Core Viewpoint - Growth-style funds, which have rarely distributed dividends in the past, have been increasingly active in dividend distribution this year, indicating a shift from focusing on scale to prioritizing returns [1][2]. Group 1: Dividend Distribution Trends - As of November 19, 48 growth-style funds have implemented dividends this year, with a total distribution amounting to 3.556 billion yuan, including 25 funds that have distributed dividends for the first time in three years [1]. - Notable fund managers, such as Chen Hao, have announced dividends for their funds in November, marking the first dividend distributions in three years for these products [1]. Group 2: Fund Management Strategy - The shift in dividend distribution reflects a broader trend among fund companies moving from a focus on scale to a focus on returns, as noted by industry experts [2]. - The source of dividends for growth-style funds primarily comes from capital gains realized through stock sales, contrasting with high-dividend strategy funds that rely on dividend income from constituent stocks [2]. Group 3: Performance and Market Conditions - Over 98% of growth-style funds have achieved positive net value growth this year, with an average growth rate of 32.62% [3]. - The strong performance of the stock market, particularly in technology stocks, has allowed fund managers to realize substantial gains, prompting them to distribute dividends as a means of securing profits and optimizing portfolio structure [3].