Core Viewpoint - The news highlights the significant losses incurred by Invesco Great Wall Fund over the past three years, totaling over 400 billion yuan, while the fund management fees collected exceeded 9 billion yuan, raising concerns among investors about the fund's performance and management practices [2][3][25]. Financial Performance - In 2024, Invesco Great Wall Fund reported operating income of 337.33 million yuan and a net profit of 95.11 million yuan [2]. - Over the past three years, the fund has achieved a net profit of over 3 billion yuan, despite the substantial losses in its non-money market funds [2]. - The fund's management fees collected from 2021 to 2024 amounted to 14.95 billion yuan, while the total losses for investors reached 37.44 billion yuan [25]. Fund Performance Analysis - The main contributors to the losses were the Invesco Great Wall Emerging Growth and Invesco Great Wall Dingyi funds, with the former losing 32.82% and the latter 32.91% over the past three years [3][6]. - The Invesco Great Wall Emerging Growth Mixed A fund has seen a cumulative loss of 25.50% since its inception [5]. - The Invesco Great Wall Dingyi Mixed A fund has also experienced a cumulative loss of 23.52% since its inception [7]. Investor Sentiment - Investor sentiment has turned negative, with many expressing frustration over the fund's performance and the management's ability to generate returns [8][9]. - Comments from investors indicate a strong desire for changes in fund management due to ongoing losses and poor performance [9]. Management and Strategy - The fund manager, Liu Yanchun, has been a central figure in the fund's performance issues, with a history of significant losses under his management [10][12]. - Liu's investment strategy has been characterized by heavy concentration in consumer stocks, which have faced substantial declines since 2021, leading to investor dissatisfaction [14]. - Despite the losses, Liu has continued to earn substantial management fees, which has further fueled investor discontent [14]. Leadership Changes - The fund has seen changes in its management team, including the departure of notable fund manager Bao Wuke, which raises questions about future performance and investor confidence [17][21]. - The company's chairman, Li Jin, also stepped down, with the general manager, Kang Le, taking over temporarily [22][24].