Market Notes
系列：Fund Strategy

How to pick a quality active fund

Pick the best of the best: active-fund selection funnel All 18,000+ funds Core: new high every cycle + beat CSI 300 Aux: tenure>5 / sentiment>3 / score>3 【Selected】 Layer by layer: pass the core hard standard first, then use auxiliary conditions to control risk and add certainty, leaving a few selected names.
Figure: The active-fund selection funnel — first filter by the core "new high every cycle + beat CSI 300", then narrow with tenure / sentiment / score, yielding the app's 【Selected】 tags.

Earlier we covered the standard for judging a quality fund; today we analyse how to pick a quality active fund. Drawing on years of research, we have distilled a set of standards for quality active funds.

1) Core standard

In every cycle it keeps making new highs, and across 14 historical bull-bear cycles it beats the CSI 300.

Core standard: NAV vs CSI 300, beat long-term This fund CSI 300 ✓ New high in every bull-bear cycle　✓ Beat CSI 300 in all 14 historical cycles Only one core standard: survive bull and bear to make new highs, and stay above the benchmark long-term.
Figure: The fund NAV (purple) stays above the CSI 300 (grey dashed) long-term and makes a new high every cycle, beating the benchmark — the hard core standard for active funds.

2) Auxiliary conditions

Mainly to keep the historical pattern durable, control risk and add certainty.

① Tenure > 5 years Only such funds can withstand long-cycle time validation, ensuring the pattern is durable.

② Sector sentiment > 3 points Based on the fund’s sector weight, combined with analyst consensus and a 1–3 year forward estimate — mainly to raise certainty. (How to judge sector sentiment? See Section 3.)

③ Excess-return score and volatility score both > 3 points We score and rank the fund’s historical performance across cycles, taking the top 40% — i.e. above 3 points.

Only active funds meeting the above can possibly trigger our strategy signals.

We also tighten some conditions further, picking the best of the best — these are the funds tagged 【精选】 (Selected) inside the app.

⚠️ This article is a methodological framework for illustration only and does not constitute any investment or trading advice. Markets carry risk; decisions require caution.

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