基金研究系列（25）：QDII基金盘点及绩优产品解析-20231228-开源证券-17页_1mb

报告摘要

QDII Fund Analysis Summary

Key Growth Metrics

QDII funds have experienced significant size growth over the past five years. As of 2023Q3, the total number of QDII funds is 273, with combined scale nearing 3900 billion yuan, a 264% increase from 2019Q4. In 2023, QDII funds saw strong performance, with 149 funds experiencing gains averaging 38%; more than 49 funds outperformed 20%/year benchmarks.

Classifications

QDII funds are classified in three main ways:

By Investment Asset: Dominated by stock funds (84.7%), followed by hybrid (11.2%), bond (29%), and alternative types (12%).
By Transaction Market: Hong Kong markets lead with 58.6% scale, surpassed only by the US at 24.9%.
By Active/Passive: Passive funds dominate (92.5%), with active strategies niche in most markets except emerging ones.

Performance by Type

Stock Funds: High growth in stock type; US market outperforms Hong Kong due to sector exposure. Active strategies may outperform in some cases, e.g., for China-focused funds.
Hybrid Funds: Negative returns recently, relying on US tech stock overweights for gains.
Bond Funds: Focused on dollar-denominated bonds, with capital gains driving returns.
Alternative Funds: High returns from gold and emerging market investments.