{"id":6358,"date":"2023-01-29T22:55:52","date_gmt":"2023-01-29T22:55:52","guid":{"rendered":"\/\/smallcapscn.x5view.co\/?p=6358"},"modified":"2023-08-29T17:56:50","modified_gmt":"2023-08-29T17:56:50","slug":"active-fund-managers-underperform-passive-funds","status":"publish","type":"post","link":"https:\/\/smallcapscn.x5view.co\/?p=6358","title":{"rendered":"\u4e3b\u52a8\u578b\u57fa\u91d1\u7ecf\u7406\u8868\u73b0\u4e0d\u53ca\u88ab\u52a8\u578b\u57fa\u91d1"},"content":{"rendered":"

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\u6211\u4eec\u600e\u4e48\u77e5\u9053\u5462\uff1f<\/p>\n

\u7814\u7a76\u7ee7\u7eed\u652f\u6301\u88ab\u52a8\u57fa\u91d1<\/h2>\n

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\u6700\u6301\u4e45\u7684\u8861\u91cf\u6807\u51c6\u4e4b\u4e00\u662f S&P Indices versus Active \u6216 SPIVA \u62a5\u544a\uff0c\u8fd9\u4e9b\u62a5\u544a\u5df2\u7ecf\u5728\u7f8e\u56fd\u5e02\u573a\u6574\u7406\u4e86 20 \u5e74\u7684\u6570\u636e\uff0c\u5728\u6fb3\u5927\u5229\u4e9a\u548c\u8bb8\u591a\u5176\u4ed6\u5e02\u573a\u7684\u65f6\u95f4\u8f83\u77ed\u3002<\/p>\n

SPIVA \u62a5\u544a\u663e\u793a\u4e86\u79ef\u6781\u7ba1\u7406\u578b\u57fa\u91d1\u5728\u957f\u671f\u548c\u77ed\u671f\u5185\u76f8\u5bf9\u4e8e\u9002\u5f53\u57fa\u51c6\u7684\u8868\u73b0\u3002<\/p>\n

\u4ed6\u4eec\u901a\u8fc7\u4e24\u4e2a\u4e3b\u8981\u63aa\u65bd\u6765\u505a\u5230\u8fd9\u4e00\u70b9\u2014\u2014\u6bd4\u8f83\u4e3b\u52a8\u548c\u88ab\u52a8\u56de\u62a5\u7684\u8bb0\u5206\u5361\uff0c\u4ee5\u53ca\u663e\u793a\u4e00\u4e9b\u4e3b\u52a8\u57fa\u91d1\u662f\u5426\u80fd\u591f\u6301\u7eed\u4f18\u4e8e\u5176\u76f8\u5173\u6307\u6570\u6bd4\u8f83\u7684\u6301\u4e45\u6027\u6216\u4e00\u81f4\u6027\u63aa\u65bd\u3002<\/p>\n

\u4e3b\u52a8\u578b\u57fa\u91d1\u8868\u73b0\u4e0d\u4f73<\/h2>\n

\u5982\u679c\u4f60\u662f\u4e00\u540d\u6d3b\u8dc3\u7684\u57fa\u91d1\u7ecf\u7406\uff0c\u5b83\u4eec\u4e0d\u4f1a\u5e26\u6765\u6f02\u4eae\u7684\u9605\u8bfb\u2014\u2014\u90e8\u5206\u539f\u56e0\u662f\u901a\u8fc7\u6536\u53d6\u6295\u8d44\u8d39\u7528\uff0c\u6d3b\u8dc3\u7684\u57fa\u91d1\u7ecf\u7406\u5728\u5f00\u59cb\u6bd4\u8d5b\u65f6\u4e00\u53ea\u624b\u88ab\u7ed1\u5728\u80cc\u540e\uff0c\u4e5f\u56e0\u4e3a\u6307\u6570\u7684\u6784\u5efa\u63d0\u4f9b\u4e86\u4e00\u4e2a\u5f3a\u5927\u7684\u201c\u6d3b\u8dc3\u201d \u6295\u8d44\u673a\u5668\uff0c\u4e70\u5165\u66f4\u591a\u4e0a\u6da8\u7684\u80a1\u7968\uff0c\u5356\u51fa\u4e0b\u8dcc\u7684\u80a1\u7968\u3002<\/p>\n

\u79ef\u6781\u7684\u7ecf\u7406\u4eba\u53ef\u80fd\u4f1a\u5439\u5618\u4ed6\u4eec\u53ef\u4ee5\u6311\u9009\u8d62\u5bb6\u800c\u4e0d\u662f\u4e70\u8f93\u5bb6\uff0c\u4f46\u6307\u6570\u8fd9\u6837\u505a\u7684\u65b9\u5f0f\u5f88\u96be\u88ab\u51fb\u8d25\u3002<\/p>\n

\u6709\u591a\u96be\uff1f<\/p>\n

\u597d\u5427\uff0c\u5728 15 \u5e74\u591a\u7684\u65f6\u95f4\u91cc\uff0c\u8d85\u8fc7 70% \u7684\u4e3b\u52a8\u7ba1\u7406\u57fa\u91d1\u672a\u80fd\u8dd1\u8d62\u6db5\u76d6\u5404\u79cd\u80a1\u7968\u548c\u56fa\u5b9a\u6536\u76ca\u57fa\u91d1\u7684\u6bd4\u8f83\u6307\u6570\u3002<\/p>\n

\u5728\u8f83\u77ed\u7684\u65f6\u95f4\u6bb5\u5185\uff0c\u8fd9\u4e9b\u6570\u5b57\u66f4\u4e3a\u63a5\u8fd1\uff0c55.4% \u7684\u7f8e\u56fd\u4e3b\u52a8\u578b\u57fa\u91d1\u5728\u4e00\u5e74\u5185\u8868\u73b0\u4e0d\u4f73\uff0c\u5728\u4e09\u5e74\u5185\u8fc5\u901f\u4e0a\u5347\u81f3 85.9%\u3002<\/p>\n

\u6fb3\u5927\u5229\u4e9a\u7684\u60c5\u51b5\u975e\u5e38\u76f8\u4f3c\uff0c47.9% \u7684\u666e\u901a\u80a1\u7968\u4e3b\u52a8\u578b\u57fa\u91d1\u5728\u4e00\u5e74\u5185\u8868\u73b0\u4e0d\u4f73\uff0c\u5728 15 \u5e74\u5185\u4e0a\u5347\u5230 82.9%\u3002<\/p>\n

\u5bf9\u4e8e\u9009\u62e9\u88ab\u52a8\u7ba1\u7406\u8fd8\u662f\u4e3b\u52a8\u7ba1\u7406\uff0c\u8fd9\u662f\u4e00\u4e2a\u53ef\u9760\u4f46\u5e76\u975e\u7edd\u5bf9\u4ee4\u4eba\u4fe1\u670d\u7684\u6848\u4f8b\u3002<\/p>\n

\u79ef\u6781\u7684\u7ecf\u7406\u4eba\u7f3a\u4e4f\u4e00\u81f4\u6027<\/h2>\n

\u4f46\u662f\uff0c\u5982\u679c\u6709\u4e00\u7fa4\u6301\u7eed\u8868\u73b0\u51fa\u8272\u7684\u79ef\u6781\u578b\u7ecf\u7406\u4eba\uff0c\u800c\u60a8\u8fdb\u884c\u4e86\u8db3\u591f\u7684\u7814\u7a76\u4ee5\u627e\u5230\u4ed6\u4eec\u5e76\u4e0e\u4ed6\u4eec\u4e00\u8d77\u6295\u8d44\uff0c\u8be5\u600e\u4e48\u529e\uff1f<\/p>\n

\u4e0d\u5e78\u7684\u662f\uff0c\u6301\u4e45\u6027\u62a5\u544a\u663e\u793a\uff0c\u8fd9\u4e2a\u7531\u4e00\u76f4\u8868\u73b0\u51fa\u8272\u7684\u4e3b\u52a8\u7ba1\u7406\u4eba\u7ec4\u6210\u7684\u4ff1\u4e50\u90e8\u6bd4\u4f60\u60f3\u8c61\u7684\u8981\u6392\u5916\u5f97\u591a\uff0c\u5e76\u4e14\u51e0\u4e4e\u4f7f\u5bfb\u627e\u957f\u671f\u201c\u4f18\u79c0\u201d\u4e3b\u52a8\u7ba1\u7406\u4eba\u7684\u60f3\u6cd5\u6210\u4e3a\u4e0d\u53ef\u80fd\u7684\u4efb\u52a1\u3002<\/p>\n

\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c2022 \u5e74\u5e74\u4e2d\u53d1\u5e03\u7684\u7f8e\u56fd\u6301\u4e45\u6027\u62a5\u544a\u663e\u793a\uff0c\u5728\u622a\u81f3 2020 \u5e74 6 \u6708\u7684 12 \u4e2a\u6708\u5185\u8868\u73b0\u5728\u524d\u56db\u5206\u4e4b\u4e00\u7684\u6d3b\u8dc3\u57fa\u91d1\u7edd\u5bf9\u6ca1\u6709\u5728\u63a5\u4e0b\u6765\u7684\u4e24\u5e74\u4e2d\u4fdd\u6301\u5728\u8be5\u56db\u5206\u4e4b\u4e00\u3002<\/p>\n

\u8be5\u62a5\u544a\u8fd8\u53d1\u73b0\uff0c\u4f7f\u7528\u622a\u81f3 2018 \u5e74 6 \u6708\u7684\u4e00\u5e74\u4e2d\u7f8e\u56fd\u56fd\u5185\u80a1\u7968\u57fa\u91d1\u4e2d\u6392\u540d\u524d 50% \u7684\u80a1\u7968\uff0c\u5230 2022 \u5e74 6 \u6708\u5e95\uff0c\u8868\u73b0\u6700\u597d\u7684\u4e00\u534a\u57fa\u91d1\u4ecd\u7136\u662f\u8868\u73b0\u6700\u597d\u7684\u4e00\u534a\u7684\u53ef\u80fd\u6027\u4ec5\u4e3a 1%\u3002<\/p>\n

\u8fd9\u662f\u5927\u6d77\u635e\u9488\u9886\u57df\u7684\u771f\u6b63\u9488\uff0c\u4f7f\u9009\u62e9\u4e00\u4e2a\u59cb\u7ec8\u8868\u73b0\u6700\u4f73\u7684\u4e3b\u52a8\u7ba1\u7406\u4eba\u6210\u4e3a\u4e00\u9879\u51e0\u4e4e\u4e0d\u53ef\u80fd\u5b8c\u6210\u7684\u4efb\u52a1\u3002<\/p>\n

\u6fb3\u5927\u5229\u4e9a\u79ef\u6781\u7684\u7ecf\u7406\u4eba\u505a\u5f97\u66f4\u597d\u4e00\u70b9<\/h2>\n

\u6fb3\u5927\u5229\u4e9a\u57fa\u91d1\u7684\u60c5\u51b5\u7565\u597d\u4e00\u4e9b\uff0c2022 \u5e74 6 \u6708\u7684\u6301\u4e45\u6027\u8bb0\u5206\u5361\u663e\u793a\uff0c\u4ec5\u4e24\u5e74\u540e\uff0c\u5728 2020 \u5e74 6 \u6708\u4e2d\u65ec\u6392\u540d\u524d\u56db\u5206\u4e4b\u4e00\u7684\u6fb3\u5927\u5229\u4e9a\u80a1\u7968\u57fa\u91d1\u4e2d\uff0c\u53ea\u6709\u4e0d\u5230 10% \u7684\u80a1\u7968\u57fa\u91d1\u4ecd\u7559\u5728\u90a3\u91cc\u3002<\/p>\n

\u56fd\u9645\u80a1\u7968\u3001\u503a\u5238\u6216 A-REIT \u7c7b\u522b\u4e2d\u8868\u73b0\u6700\u597d\u7684\u57fa\u91d1\u5747\u672a\u8fdb\u5165\u524d\u56db\u5206\u4e4b\u4e00\u3002<\/p>\n

\u90a3\u4e48\uff0c\u6211\u4eec\u53ef\u4ee5\u4ece\u8fd9\u79cd\u957f\u671f\u7ee9\u6548\u8861\u91cf\u6807\u51c6\u4e2d\u5f97\u51fa\u4ec0\u4e48\u7ed3\u8bba\u5462\uff1f<\/p>\n

\u597d\u5427\uff0c\u79ef\u6781\u7684\u7ecf\u7406\u4eba\u53ef\u4ee5\u8868\u73b0\u826f\u597d\uff0c\u6570\u636e\u663e\u793a\u4ed6\u4eec\u5728\u6fb3\u5927\u5229\u4e9a\u7684\u8868\u73b0\u6bd4\u5728\u7f8e\u56fd\u7565\u597d\uff0c\u4f46\u4efb\u4f55\u8dd1\u8d62\u6307\u6570\u7684\u8868\u73b0\u5f80\u5f80\u4f1a\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\u800c\u6d88\u5931\u3002<\/p>\n

\u60a8\u671f\u5f85\u7684\u65f6\u95f4\u8d8a\u957f\uff0c\u4efb\u4f55\u6d3b\u8dc3\u7684\u7ecf\u7406\u4eba\u8868\u73b0\u4e0d\u4f73\u7684\u53ef\u80fd\u6027\u5c31\u8d8a\u5927\u3002<\/p>\n

\u8d44\u91d1\u6d41\u5411\u88ab\u52a8\u57fa\u91d1<\/h2>\n

\u6240\u6709\u8fd9\u4e9b\u90fd\u5728\u5f88\u5927\u7a0b\u5ea6\u4e0a\u89e3\u91ca\u4e86\u6295\u8d44\u8005\u8d44\u91d1\u5728 2022 \u5e74\u7684\u53bb\u5411\u2014\u2014\u88ab\u52a8\u8d44\u91d1\u7684\u8d8b\u52bf\u53ef\u80fd\u4f1a\u5728 2023 \u5e74\u7ee7\u7eed\u3002<\/p>\n

\u6839\u636e ETF \u63d0\u4f9b\u5546 BetaShares \u7684\u6570\u636e\uff0c\u53bb\u5e74\u6d41\u51fa\u91cf\u6700\u5927\u7684\u4e94\u53ea\u57fa\u91d1\u90fd\u662f\u4e3b\u52a8\u578b\u57fa\u91d1\u7ecf\u7406\uff0c\u5176\u4e2d\u4ee5\u9677\u5165\u56f0\u5883\u7684\u57fa\u91d1\u7ecf\u7406 Magellan \u51c0\u6d41\u51fa 40 \u4ebf\u6fb3\u5143\u5c45\u9996\u3002<\/p>\n

\u603b\u7684\u6765\u8bf4\uff0c\u6fb3\u5927\u5229\u4e9a ETF \u884c\u4e1a\u5728\u4e00\u5e74\u4e2d\u83b7\u5f97\u4e86 135 \u4ebf\u6fb3\u5143\u7684\u51c0\u6d41\u5165\uff0c\u800c\u975e\u4e0a\u5e02\u57fa\u91d1\u884c\u4e1a\u5219\u521b\u4e0b\u6709\u8bb0\u5f55\u4ee5\u6765\u6700\u7cdf\u7cd5\u7684\u4e00\u5e74\uff0c\u51c0\u6d41\u51fa 268 \u4ebf\u6fb3\u5143\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

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