新基金业绩大分化

Core Viewpoint - The performance of newly established active equity funds has shown significant divergence due to the current structural market conditions, with a performance gap exceeding 30 percentage points between the best and worst performing funds [1][2]. Fund Performance Divergence - In the first two months of the second half of the year, the market was strong, with the Shanghai Composite Index rising over 12% in July and August. However, from September 1 to October 15, the index only increased by 1.41%, indicating a shift to a sideways market [2]. - Among 66 newly established active equity funds, 43 showed positive net value growth while 23 had negative growth during the period from September 1 to October 15. The highest net value increase was 20.35%, while the lowest was -13.17%, resulting in a performance gap of over 33 percentage points [2][3]. Investment Range and Strategy - The top-performing funds often focused on sectors like resources and semiconductors, while those with poor performance were primarily invested in the medical sector. This highlights the importance of sector selection in fund performance [4][5]. - The best-performing fund's investment strategy aligned with sectors that experienced significant gains, such as non-ferrous metals and coal, while the underperforming funds were heavily invested in sectors that faced declines [5]. Stock Selection and Manager Impact - The performance of active funds is heavily influenced by the stock selection capabilities of fund managers. Even funds within the same sector can show performance differences based on the manager's style and stock choices [7][8]. - The timing of stock purchases and the ability to adapt to market conditions are critical for fund performance. Smaller funds tend to be more agile in adjusting their portfolios compared to larger funds [8]. Market Conditions and Investment Strategy - In the current sideways market, value-based investment strategies are recommended, focusing on undervalued stocks while being cautious of overhyped stocks [9]. - Structural opportunities may arise in specific sectors, such as AI and innovative pharmaceuticals, which could provide investment opportunities despite market volatility [9].