淡化业绩重风格？赛道基金最新变化

Core Viewpoint - The growth of fund scale in the pharmaceutical sector is increasingly influenced by product style clarity and predictable holdings, rather than just performance metrics [2][8]. Group 1: Fund Performance and Scale Dynamics - Despite having the highest performance, some pharmaceutical funds are experiencing significant scale growth challenges, with many funds seeing scale increases despite lower returns [2][3]. - As of November 2, 2025, the top-performing pharmaceutical fund achieved a return of 118% but had a scale of only approximately 530 million yuan, while other funds with lower returns had scales exceeding 2.4 billion yuan [3]. - The disparity in scale growth among similar funds managed by the same fund manager indicates that performance alone is not a sufficient driver for scale [5][6]. Group 2: Importance of Style and Transparency - The clarity of product style and transparency of holdings are becoming critical factors for investors when selecting funds, especially in a market with a wide variety of offerings [2][8]. - Funds that maintain stable styles and transparent holdings are more likely to attract investment, as investors prefer predictable products in a segmented market [8][9]. - Frequent changes in fund holdings can negatively impact scale growth, highlighting the importance of consistent investment strategies [8][9]. Group 3: Case Studies of Fund Managers - Fund managers with similar holdings and performance levels can see vastly different scales, as evidenced by the comparison between two funds managed by the same manager, where one fund had a scale of 2.45 billion yuan and the other 41.52 billion yuan despite differing performance [6][7]. - The lack of mandatory investment scope in fund contracts can hinder scale growth for high-performing funds, as seen with the "champion pharmaceutical fund" that did not have a strict mandate to invest solely in the pharmaceutical sector [4][8].