| Over the past 20 years,we have seen the great changes in the mutual fund industry and the competition between active equity fund companies has changed from the license bonus-based expansion to lean operation,which increases market share and revenue through market segmentation,investment performance,multi-channel distribution and product innovation.With the popularity of internet,fund investors could get the information more easily,comprehend the characteristics of mutual fund more deeply,and at the same time,demand more and more on the investment capability and brand image of fund companies.To answer the investors’ demand,fund companies have to target precisely,insist on the strategy and develop steadily,so that they could keep and even enlarge the market share within the severe market competition.This paper focus on finding the reasons why W fund company is leading on performance and AUM of active equity fund.Through data collecting and analyzing,field study,literature review,case study,applying Five Forces theory and Competitive advantage theory,we theoretically analyze and conclude the underlying reasons of W company’s success,sorted out the sources of sustainable competitiveness of W fund company.The main conclusions are as follows:Firstly,the competition between fund companies in china is comparatively perfect and the market is decentralized.Secondly,the popularity of internet tremendously changes the business model and distribution channel of the competitive landscape of active equity fund companies,for example,the independent fund sales agencies are selling more and more funds and thus playing more and more important roles in the market.Thirdly,consisting on the "Do Something but not Everything"-high differentiation&concentration strategy,W fund company gains sustainable competitive advantage on performance and AUM of the active equity fund.The cultivation of such competitive resources is worthy of the attention of existing competitors and the reference of newcomers. |
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