Core Insights - Invesco Great Wall Fund, once a benchmark in consumer investment, is now facing a severe trust crisis due to significant losses and management issues [2][6] - The fund managed by star manager Liu Yanchun has seen a loss exceeding 17% since its inception, with its scale shrinking to the brink of liquidation [3][5] - The overall management strategy under General Manager Kang Le has diverged from regulatory requirements, leading to a mass exodus of institutional investors and a challenging environment for retail investors [2][8] Fund Performance - Liu Yanchun's fund, Invesco Great Wall Dingyi Mixed (LOF) C, has experienced a unit net value drop to 1.8660 yuan, with a near 7.37% decline over the past year [3][4] - The fund's scale has decreased to 12 million yuan, dangerously close to the 50 million yuan liquidation threshold, causing liquidity issues for retail investors [3][4] - Liu's management scale has plummeted from over 110 billion yuan to 36.43 billion yuan, with a loss of over 70 billion yuan in just a few years [5] Investment Strategy - Liu Yanchun's investment strategy has become rigid and disconnected from market trends, with a heavy focus on traditional consumer and pharmaceutical stocks, failing to adapt to the shift towards technology and new energy sectors [4][6] - The fund's turnover rate has been alarmingly low, at 9.22% in mid-2025 and dropping to 8.07% by the end of 2024, indicating a lack of proactive management [4] Institutional Investor Sentiment - Institutional investors have completely avoided Liu's fund since its inception, with 100% of the holdings being individual investors, reflecting a lack of confidence in its investment value [4][5] - The overall decline in institutional holdings across the company's products signals a broader loss of trust in Invesco Great Wall Fund's management capabilities [8] Management Issues - Kang Le's management approach has led to a series of poorly performing new products, contributing to a cycle of small scale and poor performance, which contradicts regulatory expectations for improving investor returns [6][7] - The company has failed to establish effective communication with investors regarding performance issues, further eroding trust and confidence in its management [7][8] Industry Implications - The situation at Invesco Great Wall Fund serves as a warning to the entire public fund industry about the importance of maintaining investor trust and adhering to core principles of generating returns [8] - The decline from a leading fund to a collection of "mini funds" highlights the risks of straying from the fundamental goal of creating value for investors [8]