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].

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].

Group 1 - The public fund industry is experiencing a trend of "de-starring," with notable fund managers like Bao Wuke leaving their positions, indicating a shift from the previous "talent promotion" culture [2][6] - As of May 19, 141 fund managers have left their positions this year, surpassing the number from the same period last year, with a total of 361 departures in 2024, marking a 15% increase from 2023 [7] - Regulatory changes encouraging team-based management among fund managers are contributing to this trend, promoting transparency and strategy sharing within teams [6][8] Group 2 - Bao Wuke, a prominent fund manager with 17 years of experience, has officially left Invesco Great Wall Fund, managing assets totaling 16.207 billion yuan, and is recognized for his strong performance [3][5] - The departure of Bao Wuke has raised questions about the future performance of the funds he managed, with his successors now overseeing a total of 10 funds, reflecting a talent shortage in the industry [5][6] - Recent regulatory reforms have increased performance assessment pressures on fund managers, with a focus on long-term performance metrics, leading to a sense of uncertainty among active equity fund managers [7][8]

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].

Group 1 - On May 17, the public fund industry experienced a significant wave of personnel changes, with multiple fund managers resigning from their positions, including notable figures like Bao Wuke and Zheng Peng, which has drawn considerable market attention [2][3] - As of May 17, a total of 138 fund manager changes have occurred in the year, indicating a notable acceleration in talent mobility within the industry [2][5] - Specifically, on May 17 alone, 27 funds announced changes in fund managers, involving 14 fund companies, highlighting the scale of the personnel shifts [2][3] Group 2 - Bao Wuke resigned from all eight funds he managed, with a total management scale of 16.207 billion yuan, and his departure is seen as a significant event given his long tenure and past performance [3] - Zheng Peng, with nearly 20 years of overseas investment experience, also left two funds, which is viewed as a critical adjustment for the QDII business of Huaxia Fund [3][4] - The trend of increasing fund manager departures is evident, with a 22.1% year-on-year increase in the number of fund managers leaving the industry in 2025 [5][6] Group 3 - The departure of fund managers is attributed to both external market pressures and internal incentive mechanism adjustments, with increased performance pressures leading to higher turnover rates [6] - The industry is witnessing a trend towards "de-starring," with a renewed focus on professional capabilities as evidenced by senior fund managers returning to frontline investment roles [6] - Fund companies are encouraged to enhance their research and investment systems to improve the depth and breadth of investment target research and responsiveness to market events [6]

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].