Don't overlook the comparative advantage of small and medium sized funds

⊙ Eastern Airlines Financial Suzy we define a fund with a net asset value of more than 10 billion as a large fund, and the net asset value in 3 billion-10 billion is defined as a medium-scale fund, and a fund with a net asset value below 3 billion is defined as a small-scale fund.　　By counting the performance of three open partial-stock funds of different sizes since 2003, we find that the performance of small and medium-sized funds is significantly better than that of large-scale funds, and that exceptions have been made only at the beginning of the year, with the exception being dragged down by funds that are partly inferior to filial piety. The performance performance of small and medium-sized funds is better than the large-scale funds in the whole, mainly because of small and medium-sized fund size, can play the advantages of "Stoding", the stock exchange is more flexible, and large-scale funds because of large scale, the transfer of stock exchange is relatively slow.　　So in the vagaries of the market, small and medium-sized funds can be timely response, performance is often better than the size of the fund too bloated. It is noteworthy that the performance of the Fund does not have a completely reverse-related relationship with the size of the fund, and that, in the case of a single fund, it does not mean that the larger the fund, the poorer the fund's performance, and the smaller the Fund, the better its performance. A large number of fund size is due to the fund's historical performance, outstanding fund management capacity, investor subscription enthusiastically and gradually formed, such funds will still maintain outstanding performance. In addition, in the bull market, the rise in the stock markets will also make the fund larger.　　On the contrary, some of the funds are too small, such as the net asset value of less than 500 million of the Fund is due to the fund company compared to the historical performance of filial piety caused. In terms of current fund investment, the A-share market after nearly half a year's rise, investor confidence gradually restored, fund sales to reproduce the bull scene. Therefore, investors in the selection of funds can pay due attention to small and medium-sized funds, for too bloated funds to be cautious, especially for the first encounter looting, raise large scale funds, investors should remain rational attitude towards. For example, the 2006 issue of the growth of the KA Real strategy and the 2007 issue of the Investment Morgan Asia-Pacific advantage, the former raise the scale of more than 40 billion, the latter raised more than 30 billion, the fund company implemented a proportional subscription, the subscription ratio of only 30%, but after the first brilliant, this two is too "　　Fund is operating with mediocre results. The annual performance scale of the fund of different scale is 2003200420052006200720082009 to now large-scale-5.48% 25.51%94.49%-51.88%34.55% medium scale 11.45%-4.41%-0.09%56.79% 105.75%-49.35%33.54% Small Scale 11.22%-0.55%2.95%97.03%104.45%-28.23%30.83%