公募改革“劝退”主动权益基金？三成基金经理或面临降薪、与基民“同甘共苦”

Core Viewpoint - The newly released public fund reform plan emphasizes performance assessment for fund managers, linking their compensation to fund performance, which aims to improve long-term returns for investors [2][3][4]. Summary by Sections Fund Performance Issues - Over the past three years, more than 30% of mixed funds have underperformed their benchmarks by over 10%, and approximately 6.6% of equity funds have also lagged by the same margin [2][8]. - Notable underperformers include 52 mixed funds and 8 equity funds that have underperformed their benchmarks by over 50%, including products managed by renowned fund managers [2][8]. Reform Measures - The reform plan includes 25 measures, with a significant focus on linking fund manager compensation to performance metrics, where performance indicators must account for at least 80% of the assessment [3][4]. - Fund managers whose products underperform their benchmarks by over 10% for three years will see a significant reduction in their performance-based compensation, while those who exceed benchmarks may receive increased compensation [3][4]. Long-term Focus - The reform aims to shift the focus from scale to performance, encouraging fund managers and companies to prioritize long-term returns for investors [4][5]. - The introduction of metrics such as net asset growth rate and fund profit rate is expected to mitigate the industry's short-sighted focus on scale [5]. Performance Data - As of May 8, among 4,693 equity funds, 308 funds (approximately 6.6%) have underperformed their benchmarks by over 10%, while 418 funds (about 8.9%) have outperformed by the same margin [6]. - The worst-performing fund, Jia Shi Intelligent Automotive, has a return of -35.39%, significantly underperforming its benchmark by 81.88% over three years [7][8]. Mixed Fund Performance - In the mixed fund category, 2,660 out of 8,634 funds (30.8%) have underperformed their benchmarks by over 10%, with only 686 funds (7.9%) outperforming [8][9]. - The worst-performing mixed fund, Jin Ying Multi-Strategy, has a return of -60.58%, underperforming its benchmark by 69.26% [9][10].