“冠军基”VS“垫底基”：回撤差不多，收益为何天差地别？

Core Insights - The article highlights the significant performance of the Yongying Technology Select A fund, which achieved a total return of over 233% in 2025, making it the annual champion among public funds [1][3] - A notable market phenomenon is observed where top-performing funds and underperforming funds experienced similar maximum drawdowns of around 30%, yet their net value performances diverged significantly [2][3] Fund Performance - Yongying Technology Select A fund recorded a total return of 233.29% with a maximum drawdown of -27.04% [1] - Other top-performing funds include Zhonghang Opportunity Navigator A with a return of 168.92% and a maximum drawdown of -21.63%, and Hengyue Advantage Select A with a return of 147.85% and a maximum drawdown of -32.44% [1][3] Drawdown Analysis - The article emphasizes that the nature of drawdowns and the ability to recover are more critical than the drawdown itself in determining long-term returns [2][4] - High-performing funds often faced drawdowns due to temporary market adjustments in sectors like AI and high-end manufacturing, which are characterized as "effective drawdowns" [5] - Conversely, underperforming funds experienced drawdowns linked to weak fundamentals and policy changes, leading to "ineffective drawdowns" that hinder recovery [5] Risk Assessment - Traditional risk metrics such as volatility and maximum drawdown are deemed less effective in today's highly differentiated market [6] - The article suggests that investors should analyze the reasons behind drawdowns rather than focusing solely on the percentage decline in net value [6][7] - Investors are encouraged to understand the type of risk they are taking, whether it is a "growth volatility" or a "value trap," and to consider the fund manager's risk management capabilities [7]