突出增强投资行为稳定性公募“会诊”风格漂移顽疾

Core Viewpoint - The release of the "Action Plan for Promoting the High-Quality Development of Public Funds" has become a focal point in the industry, emphasizing the need to enhance the stability of fund investment behavior and address issues like "style drift" and "inconsistent products" [1][2] Group 1: Performance Benchmarking - The Action Plan strengthens the role of performance benchmarks as a "lifeline" for public fund products, establishing clear guidelines for setting, modifying, disclosing, and evaluating these benchmarks [2][3] - Fund companies are expected to be more cautious in setting performance benchmarks, potentially shifting the evaluation logic from beta returns to alpha returns [3][4] - The emphasis on performance benchmarks aims to constrain fund managers' investment behavior, ensuring they adhere to the agreed-upon industry or style, thereby reducing arbitrary deviations [2][3] Group 2: Theme Fund Regulation - The Action Plan proposes stricter registration and self-regulatory rules for theme funds, enhancing monitoring and analysis of fund investment transactions [4][5] - Historically, theme funds have been prone to style drift, with instances of funds misaligning their investments with their stated themes, which the new regulations aim to address [4][5] - The plan encourages clearer definitions of investment directions in fund names and contracts to prevent misleading practices [4][5] Group 3: Long-Term Assessment Mechanism - The Action Plan introduces a long-term assessment mechanism, mandating that at least 80% of the evaluation weight be based on performance over three years or more [5][6] - This mechanism is designed to reduce short-term market fluctuations' impact on investment performance evaluations, promoting a shift from a focus on scale to a focus on returns [6][7] - By encouraging a long-term investment approach, the plan aims to attract more stable capital into the stock market, enhancing market stability and resource allocation efficiency [6][7]