Especially in the structured market of A-share market, the theme funds of various industries shine brilliantly, the management scale rises sharply, and fund managers become hot star fund managers. So today, Bian Xiao is here to sort it out for everyone. Let's take a look!
Why do industry index funds still applaud?
The Securities Times reporter noted that the net performance of an actively managed fund with a management scale of more than 20 billion yuan and betting on a semiconductor track was not as good as that of an index fund in the same period.
No matter in three months or three years, actively managed funds all underperformed the same type of index funds, and the difference between the two rates of return widened 12% in three years. Even so, the scale of actively managed funds still stands at around 30 billion yuan all the year round. Although the largest index fund with the same theme performs better, it still hovers around 654.38+0 billion yuan, which can be described as "applauding and not being a seat".
This phenomenon also happened in two consumer-themed funds. Relying on the excellent performance of the consumer sector, an active fund product with heavy consumer stocks once became the largest partial stock fund in the market, while the index fund with better performance outperformed the fund. Although the scale has also increased, its popularity is obviously not as good as that of the active fund.
It can be seen that because the active funds in the above industries underperformed the theme index funds in the same period, the fund managers did not show the advantages of active management. In reality, the fund managers of active fund products are often exposed frequently, with great fame and rising management scale, becoming the "mainstay", while the fund managers of theme index fund products are often ignored.
Judging from this year's situation, the phenomenon that industry active funds underperform theme index funds is more obvious. Specifically, in terms of equity funds, among the fund products with a net increase of 10 during the year, 6 are index funds, accounting for more than half.
Betting on the outstanding performance of a single industry is easy for a while and difficult for a long time.
"The industry in Public Offering of Fund is very mobile, and there are very few truly excellent active equity fund managers." An industry insider told the Securities Times reporter that index funds can get the average return of the market, while active equity funds have uneven performance, and it is very rare to get excess returns for a long time. The fund managers who bet on a single industry have a shorter "life cycle", and most of them will "disappear" with the decline of the industry.
In recent years, with the rapid development of economy and society, some growth industries are gradually moving towards mature industries. Reflected in the A-share market, the industry theme is rotating and the market style has been switching; Among fund products, industry index funds often outperform active management funds betting on a single industry in a short period of time.
Active management funds are usually actively participated by fund managers, who can choose time and stocks, while index funds are passive investments, which involve less transactions and have been operating in high positions.
However, the A-share market fluctuates greatly and there are many influencing factors. For fund managers, timing is not simple, which requires not only a mature investment system, but also a strong mentality. Most fund managers also contribute negative returns when timing, so most fund managers in China choose high position operation. In stock selection, the structured market of A shares determines that it is difficult for any industry to make money all the time. Therefore, it is easy for fund managers to get together in a certain industry and have a high concentration of shares in stock selection.
The high concentration of overlapping shareholding in high position operation leads to the convergence of most active management fund products and index funds, and even the performance is not as good as that of index funds. There are many fund products with excellent long-term performance in the market, many of which are rich returns obtained by fund managers based on industry rotation. It is difficult for fund managers who bet on a single track to maintain good performance for a long time.
Therefore, it is not difficult to understand that the performance of active fund products is not as good as that of index funds in single-theme investment.
Which is better, index fund or active fund?
In 2005, Buffett put forward a $500,000 "bet" that the performance of the S&P 500 index fund could beat the performance of any five hedge funds (actively managed funds) within 65,438+00 years. 10 years later, the only fund manager who participated in the war was completely defeated. In 20 17, the average rate of return of fund managers was 2.96%, while the average rate of return of Standard & Poor's 500 index funds bet by Buffett was 8.5%, and Buffett won a great victory. In this gambling game, active investment was completely defeated by passive investment.
However, as to which is better, active investment or passive investment, it is not decided by the result of this gambling game, and there has been a heated debate.
In this regard, some fund analysts said that in a mature market like the United States, most active funds can't beat the index, because the market is already very mature, and they can make profits by holding index funds, but the investment styles in different markets are different, so it is impossible to generalize which is better or worse.
From the domestic point of view, if the cycle is extended, there are not many outstanding index funds. Among the equity funds with the highest cumulative returns in the past decade, the TEDA Manulife Shanghai and Shenzhen 300 Index, which has the best performance, also ranks out of the 200.
In terms of quantity, the total number of domestic index funds is far less than that of active funds, accounting for only a quarter of the total number of stock funds, which determines that it is difficult to directly compare active products with index products.
At present, domestic index funds are still in the development stage. In addition to the quantity, the development of domestic index funds is still far less than that of mature markets in terms of coverage theme, product type and innovation degree. Domestic index funds are still concerned about the lack of coverage, single product type and slow innovation cycle.
Generally speaking, the phenomenon that new types of index funds are issued together when the index is high often appears in China. For example, before the launch of the new energy market in 20 19, only four new energy theme index funds were established, and half of the new energy index funds were established in the peak period of the new energy market in 20021year. This is also the main reason why active management funds betting on new energy tracks can dominate the performance ranking, while new energy index funds are absent.
For holders, active funds can quickly cut into new areas in the outbreak period according to market judgment. This flexibility determines that their attempts in new fields have room for fault tolerance and will have high excess returns after long-term accumulation. It can be seen that in the new areas not covered by index fund products, some actively managed funds can play a role similar to index funds and provide investors with rich returns.
Industry index funds outperform industry active funds;
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