集体预警！“高收益基金”业绩，频现过山车

Core Viewpoint - The article highlights the recent trend of multiple funds issuing scale warnings due to increased redemption pressure from investors seeking to lock in profits amid market volatility and declining sentiment [1][2]. Fund Scale Warnings - Several public funds have issued warnings regarding potential contract termination due to asset scale falling below required thresholds. For instance, a fund in Shanghai may face termination if its net asset value remains below 50 million yuan for 50 consecutive working days by December 2, 2025 [3]. - A fund in Beijing has already seen its net asset value below 50 million yuan for 45 consecutive working days, with a risk of termination if it continues for another 5 days or if the number of fund holders drops below 200 [3]. - A fund in Shenzhen has also reported a continuous low asset value for 30 working days, indicating a potential for liquidation if the situation persists [3]. Performance of Funds - Notably, the funds at risk of termination have still achieved positive returns. For example, a fund in Beijing has reported a year-to-date return of approximately 44%, significantly outperforming the average return of similar products at around 25% and the CSI 300 index at 16% [4]. - Despite strong performance, these funds have struggled to attract new investments, leading to prolonged low asset scales. A pharmaceutical-themed fund, for instance, has a year-to-date return exceeding 90% but an asset scale of less than 50 million yuan [4]. Investor Behavior and Market Sentiment - The year-end redemption pressure is attributed to investors' desire to secure profits, especially as many high-yield funds have experienced significant drawdowns, leaving minimal returns [6]. - Recent data indicates that as investor sentiment has cooled, the demand for conservative strategies has increased, with many active equity funds suffering losses in the past month [6]. - A technology-themed fund that initially saw a peak return of nearly 50% has since dropped to below 10% due to market downturns, prompting significant redemptions from investors seeking to lock in profits [7]. Market Outlook and Strategy - Despite cautious sentiment among fund holders, several fund companies believe there are still opportunities in low-positioned sectors within the broader technology market. They suggest focusing on quality stocks that may rebound [9]. - Analysts predict that the macroeconomic environment may lead to a GDP slowdown in Q4, but overall market volatility is expected to remain moderate, with no significant catalysts for large price swings [9][10]. - A fund manager emphasizes that while the AI and technology sectors remain strong, investors should be cautious of high-positioned stocks due to potential increased volatility [10].