No fund company and no fund manager can guarantee that new funds issued during the bull market will make money. Nobody else can do it. The fund managers who were pushed to the stage at that time often had very bright performances in previous years. They are not incompetent, but put in this position, and even the stock gods can't survive the tragedy of the stock market crash.
Fund companies make money from management fees. Take equity funds as an example, the annualized management fee of equity funds is 0.8%- 1.5%. Fund companies make money mainly because of its scale effect. The income difference between management 1 100 million and management1100 million is 100 times, but the cost is similar. In this case, the fund company does have the motivation to do a good job. After all, people are not stupid. If there is no performance, no one will buy it, and if the fund has no scale, it will not make money. It can be said that in most cases, the interests of the basic people and fund companies are unified. Fund companies can make money only if the people make money.
Fund managers want to have a fund with a long-term performance curve. As a professional honor, if they have a fund with excellent performance curve for 20 or 30 years, it is tantamount to winning an Oscar in the fund industry, which is an honor that no money can exchange. Although fund managers should treat the funds they manage fairly and equally, resources are limited, and there will always be some funds that get more resources and manage them more carefully. Why can everyone remember Buffett? Because he has created an excellent performance curve for more than half a century, his performance has become a legend.