同一基金经理管理产品收益差超50%！内部资金偏爱高风险产品揭秘

Core Insights - The fund market is experiencing significant performance divergence, with differences exceeding 50 percentage points among products managed by the same fund manager, reflecting internal fund allocation preferences and market biases towards different risk-return profiles [1] Group 1: Internal Fund Preferences - Fund managers show a clear preference for high-elasticity products, as evidenced by a northern fund manager's two consumer sector funds, where one fund received substantial internal investment, resulting in a year-to-date return of 44%, while the other, lacking internal support, only achieved approximately 12% [3] - A southern fund manager's two products also illustrate this trend, with one fund yielding over 50% and having over 60% of its shares held by the fund manager, while the other fund, without internal backing, returned less than 25% [3] - In Shanghai, a fund manager's products, with about 99% of shares from the same fund company, achieved nearly 25% returns, contrasting with another product that returned less than 10% without such internal support [3] Group 2: Contractual Terms and Risk Characteristics - The products favored by internal funds typically exhibit higher risk-return characteristics, primarily due to specific terms in the fund contracts that allow for more flexible investment ranges and higher risk exposure [4] - For instance, a northern fund manager's product, favored by internal funds, allows up to 50% of its position in Hong Kong stocks, with a current allocation of 32%, while the other fund does not permit such investments, focusing solely on A-shares [4] - A prominent southern fund manager's product, chosen by internal funds, has a concentrated strategy with a 35% allocation in top ten holdings and approximately 40% in Hong Kong stocks, yielding over 20% year-to-date, while the unfavored product has a more conservative approach with less than 20% in top holdings and no Hong Kong exposure [4]