Core Viewpoint - The public fund industry is experiencing a generational shift as veteran balanced fund managers retire, raising concerns about the ability of successors to maintain the established investment styles of their predecessors [1][4][12]. Group 1: Departure of Veteran Managers - Notable veteran fund managers like Zhou Haidong and Bao Wuke have left the public fund industry, leading to a scarcity of balanced fund managers [1][4]. - The successors of these veterans often have differing investment styles, which may not align with the balanced approach that characterized their predecessors' management [1][4]. - The transition of management styles is evident, as seen with the varied expertise of fund managers taking over Bao Wuke's products, including strengths in cycles, technology, and asset allocation [1][4]. Group 2: Industry Statistics and Trends - As of May 30, 2025, there are 3,850 public fund managers, but only 27.58% have over seven years of experience, and very few exceed ten years [6]. - The performance of veteran managers has been validated over time, with Zhou Haidong's representative product achieving an annualized return of 27.82% from 2019 to 2024, significantly outperforming the CSI 300 index [8]. - The market has seen a trend where only 14 products have achieved six consecutive years of positive returns since 2019, with eight of these managed by the departing veterans [8][9]. Group 3: Challenges Faced by Veterans - The public fund industry prioritizes scale, leading to a situation where veteran managers struggle to grow their fund sizes compared to more aggressive, growth-oriented products [12]. - Despite superior performance, veterans like Bao Wuke have not ascended to higher management positions, highlighting a disconnect between performance and career advancement [11][12]. - The combination of slow growth in fund size and limited career progression opportunities contributes to the departure of veteran managers seeking new challenges [12]. Group 4: Shift in Investment Styles - The investment landscape has shifted towards growth styles, with 76% of new fund products launched post-2019 being growth-oriented, while balanced styles have decreased to 18.58% [15][17]. - The emergence of successful growth fund managers has overshadowed balanced fund managers, making it difficult for the latter to gain recognition [18]. - The trend towards a more tool-oriented approach in fund management has led to a decline in the appeal of balanced fund strategies, as firms opt for specialized managers focusing on specific sectors [20]. Group 5: Future Outlook - The public fund industry faces a critical juncture, needing to decide on the investment styles that will resonate with investors moving forward [18][20]. - The scarcity of balanced fund managers poses a risk to the long-term stability and diversity of investment strategies within the industry [20][21]. - Historical lessons suggest that overly focusing on a single investment style can lead to rapid declines in performance, emphasizing the need for a balanced approach [20][21].

Core Viewpoint - The departure of Bao Wuke, a prominent value investment figure and core fund manager at Invesco Great Wall Fund, raises concerns about the stability of the investment strategy and team continuity within the company [1][4]. Company Summary - Bao Wuke officially left Invesco Great Wall Fund on May 16, 2023, after nearly 11 years with the firm, where he served as the Executive Director of the Equity Investment Department [1]. - Before his departure, Bao managed a total of 16.207 billion yuan across multiple funds, including several star products [1]. - His investment performance has been exemplary, with notable returns such as 374.75% for the Invesco Great Wall Energy Infrastructure Mixed Fund and 185.82% for the Invesco Great Wall Hong Kong-Shanghai Select Fund [3]. Industry Summary - The departure of Bao Wuke is part of a broader trend, with 135 fund managers having left their positions in the industry this year, indicating increased talent mobility [4]. - The industry faces challenges in maintaining investment strategy continuity and team cohesion following the exit of senior fund managers [4]. - The evolving talent landscape in the fund industry presents both challenges and opportunities, necessitating firms to attract and retain skilled professionals to adapt to market changes [4][5].

Core Viewpoint - The departure of Bao Wuke, a prominent value investment figure and fund manager at Invesco Great Wall Fund, has raised significant attention in the industry, as he officially left on May 16, 2023, affecting eight funds he managed [1][3][6]. Group 1: Departure Details - Bao Wuke's resignation was announced on May 17, 2023, with the official reason cited as personal [2][3]. - He managed a total of eight funds, including notable products such as Invesco Great Wall Energy Infrastructure Mixed Fund and Invesco Great Wall Value Navigation Two-Year Holding Mixed Fund [4][6]. - His management scale reached 16.207 billion yuan before his departure [6]. Group 2: Performance and Achievements - During his tenure, Bao Wuke achieved remarkable investment performance, with some funds delivering returns of 374.75%, 185.82%, and 97.09% [5][6]. - The annualized returns for his representative products were 15.37%, 12.42%, and 14.08%, showcasing the effectiveness of his value investment strategy over the long term [6]. Group 3: Industry Context - Bao Wuke's departure is part of a broader trend, with 135 fund managers having left their positions in 2023, marking a 25% increase compared to the same period in 2024 [8][9]. - The increase in departures is attributed to changes in market conditions, adjustments in performance evaluation mechanisms, and pressures from industry transformation [10][11]. - The recent "Action Plan for Promoting High-Quality Development of Public Funds" emphasizes stricter performance assessments for fund managers, linking their compensation to long-term performance [10][11].

Core Viewpoint - The departure of Bao Wuke, a prominent value investment figure and fund manager at Invesco Great Wall Fund, has raised significant attention in the industry, as he left on May 16 for personal reasons, managing a total of 8 funds with an asset scale of 16.207 billion yuan before his resignation [1][3][6]. Group 1: Departure Details - Bao Wuke officially announced his resignation on May 17, with 8 funds under his management being transferred the same day [2][3]. - The funds managed by Bao Wuke include notable products such as Invesco Great Wall Energy Infrastructure Mixed Fund and Invesco Great Wall Value Navigation Two-Year Holding Mixed Fund [4][6]. Group 2: Performance Metrics - During his tenure, Bao Wuke achieved impressive investment performance, with returns for his representative products reaching 374.75%, 185.82%, and 97.09%, respectively, showcasing the effectiveness of value investment strategies [6]. Group 3: Industry Context - The departure of Bao Wuke is part of a broader trend, with 135 fund managers having left their positions in 2024, marking a 25% increase compared to the same period in 2023 [9]. - The rise in fund manager departures is attributed to changes in market conditions, adjustments in performance evaluation mechanisms, and pressures from industry transformation [10].