量化基金月度跟踪（2025年5月）：4月市场下跌，主动量化超额显著-20250507

Group 1 - The report indicates that in April 2025, active quantitative funds tracking the CSI 300, CSI 500, and CSI 800 indices achieved average excess returns of 0.2%, 1.3%, and -0.1% respectively [2][25][34] - Among industry-themed funds, those tracking the CSI Medical, CSI High-end Equipment, and CSI Major Consumer indices ranked as the top three in excess returns for April [41] - Smart beta funds tracking the CSI Technology index had the highest excess returns for the month [42] Group 2 - The report highlights that the absolute return of hedge quantitative funds averaged 0.03% in April 2025, with net asset value volatility higher than the year-to-date average [4][17] - The performance of index-enhanced quantitative funds showed that those tracking the CSI 500 and CSI 300 indices had average excess returns of 0.2% and 0.1% respectively in April [3][51] - The report notes that the average tracking error for funds tracking the CSI 500 index was 4.3%, which is lower than the year-to-date level [51] Group 3 - The report categorizes quantitative funds into three types: active quantitative funds, index-enhanced quantitative funds, and hedge quantitative funds, each with distinct characteristics and advantages [9] - The report states that as of April 30, 2025, there were 199 active quantitative funds tracking 16 indices, with 71, 53, and 36 funds tracking the CSI 300, CSI 500, and CSI 800 indices respectively [20][21] - The report provides detailed performance metrics for various funds, including absolute and excess returns, volatility, and maximum drawdown for the month of April [36][59]