From the perspective of our investors, when the fund is not performing well, we usually switch positions, but the fund manager will not. He didn't change positions, which puzzled investors. Then why do fund managers switch positions when the fund performance is not good? Let's continue to look at it.

Why don't fund managers change positions when the fund performance is not good?

1. The fund size is too large. When the fund size is relatively small, there will be more room for stock selection, but when the fund size rises rapidly to a certain extent, the stocks that can be selected will become very limited. People's energy is limited. If you want to choose a lot of small and medium-sized stocks, it means that fund managers should thoroughly study the small and medium-sized stocks in the market. If the energy is not enough, we can only give up small and medium-sized stocks and study large-cap stocks. If a large amount of money is used to invest in small-cap stocks, it may affect the rise and fall of stock prices and liquidity.

2. Different investment ideas. The investment ideas of fund managers in the market are not completely consistent. Some fund managers advocate buying stocks at low prices, which is what we call deep value investors. As long as the stock quality is not too bad and the price is low, they will wait for the average to return to selling and make a profit. Some fund managers advocate buying stocks with good quality and broad prospects, that is, what we call growth value investors. Even if the stock price is a little expensive, they hope to digest the situation of high valuation through the continuous growth of future performance. The investment logic of these two situations is reasonable. The former earns the price difference of stocks, while the latter earns the dividend of performance growth. Adhering to these two investment concepts can make long-term stable profits, but they will all underperform the market in stages.

3. Limited research ability. Many fund managers have their own competence circle. For example, Zhang Kun and Liu Yanchun focus on the research in the field of consumption, Gulen has deep research in the fields of medical treatment and pharmacy, and Cai Songsong knows more about the semiconductor industry. We often say that it may be dangerous for fund managers to decide wealth by cognition, jump out of the scope of cognition and choose new industries and new targets.

Generally speaking, different fund managers have different ideas. If the fund manager's management ability is excellent, we should trust him and insist on holding the fund for a long time, believing that the fund can reap higher returns.