一看就懂！主动权益基金的8大缺点！

Core Viewpoint - Active equity funds are expected to generate excess returns in the current market environment and for a long time to come, but they also have notable drawbacks that need to be understood for a more rational investment framework [2] Group 1: Performance Challenges - The performance of active equity funds heavily relies on the alignment between the fund manager's investment style and market trends, with most funds unable to consistently outperform the market due to style rotation [4] - The "champion curse" phenomenon illustrates that once market styles shift, fund performance can change rapidly, making chasing top performers a significant trap for ordinary investors [4] Group 2: Individual Manager Risks - The core of active funds is the fund manager, whose investment philosophy, capability, emotional control, and even health can directly impact fund performance [6] - There is a risk of manager turnover, as talented fund managers are scarce and may be poached or switch firms [6] - Some managers may deviate from their investment style under pressure to achieve short-term rankings, leading to potential performance issues [6] Group 3: Misalignment of Interests - Fund companies earn revenue from management fees, which are driven by fund size, creating a misalignment with investors' goals of net asset value growth [6] - This misalignment may lead companies to prioritize scaling over maximizing absolute returns for investors, with rare instances of unethical practices like "lifting the car" and "mouse warehouse" [6] Group 4: Retail Investor Behavior - During market rallies, fund companies may issue numerous funds or investors may heavily subscribe, forcing managers to build positions quickly even if they are bearish on future performance [7] - Conversely, during market downturns, managers may be compelled to sell at low prices to meet redemption requests, exacerbating losses [7] Group 5: Scale Issues - Once a fund becomes a "blockbuster" due to excellent performance and its size swells to hundreds of billions, its excess returns often diminish [9] Group 6: Fund Issuance Timing - The most active periods for new fund issuance often coincide with market peaks and high valuations, exposing investors to long-term holding risks [11] Group 7: Cost Considerations - Fees represent a certain loss, and investors must carefully evaluate costs before investing, as active equity funds typically have higher management fees than index funds, which can significantly erode long-term returns due to compounding effects [13] Group 8: Information Asymmetry - Marketing materials often highlight historical performance but rarely disclose the logic behind returns and their sustainability, making it difficult for ordinary investors to assess a manager's actual investment capabilities, strategy stability, and potential risk exposure [15] Recommendations - Avoid chasing short-term champions and instead evaluate their long-term performance and style consistency over 3-5 years [18] - Focus on the fund manager as a core analysis element, considering their years of experience and the depth and consistency of their investment philosophy [18] - Be cautious of excessively large "giant" funds [18] - Use fee structures as a strict selection criterion, opting for funds with lower fees under similar conditions [18]