金融产品每周见：哪些主动权益基金适合作为底仓基金配置？-20251025

Report Title - Which Active Equity Funds are Suitable for Core Portfolio Allocation? - Weekly Insights on Financial Products 20251025 [1] Core Viewpoints - From the allocation needs of core funds, the report sets the characteristics that core funds should possess, aiming to provide basic excess returns, improve the holding experience, and effectively respond to the volatile market environment. It proposes three strategies to find suitable core funds: high win - rate relative to the equity - focused fund index, good holding experience, and wide distribution of the ability circle [3]. Summary by Sections Strategy 1: High Win - Rate Relative to the Equity - Focused Fund Index (Active & Quantitative) - Difficulty of Outperforming the Index: It is not easy for active equity funds to outperform the equity - focused fund index (885001) in the long term. Only 2 products (Huashang New Trend Optimization, Anxin Advantage Growth) have outperformed 885001 every year in the past 10 years. The proportion of products that outperform 885001 in different time intervals is shown in relevant tables [3][10][12]. - Investment Style Analysis of Anxin Advantage Growth: Since being managed by Nie Shilin, it has outperformed 885001 every year. The product has a balanced and flexible industry distribution, with a certain proportion of allocation in multiple major active equity sectors, and the industry distribution is flexibly adjusted. It has relatively concentrated holdings to obtain excess returns through concentrated stock selection [15]. - Excess Return Analysis: In terms of the relationship between annualized excess and annualized tracking error, for funds with a tracking error within 10%, 8 products have an annualized excess of over 10%; for those within 8%, 1 product has an annualized excess of over 8%. Only 63 products (2.69% of the total) can generate excess returns in both rising and falling environments of 885001 [20]. - Selection of High - Win - Rate Funds: 20 active equity funds are selected based on positive cumulative excess returns in both rising and falling daily environments of 885001 in the past five years and ranked by information ratio. Some products have their current fund managers managing them for a full five - year period, and some products have high quarterly and annual win - rates [23]. - Screening Framework and List: The report screens high - win - rate active equity funds by calculating four indicators, setting time intervals, and eliminating certain types of funds. The final list includes more balanced funds like Bodao Shengyan and funds with greater elasticity like Huaxia Innovation Frontier [26][27] Strategy 2: Good Holding Experience (Low Volatility & High Sharpe Ratio) - Characteristics of Funds with Good Holding Experience: These funds are close to the efficient frontier (low volatility and outstanding long - term performance) and have a high number of record - high days. Some examples are given according to different quantile criteria [46]. - Screening Process and Results: The report screens funds by calculating two indicators, eliminating certain types of funds, and finally selects 30 funds with better comprehensive capabilities. Representative products selected over the past three years and two years are also provided [48] Strategy 3: Wide Distribution of the Ability Circle (Individual Ability vs. Platform System) - Requirement of the Ability Circle: To effectively respond to the volatile market environment, fund managers need a wide ability circle, with both the ability to allocate in multiple tracks and the ability to select stocks deeply within tracks [3] - Analysis of Fund Managers' Investment Styles: The investment styles of several fund managers such as Zhou Yun, Hu Song, Chen Wen, Qiao Qian, and Zhang Jiansheng are analyzed, including their investment concepts, stock - selection methods, and portfolio adjustment strategies [30]