1. The information released by the fund's position is delayed, that is, the stock it announced has gone up. However, if the fund manager changes his position and the stock he invests in is no longer a publicly issued stock, the stock will rise and the fund will not.

2. The funds raised by equity funds are not 100% invested in stocks, that is, in order to ensure the liquidity of funds to deal with redemption, equity funds will invest part of their funds in some flexible money markets, which will also lead to the situation that stocks will rise and funds will not rise.

3. The fund mainly invests in a basket of stocks, and the rise and fall of the fund is mainly determined by this basket of stocks. The rise of the stock market does not necessarily mean that the basket of stocks invested by the fund will rise, so there will be a situation in which the stock market rises and the fund does not rise. Generally, stocks and funds develop in the same direction, and the probability of funds rising in the stock market is higher, and the probability of funds falling in the stock market is higher.