Not necessarily. Generally speaking, funds buy down and don't buy up. When the fund falls, the buying cost is low, but it may take a long period for the fund to buy down. Relatively speaking, the purchase cost will be high when the fund rises, but as long as the fund is stable and has certain growth, it can still be invested.

Decentralized and flexible allocation of funds, buy a basket of stocks. Fund managers can swap positions at any time, and there is no so-called value regression relative to stocks. A good fund should have a higher and higher net worth.