Why is the fund always "slow to beat"?

In the face of this year's sudden rebound in the market, many CDI may have such a feeling: Although the net fund began to go up, but how can not catch up with the market gains? 　　Not to mention the stronger stocks. Statistical data can be used to corroborate this feeling. Statistics show that as of May 13, the Shanghai and Shenzhen stock indexes rose by about 46% and 59% respectively this year. A shares of about 1135 shares rose more than 50%, with about 330 stocks doubling. Over the same period, only 37 of the 258 equity funds had a yield of more than 46%, accounting for only about 14%, and the rest of the fund ran all over the market. In fact, this phenomenon has been repeated many times before. 　　As in the 2006-2007, when the bull market was the most brilliant, most of the fund's earnings were lagging behind the same index gains. The performance of overseas funds has also failed to be refined. The standard and poor index's performance in the 5 years of 2004-2008 was more than 71.9% of the big-cap active investment fund and the S & P 400 index outperformed 75.9%, according to a study comparing the 2008-year standard, poor index and active investment performance. Of the unit's Active investment fund, the S & P 600 index showed more than 85.5% of the small-cap active investment fund. 　　S & P specifically points out that this is similar to the results of the previous 5 years. The above figures show that most of the active fund running the market is a common in the Global Fund industry. This result may make CDI very sad, they are afraid to accept such a conclusion. Because CDI trust fund managers ' professional investment skills, they will give their money to them. 　　When CDI found that most of the fund managers were not as exhaustive as the simple indexation of investment, I am afraid most of the CDI will ask themselves: Why do I buy an active fund? But in the opinion of fund managers, this is an awkward question, but it is an easy question to explain.　　The operation of the active fund is more flexible, which means that its ability to operate the control fluctuation is strong, but it is subject to the limitation of many terms such as the position in the contract, it is impossible to realize the maximization of the profit. For example, a fund contract that provides a minimum of 60% of the position and a maximum of 90%, then, when the index rises, the fund positions are generally gradually increased, it is difficult to enjoy all the gains in index gains; Similarly, when the index falls, the fund is not able to evade risk quickly. This phenomenon is particularly evident in larger funds. 　　In layman's terms: the fund is always "slow the market a beat." Does this mean buying an active fund instead of buying an index fund? Not necessarily. In fact, from a longer period of time, the flexibility of the active fund will cause most of its profitability to run the market, but if the time is shortened, we will find that, in a certain period, the performance of the active fund will exceed the market, this phenomenon generally occurs in the Fund's position has been raised to a very high level after. The message of this phenomenon is that the fund has a strong ability to select stocks, if there is enough room for operation, the Fund is still able toForce brings excess income to CDI. Therefore, objectively speaking, most of the active funds are not long-term fixed investment ideal object, but its short-term explosive power is the pursuit of short-term income good choice. For CDI, in the choice of index funds and active stock funds, the primary consideration is their own goals and risk tolerance, choose the funds they need instead of blindly investing in funds. A CDI's words are worth pondering: there is no perfect fund in this market, but there will be a fund for you.