Workflow
主动基金跑赢基准
icon
Search documents
大小盘、成长价值维度看,海外主动基金能否跑赢基准?
Changjiang Securities· 2025-05-22 09:16
Group 1: Short-term and Long-term Market Trends - Short-term, public fund performance assessments may provide incremental capital support for underweighted sectors due to marginal pricing effects[3] - Long-term, the key to outperforming benchmarks lies in identifying individual stock and sector opportunities[3] - Recent defensive styles have improved, influenced by trade policy uncertainties and a lack of new catalysts in emerging industries[3] Group 2: Performance Benchmarking - As of December 2024, only 42% of active management funds have outperformed their passive counterparts based on asset-weighted performance[9] - Among U.S. domestic investment funds, the success rate in 2024 is approximately 38%, with small-cap active funds outperforming at 43%[9] - Active global large-cap mixed funds saw a decline in success rate to 20%, down from 23% in 2023[9] Group 3: Fund Management and Strategy - The diversification of performance benchmarks is increasing, with many funds now using composite indices rather than single benchmarks[7] - The choice of performance benchmarks is increasingly driven by market selection rather than regulatory constraints, impacting fund performance attribution[8] - Active equity funds are currently underweight in high-dividend stocks compared to the market, despite a growing number of funds tracking dividend-focused indices[10] Group 4: Risk Considerations - Historical data used in this report does not guarantee future performance, and risks include policy implementation falling short of expectations[11] - Differences in domestic and international market environments pose additional risks for fund performance[11]