南财观察｜上一轮牛市买的主动权益基金，为何还有4成未回本？

Core Insights - The article discusses the performance of actively managed equity funds in the context of the Shanghai Composite Index surpassing 4000 points for the first time in ten years, revealing a significant number of funds still in loss despite a majority achieving positive returns since 2025 [1][2] Fund Performance Overview - As of November 10, 2023, 97.45% of 4679 actively managed equity funds reported positive returns since 2025, with some funds achieving over 200% gains [2] - However, nearly 38% of actively managed equity funds, totaling 1019 funds, remain in loss over the past five years, including products from leading public fund institutions and well-known fund managers [1][3] Reasons for Underperformance - Key factors contributing to the underperformance of these funds include high-level increases in positions, frequent trading, and reliance on specific sectors [1][6] - The average stock position for funds with negative returns was significantly higher than the overall market average during peak market periods, indicating poor timing decisions [6] Fund Manager Challenges - Frequent trading has negatively impacted fund performance, with an average turnover rate of 460.71% for all actively managed equity funds from 2021 to 2024, and even higher for those with significant losses [7] - Changes in fund management have led to inconsistent investment strategies, further complicating performance recovery [8] Market Trends and Future Outlook - The market has seen a resurgence in the issuance of new funds, with 1354 new funds launched in 2023, reflecting a renewed interest in actively managed products [10] - Fund managers are advised to focus on sectors with long-term growth potential, such as high-end manufacturing and new consumption, while being cautious of market volatility [11]