赢了业绩输了规模！绩优主动权益基金遭ETF“偷袭”，什么情况？

Core Viewpoint - The article highlights a divergence in performance between actively managed equity funds and ETFs, where actively managed funds have outperformed in terms of returns, but ETFs have significantly outpaced them in terms of growth in scale [2][4]. Group 1: Performance Comparison - Actively managed equity funds have excelled in performance, particularly in sectors like innovative pharmaceuticals and humanoid robots, with a notable number of funds doubling their performance this year [3][4]. - As of July 29, 17 funds had doubled their performance, with 10 being actively managed equity funds and 7 being innovative pharmaceutical ETFs [3]. - Despite strong performance, the scale of actively managed funds has not kept pace with ETFs, which have attracted more investor interest due to their structural advantages [4][6]. Group 2: Scale and Growth - By the end of Q2, the 10 actively managed innovative pharmaceutical funds had a total scale of only 9.4 billion, with a modest increase of 5.8 billion during the quarter, while 7 ETFs saw an increase of 12.9 billion, reaching a total scale of 28.4 billion [4]. - From July onwards, these 7 ETFs have further increased their scale by nearly 10 billion [4]. - The rapid growth of ETFs is closely linked to the performance of hot sectors like innovative pharmaceuticals and humanoid robots, which have provided excellent opportunities for expansion [4][5]. Group 3: Market Dynamics - The rise of ETFs has created competitive pressure on actively managed equity funds, as investors prefer the passive tracking mechanism of ETFs that allows for quick exposure to high-growth sectors [6][8]. - ETFs are characterized by lower management fees and greater transparency, which enhances their appeal to investors compared to actively managed funds [8][9]. - The shift in focus towards passive investment strategies by fund companies further constrains the space for actively managed equity funds [8][9]. Group 4: Future Outlook - The increasing prevalence of ETFs capturing market beta raises concerns about potential market volatility due to their short-term trading characteristics [12]. - While ETFs serve as effective tools for asset allocation, the article emphasizes the importance of maintaining a balanced long-term investment strategy [11][12].