共同基金基本面：尽管收益离散度升高，共同基金仍难以跟上基准指数上涨的步伐-Mutual Fundamentals_ Despite elevated return dispersion, mutual funds struggle to keep pace with rising benchmark

Summary of Mutual Fund Performance and Positioning Industry Overview - The report focuses on the mutual fund industry, specifically analyzing the performance and positioning of 549 large-cap active mutual funds with a total of $3.9 trillion in equity assets [1] Key Points Performance and Flows - The average large-cap core mutual fund has returned 9% year-to-date (YTD), while growth funds returned 11% and value funds returned 8% [2] - 36% of large-cap funds are outperforming their style benchmarks, a decrease from over 50% in April [2][10] - Mutual funds have reduced cash positions to 1.4% of assets, reversing earlier increases [2][15] - Despite market rallies, US equity mutual funds and ETFs have seen $5 billion in outflows over the past four weeks [2] Themes in Focus 1. Return Dispersion: The dispersion of stock returns has reached its widest level since 2020, creating opportunities for alpha generation. Mutual funds are overweight in cyclicals (+5% YTD) but underweight in AI-exposed equities [3][24] 2. Magnificent 7: Large-cap mutual funds were 819 basis points (bp) underweight the Magnificent 7 stocks, which has negatively impacted performance recently [3][37] 3. Index Inclusion: The S&P 500 index inclusion effect has resurfaced, with stocks added to the index outperforming the equal-weight S&P 500 by an average of 4 percentage points on announcement day [3][49] Sector Positioning - The average large-cap mutual fund has increased its overweight in Financials by 42 bp and Industrials by 39 bp, ranking in the 97th and 100th percentiles respectively over the past 10 years [4][66] - Despite underperformance in Health Care stocks YTD, mutual funds maintain a 157 bp overweight in the sector [4] - The largest underweight is in Information Technology at -536 bp, attributed to its significant weight in benchmark indices [4][66] Stock Positioning - The largest mutual fund overweights have underperformed the equal-weight S&P 500 YTD (+6% vs. +7%), while the largest underweights have outperformed (+15%) [8] - New constituents in the largest overweights include AZO, INTU, DIS, and others, while underweights include MSTR, COIN, and CRWD [8] Additional Insights - The average large-cap mutual fund is currently most overweight in Financials (+220 bp) and most underweight in Info Tech (-536 bp) [66] - Funds have selectively added exposure to AI stocks, with notable additions including PLTR, VST, SNOW, and GEV [29] - The report highlights 20 stocks with high dispersion scores, indicating significant alpha potential where mutual funds are underweight [35] Conclusion - The mutual fund industry is experiencing challenges in outperforming benchmarks amid rising equity markets, with notable shifts in sector positioning and stock selection strategies. The focus on cyclicals and the underweight in AI-exposed equities are critical themes for future performance.