2024年下半年基金投资策略：突出均衡与alpha

Fund Performance and Trends - Active funds have underperformed the CSI 800 index, with negative fund inflows indicating a shift towards passive and bond funds[8] - The large-cap value style has shown strong performance with a year-to-date increase of 7%, while the large-cap balanced style gained 2.5%[9] - Active equity funds have increased their holdings in low PE stocks (below 20) to over 30% of their market cap, while reducing exposure to high PE stocks (above 50)[10] Fund Issuance and Market Dynamics - The issuance of rights funds remains low, with passive index and enhanced index funds receiving positive net subscriptions[25] - As of May 2024, the share of rights fund issuance has decreased by 8.12 percentage points compared to the entire year of 2023, now accounting for 19.24%[26] - Bond funds have been favored, with short-term bond funds being more popular than medium to long-term bond funds[25] Investment Strategies and Recommendations - The report suggests focusing on balanced allocation and funds with alpha generation capabilities due to rapid market style rotations[10] - For balanced active funds, emphasis is placed on industry balance and alpha generation ability, evaluated through excess returns and stock selection capabilities[11] - Enhanced index funds should be assessed based on win rates, stability, and average excess returns, with some enhanced index funds meeting criteria for large-cap and balanced investments[12]