你的基金变了，这个指标帮你识别

Core Viewpoint - The article emphasizes the relationship between active share ratio and fund performance, highlighting that a high active share does not guarantee superior performance. It also discusses how to identify changes in holdings and "pseudo-active" funds, especially in light of new regulations affecting active equity funds [1]. Group 1: Active Share Ratio and Performance - Research indicates that the active share ratio is a "good descriptive tool" but not a "performance prediction tool," with empirical evidence showing no significant correlation between high active share ratios and fund performance in the Chinese market [2][3]. Group 2: Identifying Changes in Holdings - Investors can track changes in active share ratios to assess the stability of fund managers' investment strategies. A sudden drop in active share may indicate a shift to a more conservative strategy or a significant increase in asset size, necessitating a reevaluation of the fund's investment value [6]. - Conversely, a sudden increase in active share may suggest a concentrated bet on a specific sector, which could heighten risk. For example, a fund's active share rose from around 60% to nearly 100% due to a full allocation to the pharmaceutical sector, leading to increased risk exposure [7]. Group 3: Warning Against "Pseudo-Active" Funds - The active share ratio can help identify "pseudo-active" funds, which claim to employ active management but have a high overlap with benchmarks, making it unlikely to outperform after fees. Funds with an active share below 60% are categorized as "pseudo-active" [11]. - Among 1,749 active equity funds, 20 had an active share below 60% as of June 2025, yet most did not have significantly lower management fees, indicating a potential misalignment between fees and the level of active management provided [11]. Group 4: Adjustments Under New Regulations - Following the introduction of new regulations, there has not been a noticeable decline in the active share ratios of domestic active equity funds. As of June 2025, the average active share for large-cap growth funds was 89.86%, showing an increase from 88.54% at the end of 2024 [14]. - The article anticipates that active share ratios may decrease as regulations are fully implemented, highlighting the need for fund managers to balance active management and control over deviations from benchmarks [14]. Group 5: Practical Use of Active Share Ratio - The active share ratio serves as a core indicator for assessing the essence of active management in funds. Investors should use it to differentiate between various investment strategies and avoid issues like strategy drift and "pseudo-active" management [17]. - Combining the active share ratio with other metrics, such as risk-adjusted returns and management quality, can provide a comprehensive evaluation of a fund's investment value [17].