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]

智通财经11月29日讯（记者 封其娟）昔日百亿基金经理詹成旗下产品清盘。 11月28日，詹成独管产品景顺长城产业臻选一年发布清算报告。该产品成立于2023年5月，今年11月12 日进入清算程序，运行时长约1年半。回顾来看，该产品的募集过程颇为曲折。2021年12月获准注册 后，于2022年8月获准延期，直至2023年2月才启动公开发行，并经过2次延长募集期，历时2个多月才最 终完成募集。 今年三季报披露，该产品在今年8月26日至9月30日的连续20个工作日出现基金资产净值低于5000万元的 情形。 进入10月之后，清盘预警密集发布。10月16日，景顺长城产业臻选一年首度公告称，截至10月14日，该 产品已连续30个工作日基金资产净值低于5000万元；10月30日、11月6日，景顺长城产业臻选一年又接 连发布清盘预警公告。11月7日，该产品已暂停接受申购及转换转入业务。 截至11月11日，该产品已连续50个工作日基金资产净值低于5000万元，触发基金合同约定的终止情形。 即使多番增聘代销机构、下调费率，景顺长城产业臻选一年仍无法扭转机构资金持续撤离、规模持续缩 水的颓势。与规模表现背离的是，该产品自成立以来收益 ...