Core Insights - The public fund liquidation trend has continued this year, with nearly 200 funds being liquidated as of November 18, indicating a significant shift in the market dynamics [1][3] - A notable portion of the liquidated funds were periodic open-end and holding period funds, which accounted for over 40% of the total liquidations, highlighting a change in investor behavior and market conditions [1][3] Fund Types and Performance - Among the liquidated funds, over 70 active equity funds were closed, representing nearly 40% of the total, particularly those launched at market peaks in 2022, such as in sectors like new energy and advanced manufacturing [1][3] - All liquidated FOF products were either periodic open-end or holding period funds, indicating that products with liquidity constraints are under greater pressure during market downturns [3] Market Trends and Investor Behavior - There is a concerning trend of capital outflows from holding period funds, with nearly 800 billion units reduced in the third quarter alone, particularly in equity and pure bond holding period funds [3] - Despite some "fixed income+" and FOF products experiencing growth, the overall trend remains negative, suggesting a lack of investor confidence in these products [3] Design and Investor Experience - The original intent of holding period funds was to reduce investor trading friction and enhance long-term returns, but many funds were launched at market highs, leading to poor investor experiences [3][4] - The holding period mechanism does not prevent investors from chasing rising markets, which can increase uncertainty during times of financial need [4] Recommendations for Investors and Fund Managers - Investors are advised to carefully consider liquidity risks associated with holding period funds and evaluate the fund manager's capabilities and historical performance before investing [4] - Fund management companies are encouraged to avoid aggressive expansion and focus on creating long-term value for investors, rather than succumbing to market trends [4]

Core Insights - The number of public fund products (excluding asset management plans) that have been liquidated this year is approaching 200, with periodic open and holding period funds being the main contributors, accounting for over 40% of the total liquidated funds [1][3][4] - The survival space for actively managed equity funds continues to be squeezed due to the rapid development of index investing in recent years, with over 70 actively managed equity funds liquidated this year, representing nearly 40% of the total [2][3] - The design of holding period funds aims to reduce friction costs from investor behavior, but many investors have sacrificed liquidity without achieving satisfactory returns, leading to a poor investment experience [1][6][7] Fund Liquidation Trends - As of November 18, nearly 200 public funds have been liquidated this year, a decrease compared to the same period last year [2] - Among the liquidated funds, over 70 are actively managed equity funds, including various types such as mixed equity, flexible allocation, and balanced funds [2][3] - Notable liquidated thematic funds include those focused on carbon neutrality, advanced manufacturing, and healthcare, many of which were launched in 2022 and have net assets below 200 million yuan, triggering contract termination [2] Holding Period Fund Performance - Holding period funds, particularly those with fixed opening periods, have been the primary contributors to fund liquidations, with over 30 FOF products being affected [3] - Many fixed income products, including pure bond and "fixed income plus" funds, have also faced liquidation, with various terms ranging from 30 days to 30 months [3] - In the third quarter, the total number of holding period fund shares decreased by nearly 800 billion, with significant reductions in mixed equity and pure bond funds [4] Market Dynamics - Despite the overall decline, some categories of holding period funds, such as "fixed income plus" and FOFs, have seen growth, indicating a mixed market response [5] - The design of holding period funds is intended to limit frequent trading and enhance returns, but the actual investment outcomes are influenced by market conditions and fund management capabilities [6][7] - Investors are advised to carefully consider liquidity risks and the overall market environment when investing in holding period funds, as these factors can significantly impact their investment experience [6][7]

Core Insights - The number of public fund products (excluding asset management plans) that have been liquidated this year is approaching 200, with periodic open and holding period funds being the main contributors, accounting for over 40% of the total liquidated funds [1][2] - The design of holding period funds aimed to reduce friction costs from investors' frequent trading, but many of these funds were launched at market peaks, leading to poor investment experiences for investors [1][5] - The survival space for actively managed equity funds is being increasingly squeezed due to the rapid growth of index investing, with over 70 actively managed equity funds liquidated this year, making up nearly 40% of the total liquidated funds [1][2] Fund Liquidation Trends - As of November 18, nearly 200 public funds have been liquidated this year, a decrease compared to the same period last year [1] - Among the liquidated funds, over 70 are actively managed equity funds, including various types such as mixed equity, flexible allocation, and balanced funds [2] - The majority of liquidated funds are periodic open and holding period funds, with over 30 FOF products also included in this category [2] Shrinking Fund Sizes - In the third quarter, the total number of holding period fund shares decreased by nearly 800 billion, with mixed equity holding period funds seeing a reduction of over 600 billion shares [3][4] - Specific funds like E Fund Quality Momentum and others experienced significant share reductions, with some losing over 50 billion shares [4] - Despite the overall decline, certain categories like "fixed income+" and FOF funds saw growth in their share sizes [4] Considerations for Investors - Holding period funds require careful consideration of liquidity risks, as they restrict redemption while allowing for purchases, which may not suit investors seeking flexibility [6] - The initial intent of holding period funds was to help investors avoid frequent trading, but market conditions and fund management capabilities significantly impact actual investment returns [5][6] - Investors are advised to evaluate the fundamental aspects of holding period funds, including the experience of the research team, investment processes, historical performance, and fee structures before investing [6]

Group 1 - The article highlights the importance of financial education in safeguarding financial rights and enhancing quality of life, particularly in the context of the upcoming 2025 Financial Education Promotion Week [1] - The fund industry is actively participating in initiatives aimed at promoting financial literacy and awareness among the public [1] Group 2 - The MACD golden cross signal has formed, indicating a positive trend for certain stocks, suggesting potential investment opportunities in the market [1]