淡化业绩重风格？赛道基金最新变化

Core Insights - The growth of fund scale is increasingly influenced by product style clarity and predictable holdings rather than just performance metrics [1][7][8] - Despite high performance, many funds are experiencing a disconnect between returns and scale, with some funds achieving significant scale growth despite lower returns [2][4] Fund Performance and Scale - As of November 2, 2025, the highest-performing pharmaceutical fund achieved a return of 118%, yet its scale was only approximately 530 million [2] - Other funds with lower returns, such as 中银港股通医药基金 and 永赢医药创新智选, have significantly larger scales, indicating a trend where performance does not guarantee scale growth [2] Market Dynamics - The public fund market is seeing a diversification of product types, leading to increased scrutiny from investors regarding fund selection criteria [1][7] - The influx of capital into pharmaceutical funds has become a norm, with many funds experiencing substantial scale increases despite not being the top performers [1][2] Fund Manager Influence - The performance of "twin funds" managed by the same fund manager shows that better returns do not always correlate with larger scale, highlighting the importance of product positioning [4][6] - Fund managers' strategies and the transparency of their holdings are critical factors influencing investor interest and fund scale [7][8] Investor Preferences - Investors are increasingly favoring funds with stable styles and transparent holdings, which has led to a rise in the popularity of index funds due to their predictability [7][8] - The lack of mandatory investment restrictions in fund contracts can lead to decreased investor confidence, impacting fund scale despite strong performance [3][7]