首份揭秘！中国公募基金投资者回报差研究-当幻想撞上现实 第一章

Core Viewpoint - The article discusses the phenomenon of "investor return gap" in the Chinese mutual fund market, highlighting that investors often experience lower returns than the funds themselves due to poor timing in buying and selling [1][4][12]. Group 1: Research Background and Methodology - Morningstar's research on investor return gap aims to analyze the differences between fund returns and investor returns, focusing on the Chinese market for the first time [2][12]. - The study categorizes various fund types, including actively managed equity funds, passive non-equity funds, and fixed-income funds, to provide a comprehensive understanding of investor behavior and timing pitfalls [12]. Group 2: Investor Return Gap Characteristics - The investor return gap is primarily attributed to the "buy high, sell low" behavior, where investors tend to buy funds after they have performed well and sell during downturns, leading to suboptimal returns [4][6]. - As of December 31, 2024, the five-year annualized investor return gaps for high-risk products like equity funds are -2.17%, -2.65%, and -3.59%, while lower-risk products like conservative mixed and fixed-income funds show gaps of -0.86% and -0.62% respectively [6][21]. Group 3: Market Trends and Influences - The Chinese mutual fund industry has seen explosive growth over the past decade, with the number of funds increasing from under 2,000 in early 2015 to over 12,000 by December 2024, complicating investors' decision-making [14][18]. - Market events, such as the 2015 stock market crash and the COVID-19 pandemic, have significantly influenced investor behavior, leading to shifts in fund flows towards lower-risk assets during periods of high volatility [17][18]. Group 4: Recommendations for Improvement - The article suggests that understanding the investor return gap can help investors make better timing decisions and avoid common pitfalls associated with emotional trading [8][23].