21世纪经济报道记者 易妍君 2025年主动权益基金业绩迎来大爆发，年度"翻倍基"批量涌现。 2025年成绩单亮相的同时，也刷新了主动权益基金中长期业绩榜单。 天相投顾最新公布的数据显示，截至2025年12月31日，过去三年，超百只主动权益基金实现了100%以上的收益率。其中，东吴新趋势价值线、华夏北交所 创新中小企业精选、德邦鑫星价值、景顺长城稳健回报等重仓科技主线的基金成为"领跑者"。 若将时间拉长至五年乃至十年，不乏"十年五倍"的长期优胜者，如华商优势行业、华商新趋势优选。但长期业绩优秀与三年期业绩翻倍的归因呈现鲜明分 野，前者更依赖基金经理的深度选股能力。 "含科量"成三年期业绩胜负手 根据天相投顾最新发布的《三年期基金业绩榜单》，2023年1月1日—2025年12月31日，三年期收益率达到100%以上的主动权益基金（不包括QDII）共有135 只（不同份额分开计算），包括70只偏股混合基金、40只灵活配置混合基金和25只积极投资股票基金。 值得一提的是，在这135只主动权益基金中，有9只基金的三年期收益率超过200%，多为"含科量"较高的基金。 其中，东吴新趋势价值线、华夏北交所创新中小企业精选、东 ...

Core Insights - The article discusses the performance of actively managed equity funds in the context of the recent bull market, highlighting that 38% of these funds remain in a loss position over the past five years despite a significant number achieving positive returns since 2025 [2][3][4]. Performance Overview - As of November 10, 2023, the Shanghai Composite Index has risen by 19.42% since 2025, with 97.45% of actively managed equity funds reporting positive returns this year [4]. - However, 1,019 actively managed equity funds are still in a loss position over the past five years, with 302 funds having reduced their maximum drawdown to less than 10% [5][6]. Reasons for Underperformance - The article identifies three main reasons for the underperformance of many funds: high-level accumulation, frequent trading, and reliance on specific sectors [7][8]. - Funds that experienced negative returns had an average stock position of 84.22% during peak market periods, indicating a tendency to increase exposure during high valuations [7]. Trading Behavior - The average turnover rate for actively managed equity funds from 2021 to 2024 was 460.71%, with funds losing over 30% seeing an even higher turnover rate of 508.45% [8]. - Some funds, such as Tianzhi New Consumption and Guodu Innovation Drive, reported turnover rates exceeding 1,000%, indicating excessive trading activity [8]. Sector Dependence - Many funds have shown a heavy reliance on traditional sectors despite being marketed as focusing on new or innovative sectors, leading to performance discrepancies [10][11]. - For instance, funds like Tianzhi New Consumption and Invesco Great Wall New Growth have maintained significant positions in traditional consumer stocks, which have not performed well recently [10][11]. Market Outlook - The article notes a resurgence in investor interest in actively managed funds, with 1,354 new funds launched in 2023, reflecting a doubling in issuance compared to the previous year [12]. - Fund managers are advised to focus on sectors with long-term growth potential, such as high-end manufacturing and innovative pharmaceuticals, while being cautious of market volatility [13][14].

Core Insights - The article discusses the performance of actively managed equity funds in the context of the Shanghai Composite Index surpassing 4000 points for the first time in ten years, revealing that over 38% of these funds have not achieved positive returns over the past five years [1][2]. Performance Overview - As of November 10, 2023, the Shanghai Composite Index has risen by 19.42% since 2025, with 97.45% of 4679 actively managed equity funds achieving positive returns this year, including 33 funds that have doubled their value [3][4]. - However, nearly 40% of actively managed equity funds have not made profits over the last five years, with significant losses recorded by some well-known funds [4][5]. Key Reasons for Underperformance - The article identifies three main reasons for the underperformance of actively managed funds: high-level accumulation, frequent trading, and reliance on specific sectors [7]. - Funds that experienced negative returns had higher average stock positions during market peaks, indicating poor timing decisions [8]. - The average turnover rate for funds with over 30% losses was 508.45%, with some funds exceeding 1000%, suggesting that excessive trading negatively impacted performance [9]. Sector Dependence and Strategy Issues - Many funds have shown over-reliance on traditional sectors despite their names suggesting a focus on new or emerging sectors, leading to underperformance [11]. - The article highlights that some funds have not adapted their strategies effectively, resulting in inconsistent performance and a lack of coherent investment direction [9][10]. Future Investment Strategies - In light of the current market conditions, fund managers are advised to focus on sectors with long-term growth potential, such as high-end manufacturing and new consumption trends [14][15]. - The article suggests that a balanced approach, considering macroeconomic data and industry cycles, will be crucial for future investment success [13][14].

Core Insights - The performance of actively managed equity funds in the first five months of the year shows significant disparity, with an average return of 2.62% across 4541 funds, ranging from a high of 69.30% to a low of -30.56% [2][3] Performance Overview - The major indices, including the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index, experienced declines of 0.13%, 3.59%, and 6.93% respectively [2] - Among 31 industry indices, 16 saw gains while 15 declined, indicating a nearly even split in performance [2] - The average returns for different types of funds were as follows: ordinary stock funds (3.43%), equity hybrid funds (3.21%), flexible allocation funds (1.22%), and balanced hybrid funds (-0.08%) [2] Top Performing Funds - A total of 77 actively managed equity funds achieved returns exceeding 30%, with 18 funds surpassing 50% [3] - The top performers were primarily in the North Exchange theme, with the North Exchange 50 Index rising by 35.74% [3] - Notable funds included: - CITIC Securities North Exchange Selected Two-Year Open A (69.30%) - Huaxia North Exchange Innovative Small and Medium Enterprises Selected Two-Year Open (67.38%) - Changcheng Pharmaceutical Industry Selected A (65.83%) [4][5] Sector Highlights - The pharmaceutical sector also showed strong performance, driven by the innovation drug segment, with several funds achieving high returns [4] - Key funds in this sector included: - AVIC Optimal Navigation A (58.03%) - Yongying Pharmaceutical Innovation Smart Selection A (57.44%) - Zhongyin Big Health A (56.21%) [4][5] Underperforming Funds - Conversely, 1811 actively managed equity funds reported negative returns, with 17 funds experiencing declines exceeding 20% [6] - The worst performers included: - Caitong Multi-Strategy Fuxin (-30.56%) - Caitong Craftsmanship Preferred One-Year Holding A (-30.53%) [6][9] - Despite a general market uptrend in May, these funds continued to decline, indicating specific management or strategy issues [7]