终结“规模躺赢”：葛兰近三年回报跌31.77%，旗下三只基金合计收近27亿元管理费

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to address the issue of high management fees in public funds despite poor performance through a floating management fee mechanism, highlighting a significant industry pain point [1] Group 1: Fund Performance and Management Fees - The fund "Guangfa High-end Manufacturing A" has the lowest three-year return at -53.01% but has collected management fees totaling 4.56 billion yuan over the past three years [3] - "China Europe Medical Health A" has a fund size of 311.79 billion yuan and a three-year performance decline of 32.55%, yet it has still charged 2.2 billion yuan in management fees [3] - The trend of larger funds experiencing greater losses while charging higher fees is evident in funds like "Jingshun Changcheng Emerging Growth A" and "Ruiyuan Growth Value A" [3] Group 2: Fund Manager Performance - Fund manager Ge Lan's funds have shown significant losses, with "China Europe Medical Health A" losing 68.33 billion yuan last year and 178.2 billion yuan in 2022, while still collecting 22 billion yuan in management fees [4] - Ge Lan's overall fund manager index return is -31.77% over three years, with a slight decrease in managed public fund size to 404.47 billion yuan [5] - The potential implementation of the floating management fee reform could drastically reduce management fee income for funds like "China Europe Medical Health A," which may lead to accelerated fund outflows if performance remains poor [5] Group 3: Future Outlook - Ge Lan maintains an optimistic outlook on the continuous breakthroughs in innovative drugs and the recovery of the consumer medical sector, despite the challenges posed by the floating management fee reform [8] - The upcoming reform may pose significant challenges for high-profile fund managers as management fees become closely tied to benchmark returns, potentially impacting their career trajectories [8]