The year refers to the initial year of capital investment. When comparing or measuring the rate of return, it can be compared with the benchmark of the current year. Only in this way can we know whether the rate of return on investment in that year is better than that in the same period.

Mainly refers to the year when the funds of the fund company started to invest. Because often a fund company will run several funds at the same time, which is somewhat similar to ordinary wineries brewing and storing wines of various years.

The investment industry is a bit similar to agriculture, sometimes it depends on the year, and the year determines the harvest. It is obviously unfair to compare the performance of funds that started from the Great Depression with the performance of funds that started from the Great Bubble. So people will compare funds with similar vintage.

As for why the wine industry term vintage is used. Obviously, it is because it is taller and more romantic. If two investors say there, which of our funds has the best performance. Is it similar to saying to two old farmers, "Which of all the pigs in our column is the fattest?" In addition, it can also be understood as the concept of the same year or the same year in China examination room. For example, you said that you were a college student enrolled in 1977. Is it shiny?