持有期基金成清盘主力，流动性风险引市场警惕

Core Insights - The public fund liquidation trend has continued this year, with nearly 200 funds being liquidated as of November 18, indicating a significant shift in the market dynamics [1][3] - A notable portion of the liquidated funds were periodic open-end and holding period funds, which accounted for over 40% of the total liquidations, highlighting a change in investor behavior and market conditions [1][3] Fund Types and Performance - Among the liquidated funds, over 70 active equity funds were closed, representing nearly 40% of the total, particularly those launched at market peaks in 2022, such as in sectors like new energy and advanced manufacturing [1][3] - All liquidated FOF products were either periodic open-end or holding period funds, indicating that products with liquidity constraints are under greater pressure during market downturns [3] Market Trends and Investor Behavior - There is a concerning trend of capital outflows from holding period funds, with nearly 800 billion units reduced in the third quarter alone, particularly in equity and pure bond holding period funds [3] - Despite some "fixed income+" and FOF products experiencing growth, the overall trend remains negative, suggesting a lack of investor confidence in these products [3] Design and Investor Experience - The original intent of holding period funds was to reduce investor trading friction and enhance long-term returns, but many funds were launched at market highs, leading to poor investor experiences [3][4] - The holding period mechanism does not prevent investors from chasing rising markets, which can increase uncertainty during times of financial need [4] Recommendations for Investors and Fund Managers - Investors are advised to carefully consider liquidity risks associated with holding period funds and evaluate the fund manager's capabilities and historical performance before investing [4] - Fund management companies are encouraged to avoid aggressive expansion and focus on creating long-term value for investors, rather than succumbing to market trends [4]