but faced continuous outflows, leading to a decline in net asset value below 50 million yuan for 20 consecutive trading days starting August 26, 2023 [5][6] - Despite a strong performance with over 30% returns, the fund's institutional holding dropped from 28.55% at the end of 2023 to 0% by mid-2024, highlighting a disconnect between performance and asset retention [6][12] Investment Strategy Concerns - Zhan Cheng's management of multiple funds revealed a high overlap in core holdings, raising concerns about a lack of diversification and potential risks associated with concentrated positions [7][8] - The top holdings across Zhan's managed funds included major companies like Alibaba, CATL, and Tencent, indicating a uniform investment strategy focused on technology and renewable energy sectors [8] Industry Implications - The case of the Invesco Great Wall Industry Selection Fund underscores a broader issue in the public fund industry, where the emphasis on new fund launches often overshadows the importance of ongoing management and investor relations [12] - The significant drop in fund size and the subsequent liquidation serve as a warning to both fund companies and investors about the risks of prioritizing fund issuance over sustainable management practices [12]