43只发起式基金未过三年之坎，清盘高发为何反成布局热土？

Core Insights - The rise of "initiated funds" has led to a significant number of funds facing liquidation due to not meeting the 200 million yuan threshold after three years [1][2] - Despite the high rate of liquidation, initiated funds remain a key strategy for fund companies, raising questions about their sustainability and operational costs [4][5] Group 1: Fund Liquidation Trends - As of July 15, 2023, 43 initiated funds have been liquidated this year due to failing to reach the required 200 million yuan, marking a historical high [1][2] - The average decline in value for these funds over three years is 18.65%, with nearly half experiencing a drop of over 20% [3][4] - Specific sectors like renewable energy and healthcare have seen significant performance issues, with some funds reporting cumulative returns as low as -53.43% [2][3] Group 2: Fund Company Strategies - Fund companies continue to launch initiated funds despite the risks, with over 404 such funds issued in 2023 alone [4][5] - The relatively relaxed establishment conditions for initiated funds allow companies to quickly enter niche markets and develop new fund managers [6][7] - Initiated funds serve as a "incubation" platform for new strategies and managers, providing opportunities in less recognized sectors [6][7] Group 3: Future Outlook - As of mid-July 2023, 183 initiated funds are approaching their three-year mark, with 98 of them still below the 200 million yuan threshold, indicating potential future liquidations [7] - Some initiated funds have successfully surpassed the threshold, such as the Yongying Advanced Manufacturing Fund, which has achieved a cumulative return of 82.35% [7]