年内“翻倍基”清一色创新药主题主动权益赢得业绩主题ETF赚足规模

Core Viewpoint - The article highlights the significant performance disparity between actively managed equity funds and thematic ETFs, particularly in the booming sectors of humanoid robots and innovative pharmaceuticals, with ETFs gaining substantial scale due to their advantages in capturing market trends [1][2]. Group 1: Performance of Funds - The innovative pharmaceutical sector has seen a strong market performance, leading to a total of 17 "doubling funds" in 2023, all of which are related to this theme, with 10 being actively managed equity funds and 7 being thematic ETFs [1]. - The top-performing innovative pharmaceutical funds include several actively managed funds and ETFs, with notable mentions such as Huatai-PB Hang Seng Innovative Pharmaceutical ETF and others [1]. - Despite the strong performance of actively managed funds, their scale growth has lagged behind that of ETFs, with the top 10 innovative pharmaceutical active funds having a total scale of only 9.4 billion yuan at the end of Q2, while the 7 ETFs increased their scale by 12.9 billion yuan to reach 28.4 billion yuan [2]. Group 2: Market Dynamics - The rapid growth of ETFs is attributed to their passive tracking mechanism, which allows them to effectively capture beta returns from high-growth sectors, making them more appealing to investors compared to actively managed funds [3]. - The expansion of ETFs has put pressure on actively managed equity funds, which are struggling to attract new investments despite their strong performance, as investors prefer the transparency and lower costs associated with ETFs [4]. - The management fees for ETFs are generally lower than those for actively managed funds, further enhancing their attractiveness to investors [4]. Group 3: Future Trends - The emergence of new ETFs focused on themes such as artificial intelligence and cloud computing indicates a shift in investor preference towards passive investment strategies, while the success of actively managed funds will increasingly depend on the historical performance of fund managers [5]. - The coexistence of passive and active investment strategies is essential, as both serve different investor needs and risk profiles, with active funds playing a crucial role in value discovery [5][6].