从2001年7月初至9月底的三个月内,大盘盛极而衰,深沪综指跌幅已逾两成,市场再度陷入低迷。根据海外基金业的经验,基金在牛市中一般很难跑赢大盘,但在熊市中往往能够战胜市场。前者已在2001年上半年牛市中得以验证,那么熊市中基金表现究竟如何?此次股市暴跌为我们研究基金在弱市中的表现提供了一个契机。除去基金天华等12只2001年新上市基金以及华安、南方两只开放式基金外,我们以其余33只基金为样本,以整个第三 During the three months from the beginning of July to the end of September 2001, the market was extremely prosperous, with the Shanghai and Shenzhen Composite Index losing more than 20% and the market downturn again. According to the experience of overseas fund industry, the fund is generally difficult to outperform the broader market in the bull market, but often beat the market in a bear market. The former has been verified in the bull market in the first half of 2001. So what is the performance of the funds in the bear market? The plunge in the stock market provided an opportunity for us to study the performance of the fund in the weak market. With the exception of 12 newly listed funds such as Tianhua Fund in 2001 and two open-end funds in Huaan and Southern China, we took the remaining 33 funds as samples and the entire third