权益基金月度观察：投资策略分布收敛，整体欠配金融地产-20250514

Market Performance - In April 2025, the average return of actively managed equity funds was -2.4%, indicating a convergence in investment strategies among fund managers in the current market environment [1][9]. - Value funds performed the best among non-sector equity funds, with a median return of -1.3%. Growth funds showed the greatest internal differentiation, with returns ranging from a maximum of 6.2% to a minimum of -12% [23][24]. - The average return of actively managed equity funds in the healthcare and consumer sectors was 2.8% and 0.5%, respectively, indicating strong performance in these areas [24][29]. - Passive funds in the technology and financial sectors maintained an advantage, with technology index products averaging a return of 27.8% and financial index products averaging 22.2% over the past year [30][31]. Equity Fund Multi-Strategy Overview - The overall strategy distribution of public equity funds is shifting towards a convergence between single and multi-strategy approaches, with an average R² value of 0.80 [37]. - The most tracked funds this month were those focused on thematic sectors, with 1,220 funds (30.24% of the sample) following thematic strategies, and 1,124 funds (27.86%) focused on growth strategies [42]. - The report identified three major trends in fund strategy changes: underweighting financial real estate, transitioning from A-share core assets to Hong Kong core assets, and market capitalization downshifting [43]. Performance of High-Rated Funds - High-rated funds demonstrated excellent overall performance and robust investment management capabilities, showing good alpha persistence in both short-term and long-term performance [56]. - The number of AAA-rated funds increased from 21 to 25, while AA+ rated funds rose from 42 to 49, indicating an overall improvement in fund ratings [51][52]. - Value funds had the highest proportion of high-rated funds, with an internal performance rate of 14.1%, while small-cap funds saw an increase in performance rate from 6.7% to 8.6% [52]. Emerging and Upgraded Funds - New funds, defined as those with high return potential and differentiated competitive advantages, totaled five this month, primarily referencing the CSI 500 index [65]. - Upgraded funds exhibited significant performance improvements and management optimization, with ten funds achieving higher ratings this month [66].