宽基类被动基金

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低波基金回报差领跑“黑马”揭秘,投资者回报提升路径何寻?中国公募基金的投资者回报差研究-当幻想撞上现实 第三章
Morningstar晨星· 2025-06-11 12:28
Core Viewpoints - The article discusses the disparity in investor returns across different types of funds in the Chinese public fund market, highlighting that conservative mixed and fixed-income funds exhibit lower negative investor return differentials compared to actively managed equity funds, which have significantly higher negative differentials [2][24]. - Passive broad-based funds, particularly ETFs, show a positive investor return differential of 2.81%, attributed to significant inflows from institutional investors during market lows, which contrasts sharply with the negative differentials of actively managed equity funds [2][7][24]. - The article emphasizes the importance of investors assessing their risk tolerance and adopting a diversified investment strategy to mitigate risks and enhance long-term returns [2][24][26]. Summary by Sections Investor Return Disparities - Conservative mixed funds have an investor return differential of -0.86%, while fixed-income funds show -0.62%, both significantly better than the -2.65% of actively managed equity funds [2][24]. - The lower return differentials in conservative mixed and fixed-income funds are linked to their lower volatility and defensive investment nature, which helps reduce short-term trading impulses among investors [4][24]. Performance of Passive Broad-Based Funds - Broad-based passive funds, especially ETFs, have attracted substantial institutional investment, particularly from state-backed entities like Central Huijin, during market lows, leading to a positive investor return differential [2][7][8]. - The influx of funds into ETFs during market lows has been a critical factor in achieving a positive return differential, as these funds did not participate in the preceding market downturns [7][8]. Recommendations for Investors - Investors are advised to carefully evaluate their risk tolerance and select funds that align with their risk preferences, focusing on those with experienced research teams and stable investment strategies [2][24]. - A diversified investment portfolio that includes funds with varying risk-return characteristics is recommended to enhance resilience against market volatility [2][24][26]. - Emphasizing a long-term holding strategy can help investors avoid the pitfalls of market timing and emotional decision-making, ultimately leading to better long-term asset appreciation [2][26].
投资者实际收益不及基金回报,如何避免高买低卖?
Guo Ji Jin Rong Bao· 2025-05-22 12:20
Core Insights - The Chinese public fund industry has experienced explosive growth over the past decade, yet investors often realize lower actual returns compared to the fund's performance due to poor timing decisions [1] - Morningstar's report highlights the disparity between investor returns and fund returns, emphasizing the need for practical advice to help investors improve their returns [1] Investor Return Disparity - As of December 31, 2024, the five-year annualized investor return disparities for higher-risk products like equity-focused funds are -2.17%, -2.65%, and -3.59% for actively managed non-sector stocks and sector funds, respectively [2] - Lower-risk products such as conservative mixed funds and fixed-income funds show smaller investor return disparities of -0.86% and -0.62% [2] - Investors often overlook potential risks of funds due to blind chasing of trends, leading to significant losses during market downturns, particularly in sector funds [2] Recommendations for Investors - Investors should carefully assess their risk tolerance and select funds that align with their risk preferences, have experienced research teams, stable investment strategies, and robust risk controls [3] - A diversified investment portfolio with funds of varying risk-return characteristics can help mitigate risks during market fluctuations [3] - Emphasizing a long-term holding strategy can reduce the impact of poor timing decisions and enhance the potential for long-term asset appreciation [3]