基金经理晒实盘：共担风险 还是营销新招？

Core Viewpoint - The trend of fund managers publicly sharing their real investment portfolios is emerging as a notable phenomenon in the public fund industry in 2025, with over 30 fund managers participating on platforms like Ant Wealth and Tian Tian Fund, showcasing amounts ranging from 10,000 to 400 million yuan [1][5]. Group 1: Background and Development - The practice of fund managers sharing real portfolios began in September 2023 with Ant Wealth launching this feature, followed by Tian Tian Fund in July 2025 [4]. - This trend arose during a challenging period for actively managed equity funds, which had underperformed the market for three years, leading to investor dissatisfaction and calls for accountability from fund managers [5]. Group 2: Impact on Investor Relations - Sharing real portfolios is seen as a way to rebuild trust in the industry, as it aligns the interests of fund managers and investors, making fund managers more accountable for their investment decisions [5][11]. - Fund managers' real portfolio sharing serves as a form of investor education, combining operational insights with market analysis, which helps guide investors towards more rational investment behaviors [6][11]. Group 3: Engagement and Popularity - The trend has gained traction, with many fund managers experiencing significant increases in their follower counts on platforms, indicating that sharing real portfolios acts as a tool for attracting more investors [7]. - For instance, fund manager Jiang Xiaoli from Tianhong Fund has amassed 1.433 million followers, showcasing the popularity of this practice [7]. Group 4: Compliance and Controversies - The phenomenon has sparked debates regarding compliance and potential ethical risks, with concerns that it may be misused as a marketing tool, leading to irrational investor behavior [8][9]. - There are calls for better design and diversity in portfolio sharing to avoid the perception of self-promotion and to ensure that investors receive comprehensive asset allocation insights [9][10]. Group 5: Future Directions - The industry is encouraged to find a balance between compliance and investor needs, ensuring that the practice of sharing real portfolios does not devolve into mere marketing gimmicks [12]. - Long-term success will depend on maintaining investor trust while enhancing the educational value of these interactions, which could be pivotal for the high-quality development of the industry [11][12].