Core Viewpoint - The phenomenon of high-yield funds struggling to attract new capital while low-yield funds succeed highlights a rapid increase in risk-averse strategies among public funds [1][2][9]. Fundraising Trends - Fund companies are facing challenges in raising capital for new high-yield products amid changing market expectations, with value-oriented products becoming more popular [2][3]. - A stark contrast in fundraising results was observed between a high-performing medical fund manager and a conservative value fund manager, with the latter raising over 13 billion while the former raised less than 3 billion [3][4]. - The trend of low-risk strategy funds attracting significant capital is becoming common, as seen with a conservative fund manager raising nearly 15 billion despite a modest 7% return [4][6]. Investor Behavior - Institutional investors, particularly insurance companies, show less interest in short-term high returns, preferring consistent annual returns of 10% to 20% [8]. - The average subscription amount for value strategy funds is notably high, indicating strong institutional backing, with some funds achieving average subscription amounts exceeding 12 million [6][7]. Market Sentiment - The current market sentiment reflects a shift towards value investing, with institutions wary of high-volatility sectors that have seen significant price increases [10][11]. - The narrowing of thematic investments and the potential for adjustments in popular sectors like healthcare and consumer sentiment suggest a cautious approach among investors [9][10]. Future Outlook - The market is expected to experience a period of adjustment, with a focus on identifying new themes and maintaining a balance between risk and return [10][11].