中文版

基金下折为什么亏钱？

基金下折是基金运作中的一种特殊现象，指当基金份额净值跌到某一特定水平时，基金管理人会通过减少基金份额数量来提高每份基金的单位净值，以达到保护投资者利益的目的。然而，在实际操作中，基金下折往往伴随着投资者的亏损。那么，基金下折为什么会导致亏钱呢？

首先，基金下折本身是一种被动操作。当基金净值跌到一定程度时，为了避免进一步亏损，基金管理人会选择下折。然而，这种操作并不能改变基金本身的投资业绩，也无法逆转市场的下跌趋势。因此，即使进行了下折，投资者仍然可能面临资产缩水的风险。

其次，基金下折过程中可能存在流动性风险。在下折前，投资者需要赎回部分或全部基金份额，以获取现金应对下折带来的损失。然而，在市场下跌的情况下，基金可能面临赎回压力，导致基金管理人不得不抛售持有的资产以应对赎回请求。这种抛售行为可能进一步加剧市场的下跌，使投资者遭受更大的损失。

此外，基金下折还可能引发投资者心理恐慌。当基金发生下折时，投资者往往会感到恐慌和不安，担心自己的投资会进一步缩水。这种恐慌情绪可能导致投资者在市场低位时盲目赎回基金，从而错过后续可能的反弹机会。

综上所述，基金下折之所以会导致亏钱，主要是因为其本身的被动性、可能引发的流动性风险以及投资者心理恐慌等因素共同作用的结果。因此，投资者在选择基金时，应充分了解基金的投资策略、历史业绩和风险特征，以便做出更加明智的投资决策。

英文版

Why Does Fund Downward Adjustment Result in Losses?

Fund downward adjustment is a special phenomenon in fund operations. It refers to the situation where, when the net asset value of a fund falls to a certain level, the fund manager reduces the number of fund shares to increase the unit net asset value per share, aiming to protect investors' interests. However, in practical operations, fund downward adjustment often accompanies losses for investors. So, why does fund downward adjustment lead to losses?

Firstly, fund downward adjustment is an inherently passive operation. When the fund's net asset value falls to a certain level, to avoid further losses, the fund manager may choose to implement downward adjustment. However, this operation cannot change the investment performance of the fund itself or reverse the downward trend of the market. Therefore, even after downward adjustment, investors may still face the risk of asset shrinkage.

Secondly, there may be liquidity risks involved in the process of fund downward adjustment. Before the adjustment, investors may need to redeem some or all of their fund shares to obtain cash to cope with the losses caused by the adjustment. However, in a falling market, the fund may face redemption pressure, forcing the fund manager to sell held assets to meet redemption requests. Such selling behavior may further exacerbate the market's decline, causing investors to suffer greater losses.

Furthermore, fund downward adjustment can trigger investor panic. When a fund undergoes downward adjustment, investors often feel alarmed and uneasy, fearing that their investments will continue to shrink. This panic may lead investors to blindly redeem their funds at low market levels, thus missing out on potential rebound opportunities.

In summary, the reasons why fund downward adjustment leads to losses are primarily due to its inherent passivity, potential liquidity risks, and investor panic. Therefore, when selecting funds, investors should thoroughly understand the fund's investment strategy, historical performance, and risk characteristics to make more informed investment decisions.