Deputy General Manager Liu Yanchun of Invesco Great Wall Fund now has new co-managers for three of his products. On May 9, Invesco Great Wall Fund announced that three funds managed by Liu Yanchun—Invesco Great Wall Dingyi, Invesco Great Wall Domestic Demand Growth II, and Invesco Great Wall Domestic Demand Growth—have each added another fund manager to co-manage the portfolios. Specifically, fund manager Ke Haidong has been added to Invesco Great Wall Dingyi Mixed Fund, while fund manager Xu Yida has been added to both Invesco Great Wall Domestic Demand Growth II and Invesco Great Wall Domestic Demand Growth, adopting a dual-manager model for these funds.
Following this adjustment, the number of funds solely managed by Liu Yanchun has been reduced to three: Invesco Great Wall Emerging Growth, Invesco Great Wall Jiying Growth Two-Year Fixed Open, and Invesco Great Wall Jiyou Growth. Wind data shows that as of the end of the first quarter this year, Liu Yanchun's total assets under management amounted to 26.55 billion yuan. After this round of co-manager appointments, his sole management scale has decreased to approximately 16.493 billion yuan. From a portfolio perspective, the three products that have added co-managers are all focused on the consumer sector. First-quarter reports indicate that the top ten holdings of these three funds include core assets such as Kweichow Moutai Co.,Ltd. (600519.SH), Guangdong Haid Group Co.,Limited (002311.SZ), Shanxi Xinghuacun Fen Wine Factory Co.,Ltd. (600809.SH), Midea Group Co.,Ltd. (000333.SZ), Wuliangye Yibin Co.,Ltd. (000858.SZ), and Wuxi Apptec Co.,Ltd. (603259.SH). In terms of performance, as Liu Yanchun's representative fund, Invesco Great Wall Dingyi has delivered a total return of 136.62% and an annualized return of 8.27% since he took over in July 2015, ranking 183 out of 397 funds as of May 8, 2026. However, over a longer horizon, the fund's Class A shares have recorded a cumulative loss of 36.57% over the past three years and a decline of 47.54% over the past five years. During the same periods, its benchmark index rose by 8.77% and fell by 8.20%, respectively, indicating significant underperformance relative to the benchmark. Similarly, for Invesco Great Wall Domestic Demand Growth II and Invesco Great Wall Domestic Demand Growth, which Liu Yanchun has managed since February 2018, his tenure returns to date are 49.07% and 61.82%, with annualized returns of 4.96% and 6.01%, respectively. Although the long-term returns are positive, these funds have also faced substantial net asset value pressure in recent years.
Industry insiders emphasize that changes in fund management are normal adjustments made by companies based on long-term planning for the overall investment research team, efficient optimization of resource allocation, and practical needs of product management. The core rationale behind adding or removing managers is not necessarily a "risk warning" but could also involve "mentoring new talent" to achieve dynamic optimization of team capabilities. Driven by policy, fund companies are generally accelerating their transition to platform-based investment research, actively downplaying the star effect of individual managers. In this team-oriented transformation, the number and influence of new-generation fund managers are significantly increasing. In fact, Liu Yanchun's recent "workload reduction" is not an isolated case. Recently, several top public fund managers have begun gradually handing over partial management responsibilities. On April 29, 2026, China Europe Fund announced that its investment director, Ge Lan, stepped down as fund manager of China Europe Mingrui New Starting Point due to company arrangements, with the fund now independently managed by Dai Yunfeng. In July 2025, China Europe Medical and Health Mixed Fund announced the addition of Zhao Lei as a co-manager alongside Ge Lan for the product. In December 2025, GF Fund's Deputy General Manager Liu Gesong stepped down from GF Small Cap Growth Mixed (LOF), a product he had managed for over eight and a half years. In September 2025, GF Fund announced that fund manager Liu Gesong resigned from GF Diversified Emerging Stocks due to work arrangements. As the scale of public funds grows, the fund manager workforce continues to expand. Some public fund professionals remind investors to adjust their perspective accordingly. When faced with personnel changes among fund managers, investors should not focus solely on the event itself but also closely monitor the stability of the fund's subsequent strategy and the risks of performance volatility. Key areas for analysis include the turnover rate of top holdings over the past three months after portfolio adjustments, the degree of investment style drift, and trends in the proportion of institutional holders.
Comments