Core Viewpoint - Multiple funds announced changes in fund managers on the same day, which may impact investor confidence in the funds. The performance of the funds could improve if the new managers adapt well to market conditions, or decline if they do not [1][10]. Group 1: Fund Manager Changes - On April 12, 15 public funds announced changes affecting 40 funds, including notable managers like Bao Wuke from Invesco Great Wall and Feng Bo from E Fund [1][9]. - Bao Wuke's managed products saw the appointment of four new fund managers, including Zou Lihu and Liu Su, effective immediately [6][9]. - Feng Bo left his roles in two E Fund products after over 15 years, with new managers appointed for those funds [9]. Group 2: Fund Performance and Management - As of the end of Q4 2024, Bao Wuke managed a total of 8 funds with a combined scale of 17.783 billion [6]. - Despite a strong historical performance with a return of 366.67% for one of his funds, recent year-to-date returns have been negative, underperforming peers [6][10]. - The average returns for Bao Wuke's related products over the past three years have significantly outperformed their respective categories, with average returns of -8.04%, -9.2%, and -13.02% for flexible allocation, ordinary stock, and equity mixed funds [6][7]. Group 3: Reasons for Manager Changes - Reasons for appointing additional fund managers may include excessive fund management workload, poor performance, or strategic adjustments within the company [8]. - The benefits of multiple managers include complementary strengths, but potential disagreements may lead to performance volatility [8].

Core Viewpoint - The article highlights the trend of appointing additional fund managers in the public fund industry, indicating a shift towards team-based management to adapt to increasingly complex market conditions [3][12][14]. Group 1: Fund Manager Appointments - On April 12, Invesco Great Wall Fund announced the appointment of additional fund managers for four funds managed by Bao Wuke, including Liu Su, Zou Lihua, Zhang Zhongwei, and Wang Yong [1][5]. - The four funds include: Invesco Great Wall Value Steady Progress, Invesco Great Wall State-Owned Enterprise Value Mixed, Invesco Great Wall Hong Kong-Shanghai Select, and Invesco Great Wall Value Discovery Mixed [1][5]. Group 2: Industry Trends - Over 6,000 public funds are currently managed by two or more fund managers, indicating that team-based management has become a standard in the industry [2][13]. - The transition from "individual operation" to "team collaboration" reflects a profound change in the public fund industry, driven by the increasing complexity of market environments [3][14]. Group 3: Fund Manager Experience - The newly appointed fund managers possess significant industry experience: Liu Su has 20 years, Zhang Zhongwei has 15 years, Wang Yong has 20 years, and Zou Lihua has 15 years [10][11]. - Bao Wuke, who has been with Invesco Great Wall since December 2009, currently manages eight funds with a total scale of 17.783 billion [9]. Group 4: Growth of Team Management - The number of funds managed by multiple managers has seen a significant increase, with a growth rate exceeding 120% from approximately 2,800 funds to 6,156 funds [14]. - The complexity of current market products, including ESG themes and quantitative strategies, necessitates a collaborative approach to meet diverse professional needs and enhance risk control [14].