Former “one-hundred-billion-dollar leader” resigns as vice president

On the evening of September 18, Invesco Great Wall Fund announced that due to work adjustments, Liu Yanchun would no longer serve as deputy general manager. After resigning, he would focus on investment management and continue to serve as fund manager.

Although the wording is very plain, when you put it in the coordinates of time, it has a different meaning. The date of this announcement is more than five years since he was promoted to deputy general manager in 2021, and it is also just over five years since his peak management scale of over 100 billion yuan in 2021.

01. In the past, the “100-billion-dollar top player”

Choice financial terminal information shows that Liu Yanchun’s management scale reached 116.3 billion yuan at the end of the second quarter of 2021, making him one of the few “top 100 billion” active equity funds. By the end of the second quarter of 2026, the total scale of the six products he was managing had dropped to 24.049 billion yuan. In five years, the scale had shrunk by nearly 80%.

Liu Yanchun’s career at Invesco Great Wall can be divided into “first and second halves”. Its “first half” is from 2015 to 2021. In January 2015, Liu Yanchun joined Invesco Great Wall and took over Invesco Great Wall Emerging Growth in April of that year. By the end of 2020, the fund’s return on employment reached 280.70%.

That period was the golden age of consumer investment. Under the investment philosophy of certainty premium and discounted free cash flow, the market is willing to use “sustainability” to price a few companies. Liu Yanchun’s investment method of “selecting leaders from the bottom up, holding them for a long time and with low turnover” made Invesco Great Wall Emerging Growth almost a money printing machine from 2017 to 2020.

With his outstanding performance, Ji Min once affectionately called him “Chunchun”. In 2021, Liu Yanchun, who is proud of his success, was promoted to deputy general manager of the company.

▲ During Liu Yanchun’s tenure, the net worth trend of Invesco Great Wall Emerging Growth A.

After Invesco Great Wall’s emerging growth reached its valuation peak, core assets such as liquor and pharmaceuticals experienced a deep correction in 2021, real estate entered a long-term adjustment, and consumption recovery was often lower than expected. By the first half of 2026, the total revenue of A-share listed liquor companies will drop by 6.38% year-on-year, and the net profit attributable to parent companies will drop by 8.14%.

The differentiation of the market is also dazzling. In the first half of 2026, the net value of 199 active equity funds doubled, and Founder Fubon Core Advantage A, a champion fund in the technology sector, made a huge profit of 184%. During the same period, 147 active equity funds lost more than 20% of their net value, and more than half of the top ten funds in the loss list were funds with heavy consumption.

As a representative fund manager in the consumer field, Liu Yanchun’s products are naturally under great pressure. In the first half of 2026, the net value of its independently managed Invesco Great Wall Emerging Growth A fell by 15.53%, and Invesco Great Wall Excellent Growth A fell by 15.28%. Among them, the scale of Invesco Great Wall Emerging Growth also shrank by 5.164 billion yuan in the first half of the year.

02. Bring in technology to “reinforce” troops

Despite the double decline in performance and scale, Liu Yanchun, who holds tens of billions of dollars in business, did not stick to consumption. Starting in May this year, Liu Yanchun’s funds began to hire additional fund managers.

On May 9, Invesco Great Wall Dingyi hired Ke Haidong as a fund manager and jointly managed it with Liu Yanchun. On the same day, Invesco Great Wall Domestic Demand Growth and Domestic Demand Growth No. 2 hired Xu Yida as co-management fund manager. On June 13, Invesco Great Wall Jiying Growth hired Meng Qi as a fund manager to manage the fund together with Liu Yanchun.

After some additional recruitment, the six products under Liu Yanchun’s management formed a “two sole management and four joint management” pattern. The fund managers Ke Haidong, Xu Yida, and Meng Qi who entered the co-management this time all have technology and TMT investment backgrounds in the past. The technology background of the new partners just makes up for the shortcomings of veteran Liu Yanchun in the direction of AI and semiconductors.

Judging from the operations in the first half of 2026, Liu Yanchun chose to shrink his defense for the two products he was solely responsible for. Invesco Great Wall’s emerging growth stock position dropped from 93.48% at the end of 2025 to 78.81% at the end of the second quarter of 2026, while Invesco Great Wall’s outstanding growth dropped from 83.6% to 64.23% during the same period.

The products co-managed by Liu Yanchun directly changed the attack. Invesco Great Wall Dingyi, co-managed by Liu Yanchun and Ke Haidong, has all replaced its top ten heavyweight stocks. At the end of the first quarter, Kweichow Moutai, Haid Group, WuXi AppTec, Shanxi Fenjiu, etc. took the lead. At the end of the second quarter, they were replaced by technology stocks such as Jiangfeng Electronics, Zhongji InnoLight, Tuojing Technology, and Ningde Times.

Invesco Great Wall Jiying, which is jointly managed by Liu Yanchun and Meng Qi, also acted quickly on its growth. In the second quarter, popular technology stocks such as Semiconductor Manufacturing International Corporation, Xinyi Sheng, Shanghai Electronics Co., Ltd., Zhongji InnoLight, YOFC Optical Fiber and Cable, and GigaDevice appeared among the top ten heavy holdings.

▲Invesco Great Wall Jiying Growth’s top ten holdings at the end of the second quarter of this year

While reducing positions to maintain the bottom line, changing positions to maximize flexibility. Veteran Liu Yanchun has begun to make changes.

With the changes in positions, the net value of Invesco Great Wall Jiying Growth rebounded slightly by 7.33% in the second half of June, and the net value of Invesco Great Wall Dingyi also rebounded by 24.31% in June.

▲ The net worth trend of Invesco Great Wall Jiying Growth since its establishment.

But high volatility in the technology track soon emerged. In mid-to-late July, as technology stocks adjusted, the net worth of Invesco Great Wall Dingyi fell again, and in early August it once returned to the low range in the past year. The net worth of Invesco Great Wall Jiying Growth also hit a record low in early August.

After making the changes, the net value of the fund is still falling. For Liu Yanchun and the condominium fund managers, how to get the net value of the fund out of the quagmire of decline has become a top priority.