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景顺长城能源基建近三年跑赢基准超33%,百亿基金经理鲍无可或受益薪酬改革
Xin Lang Ji Jin· 2025-05-15 10:00
Group 1 - The core viewpoint of the article is the implementation of the CSRC's "Action Plan for Promoting High-Quality Development of Public Funds," which links fund manager compensation to long-term performance, shifting the industry focus from "scale expansion" to "performance-oriented" [1] - The plan highlights the success of fund manager Bao Wuke from Invesco Great Wall, whose fund, Invesco Great Wall Energy Infrastructure A, has achieved significant excess returns, outperforming its benchmark by over 33% in the past three years [1][3] - Bao Wuke's investment strategy emphasizes long-term value extraction from "high-barrier enterprises," focusing on bottom-up stock selection to avoid short-term volatility [1] Group 2 - As of Q1 2025, Bao Wuke manages eight funds with a total scale of 16.207 billion yuan, with his flagship fund achieving a three-year return of 36.47% [1][3] - The fund's performance over various time frames is impressive, with returns of 79.32% over five years and 124.8% over ten years, consistently outperforming benchmarks [3] - The top holdings of Invesco Great Wall Energy Infrastructure A include resource and manufacturing sectors, indicating a focus on structural opportunities amid economic differentiation [5] Group 3 - Bao Wuke has expressed concerns about the AI industry's future, stating that the recent advancements may lead to a plateau in AI capabilities unless new iterative points are found [5] - The market is expected to be influenced by tariff policies, geopolitical conflicts, and the evolution of AI technology, but the long-term value of high-barrier enterprises is anticipated to remain intact [5] - The regulatory shift towards "performance-oriented" metrics is reshaping the public fund industry, making the ability to generate excess returns the primary measure of fund manager value [5]