Core Viewpoint - The recent trend of high-performing funds implementing purchase limits reflects a shift from a scale-oriented approach to a focus on investor returns, aiming to optimize long-term investment performance while protecting existing investors' interests [1][4][6]. Group 1: Fund Purchase Limits - Multiple high-performing funds have announced purchase limits, including the招商成长量化选股, which reduced its maximum single purchase amount from 200,000 to 20,000 yuan within a month due to high demand, achieving a year-to-date return of 26.16% as of August 14 [2]. - 中欧数字经济混合 and 长信国防军工量化混合 also implemented limits, with year-to-date returns of 75.44% and 37% respectively, indicating a broader trend among funds to restrict large inflows [3]. - As of mid-August, 31 funds with over 50% year-to-date returns were fully closed to new investments, while 69 funds had suspended large purchases [3]. Group 2: Reasons for Purchase Limits - Industry experts suggest that the limits are primarily to protect existing investors from the adverse effects of new capital inflows, which could force fund managers to invest at high net asset values, potentially diluting returns [4][5]. - The shift in strategy is also influenced by the capacity constraints of small-cap funds, which can suffer from increased trading costs and reduced excess returns when inflows exceed optimal levels [4][5]. Group 3: Industry Transformation - The trend of limiting purchases signals a transformation in the fund industry from a focus on scale to prioritizing investor returns, as emphasized by recent regulatory guidance aimed at promoting long-term stable returns for investors [6]. - Fund companies are increasingly recognizing the importance of maintaining performance stability and strategy effectiveness, which can be compromised by rapid growth in fund size [5][6].

Core Viewpoint - The article discusses the recent trend of high-performing funds implementing purchase restrictions despite a strong market, indicating a shift from a scale-oriented approach to a focus on investor returns [2][5][7]. Group 1: Market Performance and Fund Trends - The market has been performing well, with major indices strengthening and sectors like artificial intelligence, innovative pharmaceuticals, military industry, and financial technology driving fund net values up [1]. - Several high-performing funds have announced purchase restrictions, including quantitative funds and actively managed equity funds focused on hot sectors like AI and innovative pharmaceuticals [2][3]. Group 2: Reasons for Purchase Restrictions - Fund companies are increasingly opting for purchase limits to mitigate the impact of scale on performance, prioritizing long-term investment results over short-term capital inflows [2][5]. - The trend reflects a transition in the fund industry from a scale-driven model to one that emphasizes investor returns, aiming to protect existing investors from the adverse effects of new capital inflows at high net asset values [5][6]. Group 3: Specific Fund Actions - On August 14, 2023, 招商基金 announced restrictions on large purchases for its 招商成长量化选股 fund, reducing the limit from 200,000 to 20,000 yuan, highlighting the strong demand for the fund, which had a year-to-date return of 26.16% [3]. - Other funds, such as 中欧数字经济混合 and 长信国防军工量化混合, also implemented similar restrictions, with year-to-date returns of 75.44% and 37%, respectively [4]. Group 4: Industry Shift and Regulatory Support - The shift towards limiting fund sizes is supported by regulatory guidance, such as the directive from the Central Financial Office and the CSRC, which encourages fund companies to focus on long-term investor returns rather than just scale [7]. - The article emphasizes that the recent purchase restrictions signal a significant change in the operational philosophy of fund companies, moving towards a model centered on investor interests [7].