From the heated discussions of "Come on!Which fund should I buy?" to "When can I break even?" and now to "Break even?It doesn't exist," for individual investor Xiao Hu (a pseudonym),the emotional rollercoaster only took three years.

According to First Financial Daily statistics,among the actively managed equity funds that have been established for three years,there are 92 with a scale exceeding ten billion yuan.As of June 26,all of these products have suffered performance losses and scale reductions over the past three years.By the end of the first quarter of this year,only 29 actively managed equity funds with a scale of ten billion remained in the market,a decrease of 68.48%.

Full Performance Loss

"The colleague sitting next to me said he made several hundred from lottery tickets,while my fixed investment is still down 50%," Xiao Hu told the First Financial Daily reporter when discussing his investment experience,stating that he has sunk deeper and deeper into the quagmire,and breaking even is no longer a thought,as he has now given up and lost his temper.Xiao Hu told the reporter that most of his friends are still "unable to cut their losses," and some even buy more as the market falls,trying to bottom-fish.

When the reporter communicated with several investors aged between 20 and 40,it was understood that they are roughly divided into two categories.One category is like Xiao Hu,who has given up and even adds more investment when the losses are too great.The other category is investors who choose to "cut their losses" and leave because they have lost confidence in the product or fund manager,or do not have a positive outlook on the fund's industry.

"We respect each other and understand each other very well," one investor,Xiao Man (a pseudonym),told the reporter,"I will add to my position when the losses are too much,and I will not stop the loss."

According to First Financial Daily statistics,as of June 26,there are 3,163 actively managed equity funds that have been established for three years (including common stock type,flexible allocation type,stock-biased hybrid type,and balanced hybrid type funds,only calculating the initial funds,the same below),with 2,879 products having a negative cumulative return over the past three years,accounting for more than 90%.

Among them,there are 92 actively managed equity funds at the ten billion yuan level.Data shows that as of June 26,all of these products have suffered losses over the past three years,with an average decline of 40.86%; among them,53 products with a loss exceeding 40%,accounting for more than half; and 23 products with a decline exceeding 50%.

This means that if investors bought any of the above ten billion yuan level actively managed equity funds around June 2021 and held them until now,they would have chosen a "loss-making" product,with the difference being the degree of loss; and the probability of choosing a product with a performance "halved" is about one quarter.

Looking at specific products,there are only two products with a loss of less than 10%,which are Guangfa Trend Selection A and Guangfa Balanced Selection A,with cumulative returns of -0.9% and -5.73% over the past three years,respectively.The interval decline of products such as Zhongou Medical Health A,Huitianfu Innovative Medicine,Guangfa Growth Selection A,Guangfa Medical Care A,and Fuguo Innovative Trend all exceeded 60%,at 63.06%,62.5%,61.99%,61.1%,and 60.65%,respectively."Seven-tenths scale 'halved'"

These fund managers who were able to gain support at the scale of tens of billions during the glorious period of the public offering industry are mostly well-known names to investors,such as Zhang Kun,Ge Lan,Zhu Shaoxing,Liu Gesong,and others.The mid-2021 report data shows that among the aforementioned 92 active equity products at the scale of tens of billions,the total number of holders is 97.4093 million households.

With the decline in performance and poor investment experience,these tens-of-billion products have also been successively abandoned by investors.According to the 2023 annual report data,the number of fund share holders has dropped to 59.3828 million households,a decrease of nearly 40%.At the same time,the scale of these tens-of-billion products is also rapidly declining.

Wind data shows that as of the end of the first quarter of this year,there are only 29 active equity funds with a combined scale of more than ten billion yuan in the market,a decrease of 68.48% compared to the 92 in the same period of 2021.In other words,in three years,the number of active equity products at the scale of tens of billions has been sharply reduced by nearly 70%.

At present,the largest active equity product is the Yifangda Blue Chip Selection managed by Zhang Kun,with the latest scale of 41.144 billion yuan,which has been "halved" from 88.016 billion yuan in the same period three years ago.This is also the only active equity product with a fund scale of more than 40 billion yuan at present.

Compared with the end of the first quarter of 2021,the scale limit has dropped from more than 88 billion yuan to just over 40 billion yuan,and the originally "400+" billion yuan scale is Liu Yan Chun's Jing Shun Great Wall Emerging Growth and Dong Li's Xing Quan Trend Investment,with a reduction of 45.14% and 61.16% respectively.

If we take the 92 billion-level equity funds in the first quarter of 2021 as a sample,none of these products are immune,and the fund scale has shrunk to varying degrees.According to the First Financial Statistics,the scale of the aforementioned products has decreased by an average of 59.13% in the past two years,and there are 66 "halved" products,accounting for more than 70%.

Among them,the product with the smallest decline ratio is Yifangda National Defense and Military Industry,with a scale reduction of 7.68%; the most is China Merchants Rui Zhi Youxuan,which has shrunk from 29.05 billion yuan at the end of the first quarter of 2021 to 1.154 billion yuan at the end of the first quarter of this year,a decrease of more than 96%.

In addition,the shrinkage ratio of products such as Huaxia Xingrong,Yifangda Ke Run,Jiashi Industry Selection,Nanfang Advantage Industry,Huitianfu Core Selection,and Guofu Shanghai-Hong Kong-Guangzhou Growth Selection is all above 90%.

However,the reporter also noticed that from the perspective of the change in the number of fund shares,some products have increased their shares,such as Ge Lan's China Europe Medical Health,which has the latest share of 23.604 billion shares,an increase of 94.59% compared to 19.933 billion shares in the same period three years ago."Backlash" and Reflection

"The starification of fund managers has previously driven the growth of large-scale fund management,but as the scale increases,it poses a significant challenge to the management capabilities of fund managers,such as their circle of competence,liquidity management skills,and the research and investment support from the company," said a top fund company executive to the reporter.

He further explained that large-scale funds are more restricted in terms of liquidity and portfolio adjustment efficiency.Especially in recent years,against the backdrop of intensified industry rotation,active equity funds are not easy to outperform passive funds.Moreover,large funds hold more positions,making it even more difficult to respond to market changes and adjust their holdings quickly.

A fund market executive from South China,when communicating with the reporter,indicated that many investors who entered the market at high levels did so with the initial intention of "obtaining higher returns." Among them are many new investors who are not familiar with the fluctuations of the A-share market.After the money-making effect has significantly weakened,the mentality and confidence of these investors are also changing.

"In fact,it can be seen in daily life that many investors lack the necessary understanding of risk and return,treating short-term market trends as the norm.They have achieved high returns during the uptrend,leading to excessively high expectations for investment returns," the executive believes that during this phase,fund companies,in order to expand their scale,continuously launch new funds at market highs without reminding investors of the risks from their perspective,which also plays a certain role in pushing this trend.

"From the perspective of investor sentiment,everyone must have some opinions on star fund managers and the excess returns that active management can create," he said.In his view,the behavior and mentality changes of fund investors also reflect the shortcomings of fund companies in marketing strategies and investor education.

In fact,this point has been recognized by many companies.The reporter learned from multiple fund companies that in the past two years,some fund companies have been continuously increasing their efforts in investor education,guiding investors to view investments more rationally.This includes not only promoting the potential returns of investments but also emphasizing the existence of risks,helping them to assess and manage risks more comprehensively.

In addition,an active equity fund manager who communicated with the reporter also expressed that he is very anxious about poor performance,constantly reviewing and reflecting,and re-examining the investment logic."Often,I oscillate between being steadfast in my investment philosophy and being proven wrong," the fund manager said,although the pressure is very great,he still adheres to his investment logic.