For old funds:
The stock position of stock funds shall not be less than 80%, and the stock position of hybrid funds shall not be less than 60%. In this case, the following two situations will occur:
1. In the bear market, because of the position regulations, the old fund must maintain the specified position even if it falls into a dog, which is easy to cause the net value of the fund to fall sharply;
2. In the bull market, because the position of the old fund is relatively high, the net value of the fund has also risen rapidly.
For new funds:
Although stock funds and hybrid funds also have positions, the new fund has a certain opening period, generally around 3 months, and the following two situations will occur:
1. In the bear market, the new fund can consider delaying the opening of positions, so that it is possible to avoid short positions or light positions in the worst months of the bear market, thus ensuring that the net value of the fund will not fall sharply;
2. In the bull market, because the new fund has a certain opening period, when the bull market rises, the new fund can't keep up with the surge, so the net increase of the fund is often not too big.
To sum up, there is a saying that "the bull market buys the old base and the bear market buys the new base".
However, this statement is not necessarily completely correct. In a bear market, old funds can also control their withdrawal to some extent through stock selection and position control. In the bull market, new funds can also catch up with the rising momentum of the bull market by opening positions quickly.
Therefore, this statement is for reference only, and how to choose a fund needs to consider more factors.