“熊市不亏钱，牛市跟得上”，这些长牛基金来了

Core Insights - The article discusses the resurgence of actively managed equity funds in the context of a bull market, highlighting their ability to generate excess returns and manage drawdowns effectively [1][2]. Performance of Active Equity Funds - Over the past five years, 56.51% of 2,780 actively managed equity funds outperformed their benchmarks, with 27.63% achieving cumulative excess returns exceeding 20% [3]. - Notably, 54 funds recorded cumulative excess returns over 100%, with top performers like Dongwu New Trend Value Line achieving 280.99% [3]. Long-Term High-Performing Funds - Several funds consistently generated positive excess returns annually from 2020 to 2024, including Huashang Yuanheng and Huashang Runfeng, both exceeding 195% in cumulative excess returns [4]. - Huatai Bairui Fuli has also maintained positive excess returns each year since 2020, with a cumulative excess return of over 140% [4]. Risk Management and Drawdown Control - Among the funds with positive excess returns, only 20% managed to keep their maximum drawdown below 20%, while nearly half experienced drawdowns exceeding 40% [10]. - Funds with lower drawdowns typically have lower equity exposure, but some equity-focused funds also demonstrated effective drawdown control [10]. Notable Funds with Strong Drawdown Control - Funds like Invesco New Emerging Industries and China Universal Dividend Enjoyment have consistently achieved positive excess returns, with maximum drawdowns well managed [5][12]. - Specific funds, such as Dongwu Anxin Quantitative and Everbright Yongxin, reported maximum drawdowns below 10% while maintaining solid performance [12].