Core Insights - Invesco Great Wall Fund announced the departure of fund manager Bao Wuke due to personal reasons, affecting all eight funds he managed, including notable ones like Invesco Great Wall Energy Infrastructure and Invesco Great Wall Hong Kong-Shanghai Select [2][3] Fund Manager Departure - Bao Wuke was a prominent fund manager with a track record of over 10 years and an annualized return exceeding 10%, known for his stable investment style [3] - His departure raises concerns about the research capabilities and investor confidence in Invesco Great Wall, although experienced managers Liu Su and Zou Lihua have been appointed to take over [5] Fund Performance - Invesco Great Wall Energy Infrastructure achieved a return of 374.75% with an annualized return of 15.37%, ranking 13th out of 372 funds [3] - Invesco Great Wall Hong Kong-Shanghai Select had a return of 185.82% with an annualized return of 12.42%, ranking 19th out of 167 funds [3] - Other funds managed by Bao Wuke also showed significant returns, with varying annualized returns and rankings [3] Investment Philosophy - Bao Wuke emphasized the importance of safety margins in value investing, focusing on high barriers to entry and reasonable valuations [5] - He expressed skepticism about the future of AI technology, suggesting that without new iterations, the capabilities of AI may stagnate, which could negatively impact many AI-related companies [5] Current Holdings - Bao Wuke's funds typically held long-term positions in companies with strong fundamentals and valuations, including major stocks like Midea Group, Haier Smart Home, Zijin Mining, China Mobile, and Tencent Holdings [4]

Core Viewpoint - The recent appointment of four new fund managers at Invesco Great Wall Fund, alongside veteran manager Bao Wuke, has raised speculation about potential changes in management and performance of the funds involved [2][3]. Group 1: Fund Manager Changes - Bao Wuke, a seasoned fund manager with over 17 years of experience, has been managing several funds at Invesco Great Wall Fund, including the Value Margin and Hong Kong-Shanghai Select funds [2]. - The newly appointed fund managers are Liu Su, Zou Lihua, Zhang Zhongwei, and Wang Yong, all of whom are experienced professionals within the company [3][4]. - The "old hands co-managing" model is relatively rare in the fund industry, as the more common practice is "old leads new" for training purposes [3]. Group 2: Fund Performance Post-Appointment - Following the announcement of the new appointments on April 12, three out of four funds have shown an increase in performance [5]. - The net asset value of the Value Margin fund rose from 1.5335 to 1.5425, with major holdings including Zijin Mining and Midea Group [5][6]. - The National Enterprise Value Mixed A fund's net value slightly decreased from 1.2086 to 1.2083, with Zijin Mining being the largest holding at 10.01% of the fund's net asset value [6]. - The Hong Kong-Shanghai Select A fund's net value increased from 2.177 to 2.191, with Midea Group as the top holding at 6.65% [6]. - The Value Discovery A1 fund's net value rose from 1.0927 to 1.1005, with Zijin Mining as the largest holding at 6.04% [6]. Group 3: Management Structure Insights - The effectiveness of co-managing a fund is debated, with some experts suggesting that a single manager may have more independence in decision-making [7]. - However, there are exceptions where a dual-manager structure can enhance performance, particularly in complex products requiring diverse expertise [7].