老王买的基金明明净值涨得更多，凭啥老李说收益和他持平？

Core Viewpoint - The article emphasizes the importance of understanding cumulative net value as a key indicator of a fund's long-term performance, contrasting it with unit net value, which reflects the current trading price of the fund [20]. Summary by Sections Understanding Cumulative Net Value - Cumulative net value is defined as the unit net value plus all dividends and splits since the fund's inception, representing the overall return of the fund [9]. - Unit net value reflects the current trading price after accounting for dividends and splits, while cumulative net value serves as a "historical report card" of the fund's performance [9][10]. Importance of Cumulative Net Value - A higher and more stable cumulative net value indicates better long-term performance and investment management capability of the fund manager [17]. - Investors should not only focus on cumulative net value but also consider dynamic drawdown and alpha returns to assess the fund's overall value proposition [19]. Practical Example - An example illustrates that if a fund has never distributed dividends, its cumulative net value will equal its unit net value. In contrast, a fund that has distributed dividends will show a difference between the two values, highlighting the actual cash returns received by investors [10][18]. Investment Decision-Making - Investors are advised to look for steadily increasing cumulative net values, as fluctuations may indicate instability in long-term returns. A fund with a high cumulative net value but high dynamic drawdown may lead to poor holding experiences [19]. - The article concludes that understanding both unit net value and cumulative net value is crucial for evaluating a fund's true earning potential [22].