基金收益保卫战：如何不被市场波动「征税」？

Core Viewpoint - The article discusses the phenomenon of "return gap" in the Chinese public fund market, highlighting that despite the net asset value of funds increasing, investors are not achieving corresponding returns due to various behavioral biases and market volatility, referred to as "volatility tax" [4][7][20]. Summary by Sections Investment Returns Analysis - According to a recent report by Morningstar China, the annualized returns for non-industry and industry equity funds over the past five years were 6.67% and 3.68% respectively, while investors' returns were significantly lower, indicating a return gap of -2.65% and -5.05% [4]. - The report notes that despite the Shanghai and Shenzhen 300 Index declining by 3.95% from 2020 to May 2024, the overall fund net values have increased, yet investors are not benefiting from this growth [4]. Understanding Volatility Tax - "Volatility tax" is described as the erosion of investor returns due to behavioral biases caused by market fluctuations, affecting both retail and professional investors [7]. - The impact of volatility tax can be divided into two parts: "compound tax," which is the difference between arithmetic returns and actual returns due to volatility losses, and "behavioral tax," which arises from investors' emotional responses to market changes [8][9]. Strategies to Mitigate Volatility Tax 1. Choosing Low-Volatility Products: Selecting products with moderate volatility is the most effective way to avoid volatility tax. Typically, funds with high equity ratios or concentrated in single industries exhibit higher volatility [10]. 2. Regular Investment in Stable Assets: Investing in low-volatility strategies or indices through systematic investment plans can enhance the likelihood of achieving positive returns [11]. 3. Constructing a Barbell Portfolio: A balanced approach using opposing strategies, such as dividend and growth strategies, allows for rebalancing opportunities that can capitalize on market fluctuations [16]. Market Trends and Investor Behavior - The article notes that in developed markets, the average return gap for investors is around 1%, while in China it exceeds 2%, primarily due to the higher volatility of funds in the Chinese market [20]. - As economic growth slows, there is a growing preference for medium-volatility products, which are seen as more stable and capable of providing better returns with lower risk [20]. Recommendations for Investors - Investors are advised to diversify across various asset classes based on their risk tolerance and focus on undervalued or overlooked opportunities, particularly in dividend and value stocks, which may offer higher potential returns [21].