Core Viewpoint - Invesco Great Wall Fund is facing significant challenges following the departure of key fund manager Bao Wuke, who has been instrumental in the company's performance over the past few years. The company is now at risk of losing its competitive edge in the active equity space due to a lack of strong value-style fund managers and an imbalance in its investment style structure [3][4][15]. Group 1: Company Leadership Changes - The company recently announced the resignation of Chairman Li Jin, with General Manager Kang Le temporarily taking over the role [2]. - Bao Wuke's departure is particularly impactful as he was the best-performing fund manager in the past five years, contributing significantly to the company's growth [3][15]. Group 2: Performance and Market Position - As of Q1 2025, Invesco Great Wall's non-monetary management scale is approximately 430 billion yuan, ranking 12th in the industry, with its active equity scale positioned among the top six [3][5]. - The company has seen a decline in its competitive position as it faces stronger rivals in the active equity market, particularly after the exit of high-performing fund managers [4][15]. Group 3: Investment Style and Manager Structure - The company has historically emphasized a diverse range of investment styles but is now facing a shortage of value-style fund managers following Bao Wuke's exit, which could impact its research capabilities and investment opportunities [11][15]. - The current team is heavily concentrated in growth-style managers, leading to a lack of balance in investment strategies [11][22]. Group 4: Historical Performance Trends - Invesco Great Wall's active equity management scale has fluctuated over the years, with a peak in 2021 at 2,372 billion yuan, but has since decreased significantly [10][11]. - The company has experienced a decline in revenue and net profit in 2024, with revenue dropping by 11.93% to 3.373 billion yuan and net profit decreasing by 19.09% to 951 million yuan [29]. Group 5: Talent Acquisition and Development - The company has a relatively weaker talent development capability compared to other leading firms, relying more on external hires rather than cultivating internal talent [22][24]. - Recent hires have included several fund managers from smaller firms, but the overall performance of these new managers has been mixed [24][23]. Group 6: Future Outlook - To advance further in the active equity space, Invesco Great Wall needs to enhance its investment team and address the imbalance in its fund manager styles [11][15]. - The company aims to diversify its product offerings beyond active equity, focusing on fixed income and index funds, but faces challenges in establishing a strong competitive position in these areas [26][27].

文 | 银行螺丝钉 （转载请注明出处） 最近，基金2025年的1季报陆续更新了，也跟大家分享一下更新后的主动基金经理池信息汇总图。 方便大家一目了然的查询。 包括基金池中，基金的风格、股票比例、从业时间、 行业偏好、 换手率、重仓股估值、持股 集中度、基金规模等情况。 文章主要包括两个部分： | 主动基金经理池 | | | | | --- | --- | --- | --- | | 信息汇总 | | | :银行螺丝钉 | | 鲍无可 | | 260112.OF | 景顺长城能源基建A | | 深度 | 姜诚 | 006567.OF | 中泰星元价值优选A | | 价值 | 徐彦 | 008269.OF | 大成睿享A | | 周云 000480.OF | | | 东方红新动力A | | 何师 | | 519697.OF | 交银优势行业 | | 道配 | | 005267.OF | 嘉实价值精选 | | 张坤 | | 005827.OF | 易方达蓝筹精选 | | 傅鹏博 | | 007119.OF | 睿远成长价值A | | 傳友兴 | | 270002.OF | 广发稳健增长A | | 成长 | 罗佳明 ...

文 | 银行螺丝钉 （转载请注明出处） 基金2025年的1季报更新 完毕， 螺丝钉也梳理了一下投顾组合基金经理池中，主动基金经理的 1 季报 。 包括基金经理的观点，以及基金的一些数据信息。 基金经理观点怎么看 基金经理在季报中会有两个主要的内容。 • 一个是回顾过去一段时间的投资； • 另一个是对未来市场的观点。 后者会更重要一些。 不同基金经理，对待这一部分的态度也不同。 • 有的基金经理会很详细的写很多 ，例如景顺长城的杨锐文，就以报告观点详细著称。 • 有的基金经理写的不多（可能投资做的不错，但在报告里不怎么解释）。 并且，基金经理因为投资风格不同，每个人的偏好自然会有区别。 例如： • 价值风格的基金经理，偏向于低估值的品种一些。 • 成长风格的基金经理会更看重品种的增长速度。 所以，对基金经理的观点，也要辩证看待～ 我们把基金经理分成了几组。 • 2016-2017年表现不错； • 2019-2020年跑输市场； • 2021 -2024年跑赢市场。 报告期内,本基金持仓基本不变,基 金业绩基本跑平市场,考虑到当前持 仓公司的基本面，我们对未来的信心 还是比较强的。 展望以后，我们认为影响市场的因 ...

多为市场老将，但风格迥异。 | 作者 | | 破浪 | | --- | --- | --- | | 编辑 | | 小白 | 上个周末，公募界发生了不少事——张坤卸任易方达副总，选择专注投资，同时4月份就传出离职的 鲍无可也正式官宣了。 4月初，鲍无可在管的多只基金增聘基金经理，且增聘的多是市场老将，这一风向被市场解读为鲍师 傅要离职了，毕竟"增聘"这一举动几乎是基金经理离任前的"标配"。 因而，鲍无可的离职是意料之中，但走的这么快风云君还是有些稍感意外，业内不少人猜测他的下一 站或为私募。 这两年，不少绩优基金经理纷纷卸任出走，公募基金难道真要变成"私募的黄埔军校"？ 注：如无特殊说明，全文数据截至2025年5月16日。 年化回报超15%的十年老将退场 鲍无可是市场里少数的"双十"基金经理之一，即基金经理从业年限超过10年、年化回报高于10%，他 目前只服务过景顺长城一家公募，而且一干就是15年多。 2009年12月，鲍无可加入景顺长城，先后担任研究部研究员、高级研究员、基金经理职务，2014年6 月开始管理基金，后做到投资部投资副总监。 净值走势上，鲍无可管理的基金整体走势平稳向上，是业内为数不多、确实能让 ...

作者 |郑理 来源 | 独角金融 被投资者称为"宝藏基金经理"的鲍无可，再一次站在聚光灯下，是因为以"个人原因"转身离职。 5月17日，景顺长城基金管理有限公司（下称"景顺长城"）一口气发布8只产品变更基金经理的公告，基 金经理鲍无可卸任了全部产品。而在4月份，因所管的产品均增聘了基金经理，市场就传出他即将离职 的猜测，如今这一猜测得以证实。 根据wind数据，鲍无可所管产品年化回报15.29%，近2年、近3年表现较好，分别为15.54%、42.12%， 盘点主动权益基金经理长期业绩表现，能做到年化10%以上的非常少见，这也是他在离职前后受到较多 关注的原因。 截至一季度末，成立近22年的景顺长城管理基金规模站上巅峰，达6151.45亿元，虽然2022和2023年曾 经历了连续两年规模下降，不过2024年末已经恢复增长。 2009年12月，鲍无可进入景顺长城，离职前已经进入公司超过15年，历任研究部研究员、高级研究员， 2014年6月开始担任基金经理，还是公司股票投资部执行总监，期间积累了丰富的投研与管理经验，也 是市场上少有的对A股和港股均有涉猎的基金经理。 鲍无可在景顺长城被称为"原则哥"，不追热门，不追 ...

出品｜搜狐财经 作者｜汪梦婷 "现在监管鼓励基金经理团队制，相当于大家比较公开透明，相互之间策略能够分享。"业内人士表示，"其实这样也好，只要基金公司能保证团队架构的基 本稳定，走一两个人没事。" 公募行业"去明星化"加速。 近期，百亿基金经理鲍无可正式离职，"公募一哥"张坤官宣卸任易方达副总，过去基金行业"投而优则仕"的潮流出现逆转。 据统计，截至5月19日，今年已有141位基金经理离任，超过去年同期。过去的2024年，基金经理离任数量续创新高，全年共有361位基金经理离任，包括中 庚基金丘栋荣等知名基金经理。 知名基金经理离职传闻落地 5月17日，景顺长城基金连发8条公告，宣布基金经理鲍无可因个人原因于离职，其管理的8只基金产品也同时卸任。 公告还透露，鲍无可不会转任公司其他工作岗位，并已按规定在中国基金业协会办理注销手续。此前的4月12日起，鲍无可旗下8只基金产品接连增聘基金经 理，已引起业内人士以及投资者的猜测。 公开资料显示，鲍无可毕业于上海交通大学，具有 17 年证券、基金行业从业经验，曾担任平安证券行业研究员，2009 年 12 月加入景顺长城基金，历任研 究部研究员、高级研究员，2014 年 ...

2025.05. 19 本文字数：2401，阅读时长大约4分钟 作者 | 第一财经 曹璐 近年来，A股市场震荡加剧，公募基金经理队伍加速迭代，"卸任""辞官"成为高频词，行业"造星时 代"的喧嚣逐渐退潮。 5月17日，景顺长城基金百亿基金经理鲍无可宣布离职，年内离任的基金经理人数已经达到138人， 较去年同期增加2成以上。前一日，"顶流"基金经理张坤也官宣不再担任高管职务，专注投研。 值得注意的是，行业正出现"投而优则仕"路径转向，多位知名基金经理陆续卸任，选择将更多时间 精力集中投入到基金管理中。在业内人士看来，头部基金经理的角色调整，意味着基金公司更倾向于 让他们更聚焦投资能力，而非分散精力于管理事务。 人事变动频频 5月17日，景顺长城基金一纸公告为持续月余的人事悬念画上句号。公告内容显示，基金经理鲍无可 因个人原因离任，并卸任在管的所有产品。今年4月，该公司曾发布多份相关增聘公告，彼时市场已 对鲍无可的去留产生诸多猜测，如今离职消息的确认也揭晓了谜底。 | 离任基金经理姓名 | 鲍无可 | | --- | --- | | 离任原因 | 个人原因辞职 | | 离任日期 | 2025年5月16日 | | ...

Core Insights - The A-share market has experienced increased volatility, leading to a significant turnover among public fund managers, with 138 managers leaving their positions in 2025, a more than 20% increase compared to the same period last year [1][11] - Notable fund managers, such as Bao Wuke and Zhang Kun, have announced their departure from executive roles to focus on investment management, indicating a shift in the industry towards prioritizing investment capabilities over administrative responsibilities [1][7][12] Manager Departures - Bao Wuke from Invesco Great Wall Fund announced his resignation for personal reasons, with his managed assets decreasing from a peak of 271.86 billion to 162.07 billion, a reduction of 40% [6][11] - Zhang Kun, a prominent manager at E Fund, also stepped down from his executive role to concentrate on investment management, maintaining a managed asset size of 608.22 billion [10][12] Industry Trends - The public fund industry is witnessing a trend of increasing departures, with 358 fund managers leaving in 2024, marking a historical high [11] - The traditional career path of "performing well leads to promotion" is changing, with many successful fund managers opting to return to investment roles rather than taking on executive positions [12][13] - Recent regulatory changes emphasize the importance of investment performance, further motivating fund managers to focus on their core investment responsibilities [13]

Group 1 - The departure of star fund manager Bao Wuke from Invesco Great Wall Fund has raised market attention, as he resigned from managing eight funds with a total scale exceeding 15 billion yuan [1][2] - Bao Wuke's resignation is part of a broader trend in the industry, with 138 fund managers leaving their positions in 2025, significantly higher than the same period last year [1][3] - The fund management industry is experiencing rapid growth, leading to an increase in both the number of fund managers and the rate of departures, with many notable managers leaving for larger firms or private equity [1][3] Group 2 - Bao Wuke, who joined Invesco Great Wall in December 2009 and became a prominent figure in value investing, managed funds with a total scale of 16.207 billion yuan before his departure [2][3] - His largest fund, Invesco Great Wall Value Marginal A, achieved a return of 62.60% since his tenure, ranking in the top 2% among similar products [2] - The trend of increasing fund manager departures is not isolated, as other notable managers like Zhou Keping and Zhou Haidong have also left their positions for personal reasons [4][5]

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].