在当前市场环境以及未来很长时间，主动权益基金依然会有不错的超额收益，但是这类基金也存在一些缺点。 我们来认识这些缺点并非全盘否定主动权益基金的价值，而是为了全面认识它们，并建立更理性的投资框架。 一、业绩魔咒：难以持续的辉煌 主动权益基金的业绩依赖基金经理的投资风格与市场风格的匹配，受市场风格轮动的因素影响，绝大多数基金无法连续跑赢市场。 最典型的现象是"冠军魔咒"，一旦市场风格切换，业绩会迅速变脸。而追逐冠军，是普通投资者最大的陷阱之一。 二、基金经理的个体风险 主动基金的核心是基金经理，他的投资理念、能力圈、情绪控制甚至身体健康状况都直接影响基金业绩。 离职风险：优秀的基金经理是稀缺资源，可能被挖角、跳槽或"公奔私"。 风格漂移：有些基金经理为了短期排名压力，可能会去追逐市场热点。 三、基金公司与投资者利益错位 基金公司收入源于管理费（规模驱动），与投资者追求的净值增长目标并不完全一致。 这可能导致公司更追求扩大规模，而非尽全力提高投资者的绝对回报。 极少数情况下，还会出现抬轿子和老鼠仓的问题。 抬轿子：在同一个公司内部，用其他基金为旗下的"明星基金"拉升股价，美化其业绩。 老鼠仓：基金经理可能利用未公开 ...

以下文章来源于我画你财 ，作者我画你财 我画你财 . 告别枯燥理论，看图学习理财。 第一个坑： 冠军魔咒 基金圈有个怪象，某基金经理当年拿到第一后，就像受到了"诅咒"，很难再继续保持领先。 因为市场是周期轮动的，有时候金融板块涨的多，有时候科技涨的多，但不会有一个行业永远上涨。 而基金经理擅长的能力圈是固定的，冠军基金多是押对了当年风口，一旦市场风格切换，业绩难免回落。 ⚠️ 避坑攻略：选基金时，关注基金经理的长期业绩，千万别被短期排名迷了眼。 第二个坑： 挂羊头卖狗肉 ⚠️避坑攻略：买基金前，关注基金实际持仓以及持仓变化，避雷有风格漂移历史的基金经理。 第三个坑： 无效分散 很多新手热衷于跟着大V买基金，殊不知，被推送在首页的大V，多半买的都是最近的热门行业。 看似跟着5位大V买了5只不同的基金，实际5只基金都重仓同一行业，一旦该行业遇到风险，那么所有基金就会同步下跌，无法实现降低风险的目的。 ⚠️ 避坑攻略：真正有效的分散，不是名字或数量上的分散，而是底层资产的分散： 有些基金经理为了吸引客户，会在基金名称上蹭当下最火的行业和题材，但实际投资方向和名称毫不相关。 还有些基金在成立时，宣称投资某某赛道，但随 ...

Core Insights - The article highlights the significant decline in the performance of funds managed by Jin Zicai of Caitong Fund, with all 13 funds under his management ranking in the bottom ten of their categories as of April 30, 2025 [2][6][10] - Jin Zicai's previous success in 2024, where his fund achieved a net return of 48.62%, has sharply contrasted with the current year's performance, where funds have recorded losses exceeding 22% [2][4][6] - The phenomenon of "champion curse" in the mutual fund industry is discussed, indicating that funds that perform well in one period often struggle in subsequent periods, with many top-performing funds from previous years experiencing significant downturns [3][4] Fund Performance - As of April 30, 2025, Jin Zicai's funds have all recorded negative returns, with the worst performers being Caitong Growth Preferred A/C, which saw returns of -22.89% and -22.97%, ranking 2326th and 2328th out of 2331 similar products [6][10] - Caitong's other funds, such as Caitong Value Momentum A and Caitong Smart Growth A/C, also performed poorly, with returns of -23.38% and -23.57%, placing them at the bottom of their respective categories [6][10] - The overall average return for Caitong Fund's products was -3.72%, with 47 out of 97 products showing negative returns [11] Fund Management Strategy - Jin Zicai's investment strategy underwent a significant shift in 2025, where he reduced exposure to overseas computing power stocks and increased allocation to domestic computing power stocks, which ultimately did not yield the expected results [12][13] - The concentration of holdings in his funds is notably high, with the top ten holdings in Caitong Growth Preferred A having a concentration of 64.88%, significantly above the industry average of 37.75% [14] - The article suggests that the reliance on Jin Zicai's personal investment style has exposed weaknesses in Caitong Fund's research and investment framework, leading to a lack of stability in fund performance [14] Fund Size and Market Impact - The decline in fund performance has led to a reduction in the assets under management, with eight out of thirteen funds experiencing a decrease in size, including a 37.84% drop in Caitong Growth Preferred A [10] - Caitong Fund's total assets under management have decreased by 32.91% from the previous year, dropping to 678.57 billion yuan [10] - The article emphasizes the broader implications of these performance issues on investor confidence and the overall market perception of Caitong Fund [10][11]