In the first quarter, the Shanghai Composite Index rose by 4.27%, but 70% of the partial stock funds had negative returns, and less than 10% of the partial stock funds outperformed the broader market. Among the dozens of funds that outperformed the broader market, most of them are funds in blue-chip industries such as heavy banks, real estate, machinery and steel.

The main reason why the fund underperformed the index was not "not buying stocks" caused by the position, but "buying the wrong stocks" caused by the failure to grasp the style conversion. The data shows that in the first quarter, the fund showed a trend of adding positions. The number of funds with positions exceeding 90% has increased. Most of the funds with the most losses are small and medium-sized funds or small and medium-sized funds with a certain theme and an emerging industry as their investment targets. For example, the last small and medium-sized Everbright Prudential has a fund yield of-12. 17%. Last year, some "dark horse" funds that relied on small and medium-sized stocks to perform well did not escape the fate of bargain-hunting.