变相灵活调仓 成长风格基金“红包雨”暗藏玄机

Core Viewpoint - The trend of dividend distribution among actively managed equity funds, particularly growth-style funds, has emerged in the fourth quarter of this year, with several funds announcing dividends for the first time in years, indicating a shift in the investment landscape and a response to investor demand for cash returns [1][2][6]. Summary by Sections Dividend Distribution Trends - Actively managed equity funds, such as E Fund's Stable Growth Mixed and E Fund's Kexiang Mixed, have announced dividends for the first time since 2021, reflecting a broader trend of dividend distribution in the market [2][4]. - The E Fund Kexiang Mixed fund will distribute a dividend of 0.9 yuan per 10 fund shares, amounting to 226 million yuan based on the benchmark shares [2]. Reasons for Dividend Distribution - The dividends from actively managed funds primarily stem from capital gains rather than stock dividends, as fund managers seek to lock in profits and provide cash returns to investors [1][4]. - The strong performance of growth-style funds in the A-share market has led to substantial accumulated returns, prompting fund managers to distribute dividends to help investors secure profits and mitigate potential future market volatility [4][6]. Impact on Fund Management - Dividend distribution allows fund managers to optimize their portfolio structure by selling off high-performing stocks to generate cash for dividends, thus adjusting their holdings based on market conditions [5][6]. - The trend of dividend distribution is expected to expand from index funds to actively managed equity funds, aligning with investor preferences for stable cash flows and enhancing the overall investment experience [6][7]. Future Outlook - The increasing focus on investor satisfaction and the regulatory push towards investor return-oriented strategies suggest that more actively managed equity funds will adopt dividend distribution as a standard practice [6][7]. - The competitive landscape may accelerate the trend of dividend distribution among actively managed funds, as they seek to meet growing investor demand for cash returns [6].