三年深套阴影难消，基金业绩回暖难阻“解套即赎”

Core Viewpoint - The recent recovery in the equity market has led to a significant rebound in the net value of actively managed equity funds, yet many investors are still opting to redeem their investments upon breakeven, indicating a lack of trust in fund managers despite improved performance [1][2][6]. Group 1: Fund Performance and Recovery - As of August 6, 2023, 99% of the 4,349 actively managed equity funds reported positive returns over the past year, with 40 funds achieving over 100% returns [2][3]. - Notable performers include the CITIC Securities North Exchange Select Fund, which recorded a 212.25% return, and several others exceeding 150% [2]. - The recovery trend is evident among previously underperforming funds, with over 70% of large-cap equity funds achieving returns exceeding 10% in the same period [2][3]. Group 2: Investor Behavior and Redemption Trends - Investor behavior has shown significant divergence, with some choosing to redeem their investments upon breakeven, while others wait for full recovery [5][6]. - A survey indicated that many investors are redeeming funds as they approach their cost basis, particularly when net values rise near 0.8 to 1.05 [6]. - Despite improved fund performance, actively managed equity funds experienced a net redemption of 1,076.04 million units in Q2 2023, a 56.43% increase from the previous quarter [6][7]. Group 3: Trust and Market Sentiment - The disparity between improved fund performance and investor redemption behavior suggests a lingering distrust rooted in past losses from 2022 to 2024 [7]. - Analysts emphasize that the "breakeven and redeem" behavior reflects a psychological response to historical losses rather than rational decision-making [7]. - To address the disconnect between performance and fund flows, it is crucial for fund managers to enhance their professional capabilities and for the industry ecosystem to improve [7].