Core Insights - The article discusses the recovery of actively managed equity funds in 2023, highlighting the turnaround of previously underperforming funds known as "four毛基" and "five毛基" [1][2]. Group 1: Fund Performance - Several funds, including Hengyue Advantage Selection and Huatai Bairui Quality Selection, have successfully increased their net asset values (NAV) from below 0.6 yuan to above 1 yuan due to strong performance in 2023 [3]. - Hengyue Advantage Selection achieved the highest increase, with a year-to-date growth of 146.87%, rising from 0.60 yuan to 1.47 yuan [3]. - The funds that performed well were heavily invested in sectors like artificial intelligence and storage chips, which saw significant demand growth [3][5]. Group 2: Investment Strategies - Some funds maintained their positions in sectors like optical modules and computing power, benefiting from the market recovery [2][5]. - Other funds, such as Fangzheng Fubon Xinhong, changed their investment strategies, shifting focus to humanoid robotics, which led to substantial NAV increases [5]. - The article notes that funds that were initially launched during high market periods (2020-2021) faced challenges but adapted their strategies to capitalize on emerging trends [4][6]. Group 3: Redemption Trends - Despite the recovery in NAV, many funds did not see a corresponding increase in share volume, as investors often chose to redeem their shares once they broke even [2][6]. - Historical data indicates that the probability of redemption is highest when funds return to their original investment levels, leading to significant outflows from several funds [6]. - In the third quarter, there was a net redemption of 220 billion shares from equity funds, marking the largest single-quarter redemption in recent years [6]. Group 4: Ongoing Challenges - Not all funds that were previously underperforming managed to rebound, with some still trading below 0.5 yuan [7]. - Certain sectors, such as consumer and military industries, did not perform well even in a rising market, leading to continued underperformance for funds heavily invested in these areas [7].

（原标题："冠军"基金经理宋昆，创立私募！） 【导读】知名基金经理宋昆"公奔私"，备案友安私募基金 中国基金报记者 林雪 9月29日，中国证券投资基金业协会（以下简称协会）网站发布了新一批完成备案登记的私募基金管理 人名单，其中，有一家名叫"友安私募基金管理（广东）有限责任公司"（以下简称友安私募基金），其 法定代表人是易方达基金原基金经理宋昆，他拥有十多年的证券基金从业经验，如今正式"公奔私"。 协会网站信息显示，友安私募基金成立于2025年7月14日，并于2025年9月29日完成私募证券投资基金管 理人登记。该公司注册资本为1000万元，注册地在广东省珠海市香洲区，办公地在上海市浦东新区，目 前有5名全职员工。 从出资人来看，原知名基金经理宋昆为友安私募基金的实际控制人，认缴比例为51%；上海友安安友咨 询管理有限责任公司认缴比例为49%。 资料显示，宋昆是经济学硕士，2006年7月就加入易方达基金，从研究员做起，2010年9月开始担任基金 投资部基金经理，2014年1月担任投资二部总经理。他曾管理易方达科讯、易方达新兴成长、易方达创 新驱动、易方达新常态、易方达新丝路等多只基金。 2015年宋昆掌舵易方 ...