基金进入业绩冲刺阶段 绩优“迷你基”纷纷限购

Core Viewpoint - The recent trend of mini funds implementing purchase limits reflects a cautious approach by fund companies regarding strategy capacity and the protection of fund performance and investors [1][6]. Group 1: Mini Fund Purchase Limits - Several small-sized but high-performing funds, referred to as "mini funds," have recently announced purchase limits as the public fund market enters a competitive year-end phase [2][4]. - Notable fund companies such as E Fund, GF Fund, and Southern Fund have restricted large subscriptions for their top-performing products, with some funds like the Chuangjin Hexin Global Pharmaceutical QDII reducing daily subscription limits from 20,000 to 10,000 within a few trading days [2][5]. - The Southern Core Technology fund, with a year-to-date return of 45%, also initiated purchase limits, highlighting the trend among high-performing yet small-scale funds [2][4]. Group 2: Performance and Strategy Capacity - The year-end purchase limits are closely tied to the unique assessment timing, as many high-performing products rely on specific investment strategies sensitive to scale [4][6]. - Smaller funds can maintain flexibility in investment strategies, allowing for rapid adjustments during market style shifts, which is more challenging for larger funds [4][6]. - For instance, the E Fund Global Allocation has shown significant shifts in its holdings across different markets, demonstrating the agility that smaller funds possess [4]. Group 3: Protecting Existing Investors - The decision to limit purchases is also aimed at protecting the interests of existing investors, as large inflows can dilute fund performance [5][6]. - Fund managers emphasize that exceeding a fund's strategy capacity can lead to increased transaction costs and reduced liquidity, ultimately harming performance [6][7]. - Maintaining a smaller fund size allows managers to concentrate investments in specific sectors or stocks, enhancing performance, but larger sizes complicate this strategy [6][7]. Group 4: Industry Trends - The public fund industry is transitioning from a focus on growth to prioritizing high-quality development, emphasizing investor interests over sheer scale [7]. - By controlling fund sizes, high-performing funds aim to build brand reputation and product value, sacrificing short-term growth for long-term stability [7].