Core Viewpoint - The article emphasizes the resurgence of actively managed equity funds in the current bull market, highlighting their ability to generate excess returns and manage drawdowns effectively [2][3]. Group 1: Performance of Active Equity Funds - Over the past five years, 56.51% of the 2,780 actively managed equity funds have outperformed their benchmarks, with only 27.63% achieving a cumulative excess return of over 20% [5]. - Notably, 54 funds have achieved cumulative excess returns exceeding 100%, with top performers like Dongwu New Trend Value Line and Dongwu Mobile Internet achieving returns of 280.99% and 271.28%, respectively [5][9]. - A significant portion of these high-performing funds has maintained positive excess returns annually, indicating their consistent performance [6]. Group 2: Long Bull Funds - A subset of funds, referred to as "long bull funds," has consistently generated excess returns over the past five years, including Huashang Yuanheng and Huashang Runfeng, both exceeding 195% in cumulative excess returns [6]. - These funds are managed by experienced fund managers who employ strategies focused on risk-reward ratios and industry rotation [6][7]. Group 3: Drawdown Management - The average maximum drawdown for actively managed equity funds with positive excess returns over the past five years is 36.50%, with less than 20% of funds maintaining drawdowns below 20% [14][15]. - Funds with lower drawdowns tend to be those with lower equity exposure, but some equity-focused funds also exhibit strong drawdown control [15][16]. - Specific funds, such as those managed by Bao Wuke, have maintained drawdowns below 15% while having equity allocations above 70% [16].