中小盘股涨势若要持续，机构投资者将扮演关键角色

以目前的形式，“未来50指数”在促进中小盘股公司的市场纪律方面，其效果可能与海峡时报指数在大型股领域的作用相当。

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Ben Paul

Published Mon, Oct 20, 2025 · 07:00 AM

今年以来，已有五只“未来50指数”成份股录得三位数百分比涨幅，它们是：Hong Leong Asia、Yangzijiang Financial、Propnex、Food Empire 和 Pan-United Corp。照片：《商业时报》资料图

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【新加坡】多年前的一次午餐会上，一位知名的基金经理告诉我，他的新兴市场基金之所以未能跑赢基准指数，并非因为他选错了股票，而是因为他的基金无法对表现最佳的股票保持足够高的持仓比例。

他说，为了降低集中度风险，他的基金对单一股票的投资比例不得超过10%。然而，它们的基准指数却常常由少数几家规模庞大、经营良好的公司主导，这些公司的股票流动性相对较好，并获得了较高的市场估值。

由于无法匹配这些表现强劲股票的指数权重，基金最终表现落后。虽然我当时有些怀疑，但这个解释听起来足够合理，让我没有再继续追问他业绩不佳的原因。

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