Core Viewpoint - The performance of prominent fund managers at Invesco Great Wall Fund has significantly declined, with key figures like Liu Yanchun and Yang Ruiwen failing to achieve competitive returns, raising concerns about the future of the firm’s active equity management team [2][3][8] Group 1: Performance of Key Fund Managers - Liu Yanchun, a notable figure in the fund management industry, has six funds under management, all of which have underperformed, with the best fund showing a net value increase of less than 4%, ranking below 4000 out of 4500 similar funds [2][3] - Yang Ruiwen, the second most recognized manager, has all his products yielding around 30%, with no significant breakthroughs in performance [2] - Liu Su, another manager, oversees nine funds with a total scale of less than 10 billion yuan, and only one fund has doubled its return, indicating a lack of effective management [6] Group 2: Analysis of Fund Holdings - Liu Yanchun's funds are heavily invested in traditional stocks, particularly in the liquor sector, which has seen poor performance, with only one stock among his top holdings showing an increase of about 16% [4][5] - The majority of Liu Yanchun's holdings, including major liquor brands, have not performed well, with the best performer, Luzhou Laojiao, showing a gain of less than 14% [4] - Liu Su's top holdings have also underperformed, with the best stock, Longi Green Energy, only increasing by 18.20% over the year [6] Group 3: Future Outlook and Challenges - The departure of key figures like Bao Wuke and the declining performance of established managers like Liu Yanchun and Yang Ruiwen present both opportunities and challenges for the next generation of fund managers at Invesco Great Wall [8] - The firm’s reliance on managers who have not been cultivated internally raises questions about the sustainability of its investment strategies and future performance [7][8]