There is a phenomenon in the fund industry that "it is a good thing to make money without doing it, and it is also a good thing to do it", which often leads to better market sales but general operation; There is also the "champion curse" effect. Many star fund managers performed well last year, but the return on investment next year is not ideal.
Extended information Because closed-end funds trade in securities by bidding, the transaction price is affected by the relationship between market supply and demand, which does not necessarily reflect the net asset value of the fund, that is, there is a premium or discount phenomenon between the transaction price of closed-end funds and their net asset value.
The practice of foreign closed-end funds shows that the transaction price often has the price fluctuation law of first premium and then discount. Judging from the operation of closed-end funds in China, no matter how the fundamental situation changes, the transaction price trend of closed-end funds in China has never deviated from the price fluctuation law of first premium and then discount.