Core Viewpoint - A number of high-performing actively managed equity funds have initiated large purchase restrictions, with limits ranging from 10,000 to 1 million yuan, to maintain fund stability and protect the interests of existing investors amid a volatile market environment [1][2][7]. Fund Performance - In the first five months of this year, actively managed equity funds have shown positive performance, with average returns of 3.43% for ordinary stock funds, 3.21% for mixed equity funds, and 1.22% for flexible allocation funds. Balanced mixed funds had a slight decline of -0.08%, but still outperformed the three major indices [2]. - Specifically, 77 actively managed equity funds achieved returns exceeding 30%, with 18 funds surpassing 50% [2]. - Notable funds like Nuon Multi-Strategy Mixed Fund reported a cumulative net value increase of 32.12% this year and a one-year return of 83.45%, ranking in the top 1% of its category [2][4]. Purchase Restrictions - Several funds, including Nuon Multi-Strategy Mixed Fund and Guolian State-Owned Enterprise Reform Flexible Allocation Mixed Fund, have announced large purchase restrictions effective June 4, with limits set at 1 million yuan [2][5]. - Other funds such as GF Value Core Mixed and GF Technology Innovation Mixed have also suspended large purchases, with limits of 10,000 yuan, while Xingzheng Global Dividend Mixed Fund has set a limit of 300,000 yuan [5][6]. Market Conditions - The current market is characterized by volatility and a lack of clear trends, prompting funds to limit new investments to protect existing shareholders from potential dilution of returns [7][8]. - Industry experts note that the rapid rotation in the market has led to a chaotic environment, with investors exhibiting heavy caution and reduced trading volumes [8]. - The outlook suggests that while short-term volatility is expected, there may be a gradual focus on market leaders as confidence in the Chinese economy and stock market improves [8].

Group 1 - A number of actively managed equity funds have implemented purchase limits, ranging from 10,000 to 1 million yuan, due to their strong performance [1] - Analysts suggest that the decision to limit purchases is influenced by the need to maintain fund stability and balance, especially in a market lacking clear trends [1] - The influx of new capital could dilute the returns for existing investors, and finding better investment opportunities in the current market conditions is challenging [1] Group 2 - Different fund strategies have varying market capacities; for instance, funds focusing on small and micro-cap stocks may not be suitable for large-scale products due to the smaller market capitalization of these stocks [1]

Group 1 - The core idea emphasizes the importance of solid foundational knowledge in investment and fund selection to enhance investment success [1] Group 2 - Some funds impose purchase limits before holidays to protect investor interests and maintain fund stability [2] - This practice is common in money market and bond funds, where large inflows during holidays could disrupt asset allocation by fund managers [2]