公募“限购潮”来了，投资者如何应对？

Core Viewpoint - The public fund industry is experiencing a "purchase limit wave," with several leading funds announcing restrictions on large subscriptions due to strong market performance and to protect existing investors' interests [1][4][6]. Group 1: Market Trends - Since August, a total of 409 funds have announced the suspension of subscriptions or large subscriptions, indicating a significant trend in the market [4]. - Major fund companies like E Fund, Huatai-PB, and Southern Fund have implemented purchase limits on their high-performing products, reflecting a shift towards quality-driven growth rather than scale-driven growth [3][6]. Group 2: Reasons for Purchase Limits - The purchase limits help control fund size, preventing excessive inflows that could dilute returns and affect management efficiency [7]. - They also protect existing investors from short-term arbitrage and ensure that the interests of current holders are safeguarded [8]. - The measures are in response to regulatory requirements, promoting a dynamic balance between fund size and performance [9]. Group 3: Investor Implications - The direct impact of these limits is the restriction on large subscriptions, which may lead investors to seek alternative products [9]. - Investors are advised to maintain a rational perspective on fund returns, focusing on both beta and alpha returns, and to establish a more balanced asset allocation framework [10]. - The scarcity of high-performing funds due to purchase limits may drive investors to pursue other similar products, potentially leading to overheated market sentiment [10].