The blind box game of dividend funds

Since the beginning of this year, the structural adjustment of the A-share market has continued, and dividend assets are generally favored, but the performance differentiation of active dividend funds is obvious. According to Wind data, as of August 30, 2026, among 105 related funds, some have achieved annual returns exceeding 40%, while others have withdrawn over 35%. Differentiation stems from strategic differences: some funds heavily invest in technology and semiconductors to gain growth elasticity; Others focus on high dividend blue chips such as finance and infrastructure, emphasizing volatility control; There are also products betting on pro cyclical resources, benefiting from expectations of reinflation. The substantial deviation of the position structure results in different styles under the "dividend" label, and investors need to carefully discern the true sources of returns.