“21班”基金成绩单向好 “上涨却遭赎回”怪圈有望破解

Group 1 - The core viewpoint of the articles highlights the recovery of actively managed equity funds established in 2021, with over 170 funds returning to positive net asset values as of August 13, 2023, and an average return exceeding 20% this year, outperforming the overall market [1][2][6] - The performance of specific funds, such as those focused on the North Exchange and innovative pharmaceutical sectors, has been particularly strong, with some funds achieving total returns of over 137% since inception [2][3] - Despite the recovery, many funds are facing significant redemption pressures, especially those concentrated in sectors like new energy, liquor, and pharmaceuticals, which aligns with the trends observed in "track funds" issued between 2019 and 2021 [4][5] Group 2 - The redemption pressure is notably high for funds that have recently returned to positive net asset values, with some funds experiencing substantial declines in share volume despite recovering their net asset values [4][5] - The market is witnessing a shift from a negative cycle to a more stable fundraising environment for new actively managed equity funds, with over 600 billion yuan raised in new fund launches this year [6][7] - The redemption funds are likely to flow into financial assets, with a preference for higher-risk products such as public funds and stocks, while some may also move towards lower-risk insurance products [7]