Advantages: When young fund managers start to manage funds, the management scale is generally small. On the one hand, it is easier to adjust positions, which is very beneficial for fund managers with high turnover rate. On the other hand, if they participate in new venture capital, they can get more excess returns. New fund managers are full of energy, and young people are more eager to prove themselves. They will be more diligent and energetic in their work. The internet, innovative drugs and other industries are changing and developing very rapidly, and it takes more time to learn, so new fund managers can keep up with the process of change.

Disadvantages: First of all, of course, the shortcomings of inexperience. It is difficult to accurately judge its management strength without a complete bull-bear market test. Riding the wind and waves in a bull market is excellent, which does not mean that risks can be effectively controlled in a bear market. Most new fund managers also lack a mature investment system and are prone to style drift. A mature investment system needs to be constantly improved and revised in investment practice. It may take a long time to suggest a mature investment system. Without a mature system, it is difficult to ensure stable and sustainable excess returns. The ability circle is small, and the new fund manager has not been a fund manager for a long time. He may just be good at the original research industry, and his investment scope is relatively simple. Unstable employment is also one of the disadvantages, and it is easy to be eliminated by the superior in the early stage of employment.