Core Insights - The growth of fund scale is increasingly influenced by product style clarity and predictable holdings rather than just performance metrics [1][7][8] - Despite high performance, many funds are experiencing a disconnect between returns and scale, with some funds achieving significant scale growth despite lower returns [2][4] Fund Performance and Scale - As of November 2, 2025, the highest-performing pharmaceutical fund achieved a return of 118%, yet its scale was only approximately 530 million [2] - Other funds with lower returns, such as 中银港股通医药基金 and 永赢医药创新智选, have significantly larger scales, indicating a trend where performance does not guarantee scale growth [2] Market Dynamics - The public fund market is seeing a diversification of product types, leading to increased scrutiny from investors regarding fund selection criteria [1][7] - The influx of capital into pharmaceutical funds has become a norm, with many funds experiencing substantial scale increases despite not being the top performers [1][2] Fund Manager Influence - The performance of "twin funds" managed by the same fund manager shows that better returns do not always correlate with larger scale, highlighting the importance of product positioning [4][6] - Fund managers' strategies and the transparency of their holdings are critical factors influencing investor interest and fund scale [7][8] Investor Preferences - Investors are increasingly favoring funds with stable styles and transparent holdings, which has led to a rise in the popularity of index funds due to their predictability [7][8] - The lack of mandatory investment restrictions in fund contracts can lead to decreased investor confidence, impacting fund scale despite strong performance [3][7]

Core Viewpoint - The growth of fund scale in the pharmaceutical sector is increasingly influenced by product style clarity and predictable holdings, rather than just performance metrics [2][8]. Group 1: Fund Performance and Scale Dynamics - Despite having the highest performance, some pharmaceutical funds are experiencing significant scale growth challenges, with many funds seeing scale increases despite lower returns [2][3]. - As of November 2, 2025, the top-performing pharmaceutical fund achieved a return of 118% but had a scale of only approximately 530 million yuan, while other funds with lower returns had scales exceeding 2.4 billion yuan [3]. - The disparity in scale growth among similar funds managed by the same fund manager indicates that performance alone is not a sufficient driver for scale [5][6]. Group 2: Importance of Style and Transparency - The clarity of product style and transparency of holdings are becoming critical factors for investors when selecting funds, especially in a market with a wide variety of offerings [2][8]. - Funds that maintain stable styles and transparent holdings are more likely to attract investment, as investors prefer predictable products in a segmented market [8][9]. - Frequent changes in fund holdings can negatively impact scale growth, highlighting the importance of consistent investment strategies [8][9]. Group 3: Case Studies of Fund Managers - Fund managers with similar holdings and performance levels can see vastly different scales, as evidenced by the comparison between two funds managed by the same manager, where one fund had a scale of 2.45 billion yuan and the other 41.52 billion yuan despite differing performance [6][7]. - The lack of mandatory investment scope in fund contracts can hinder scale growth for high-performing funds, as seen with the "champion pharmaceutical fund" that did not have a strict mandate to invest solely in the pharmaceutical sector [4][8].

Core Insights - The investment selection process among investors has become more rigorous, with a preference for products that exhibit clear styles and predictable holdings [1][3] - Despite high returns, some high-yield products struggle to attract capital, indicating a shift in investor focus towards stability and transparency [1][3] Group 1: Fund Performance and Capital Inflows - A significant amount of capital has flowed into the pharmaceutical fund sector in Q3 2023, with many funds exceeding 1 billion yuan in size, driven by strong performance [1] - The top-performing pharmaceutical fund from a leading public fund achieved a return of 118% year-to-date, yet its size remains only about 530 million yuan [1] - Other funds with lower returns, such as the Bank of China Hong Kong Stock Connect Pharmaceutical Fund, have larger sizes, indicating a disconnect between performance and capital attraction [1] Group 2: Manager Performance and Fund Size Discrepancies - Similar funds managed by star fund managers show stark differences in capital size despite similar performance, highlighting investor preferences [2] - For instance, the Ping An Core Advantage Fund has a return of 75% but only 245 million yuan in size, while the Ping An Medical Health Fund, with a lower return of 67%, has grown to 4.152 billion yuan [2] - This trend is also seen with manager Zhao Bei, where the better-performing fund has a size of less than 400 million yuan, while the underperforming fund exceeds 10 billion yuan [2] Group 3: Investor Preferences and Market Trends - Investors are increasingly favoring funds with stable styles and transparent holdings, leading to a surge in index fund popularity due to their predictability [3] - The public fund industry is experiencing a diversification of product offerings, with a rapid increase in segmented and scenario-based demands [3] - Predictability in fund holdings has become a key factor for attracting capital, often outweighing performance metrics [3]

Core Insights - Investors are increasingly selective in choosing public funds, prioritizing clear product styles and predictable holdings, leading to a disparity in fund inflows despite high returns [1][3] - The pharmaceutical fund sector has seen significant inflows, with some funds exceeding 1 billion yuan in size, while high-yield products struggle to attract capital despite strong performance [1] Group 1: Fund Performance and Size - The top-performing pharmaceutical fund reported a year-to-date return of 118% but had a size of only approximately 530 million yuan as of September 30 [1] - Other funds with lower returns, such as the Bank of China Hong Kong Stock Connect Pharmaceutical Fund and others, had sizes of 2.403 billion yuan, 8.383 billion yuan, 2.276 billion yuan, 1.587 billion yuan, and 1.606 billion yuan respectively, despite lower performance [1] Group 2: Manager Performance Discrepancies - Star fund manager Zhou Sicong's two similar pharmaceutical funds showed a stark contrast in size, with the core advantage fund at 245 million yuan and the healthcare fund at 4.152 billion yuan, despite the former having a higher return of 75% [2] - Similarly, manager Zhao Bei's funds had a performance gap of 50 percentage points, yet the underperforming fund exceeded 10 billion yuan in size while the better-performing fund remained below 400 million yuan [2] Group 3: Investor Preferences - The current market environment has led investors to favor funds with stable styles and transparent holdings, contributing to the growth of index funds due to their higher predictability [3] - Investors tend to prefer funds with predictable holdings, especially those mandated by fund contracts, over performance metrics when faced with similar products [3]