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。 ↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 我画你财 来源：雪球 打开你的账户，用四个"CT指标"，帮你的投资做次体检。 有没有健康隐患，一目了然。 体检1 ： 查查你的 投资操作 水平 检查项目 ： 指标介绍： 时间加权收益率，代表基金经理运营基金的能力，也就是基金本身收益好还是差。 而资金加权收益率，则代表你的操作能力，能看出来你的择时水平如何。 健康 指南： 检查标准： 当时间加权收益率小于资金加权收益率，就代表你的操作跑赢了基金本身，水平可以。 咱用真实case举例。 小雪，一个和咱一样的普通上班族。 25年，她的资金加权收益率比时间加权收益率高0.82%，但没做任何"神操作"。 秘密就在，她只是进行了长期定投+逆势 加仓 。 准确择时，很难。 用定投来买卖，是普通人最好的交易方式。 涨了有仓位可以享受上涨，跌了还有余钱继续加仓，可以轻松拿到市场的平均成本，跑赢大多数追涨杀跌的投资人～ 体检2： 查查你的 赚钱辛苦程度 检查项目： ...

Core Viewpoint - Understanding the three types of returns—cumulative return, money-weighted return, and time-weighted return—can help investors grasp how their investments are performing and the impact of their trading decisions [5][6]. Group 1: Cumulative Return - Cumulative return answers the question of whether the overall investment is profitable or not, providing a straightforward percentage of profit or loss [8][12]. - For example, if an investor puts in 50,000 in January and another 50,000 in July, ending the year with 120,000, the cumulative return would be 20% calculated as (120,000 - 100,000) / 100,000 [10][12]. Group 2: Money-Weighted Return - Money-weighted return considers all buying and selling actions, including timing and amounts, to provide a true measure of investment performance [16]. - In the previous example, the first 50,000 invested has a weight of 1, while the second 50,000, invested for only half the year, has a weight of 0.5, leading to a recalculated principal of 75,000 [21][23]. - The money-weighted return in this case is 26.6%, which needs to be compared with the time-weighted return to assess trading effectiveness [24][26]. Group 3: Time-Weighted Return - Time-weighted return measures the fund's performance independent of the investor's trading actions, focusing solely on the product's ability to generate returns [27][33]. - In the same example, if the total investment remains 100,000 and the fund earns 20,000, the time-weighted return is calculated to be 30.9% [37]. Group 4: Comparison of Returns - A higher money-weighted return compared to the time-weighted return indicates that the investor's trading actions positively impacted returns, while a lower money-weighted return suggests that frequent trading may have been detrimental [36][38]. - In the example, the money-weighted return is lower than the time-weighted return, indicating that the investor's decision to invest more at a high point was not beneficial [39]. Group 5: Investment Strategy - To mitigate the risks associated with emotional trading and market timing, a recommended strategy is to adopt a systematic investment approach, such as dollar-cost averaging [44][50]. - This strategy helps in averaging the cost of investments over time, reducing the likelihood of investing heavily at market peaks and enhancing overall investment performance [45][48].

基金是我国资产管理行业的重要组成部分，也是资本市场重要的机构投资者。中国证券投资基金业协会 日前发布的数据显示，截至2025年7月末，我国境内公募基金资产净值合计35.08万亿元，存续私募基金 规模20.68万亿元，均创出历史新高。 开思基金认为，"基金赚钱基民不赚钱"现象的本质在于收益折损，即基金产品的时间加权收益率与资本 加权收益率之间出现显著差距。基金管理公司最核心的文化价值观与经营宗旨，是从根本上消除这一折 损的关键。基金管理公司必须始终将"为投资者创造可持续的长期回报"置于核心地位，并以此为导向， 实现好的商业实践与价值交付。 "基金赚钱基民不赚钱" 本质在于收益折损 中国证券报：近年来"基金赚钱基民不赚钱"的问题表现得比较突出，既损害了投资者获得感，也对行业 声誉造成了负面影响。一家优秀的基金管理公司应如何处理好投资能力与商业实践的关系？"基金赚钱 基民不赚钱"是否也是国际市场的普遍现象？ 开思基金：近期公司组织全体员工学习了《铸就》一书，作为在香港成功运作一家主要投资于亚洲金融 市场的对冲基金创始人和管理者，该书作者用自身多年的实践验证并铸就了一条优秀基金管理公司的成 功商业之路，非常值得我们学 ...