易方达冯波近三年跑输基准超33%或大幅降薪，旗下易方达研究精选四年已亏76亿仍收5亿管理费

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a new action plan aimed at promoting the high-quality development of public funds, linking fund manager compensation directly to long-term performance, which addresses the industry's longstanding issue of prioritizing scale over performance [1]. Summary by Relevant Sections Fund Manager Compensation - The new regulations stipulate that fund managers will face salary reductions if their performance lags the benchmark by more than 10%, while those who outperform will receive salary increases [1]. - This policy aims to rectify the industry's focus on scale rather than performance, highlighting the significant performance disparities among fund managers [1]. Performance Data - Among the 111 equity fund managers managing over 10 billion yuan, 45 have underperformed the benchmark, with 24 of them lagging by more than 10% [1]. - Conversely, 66 fund managers have outperformed the benchmark, with 38 exceeding it by more than 10% [1]. Specific Fund Manager Cases - Fund manager Feng Bo from E Fund has a three-year return of -33.56%, underperforming the benchmark by 33 percentage points, making him one of the worst performers [2][3]. - E Fund's Research Selected Fund has experienced significant losses over the past four years, with a total loss of 31.01 billion yuan in 2022 and 21.23 billion yuan in 2023 [4]. Financial Performance and Fees - Despite the losses, the Research Selected Fund has collected a total of 562 million yuan in management fees over the past four years, with a notable reduction expected due to the new floating management fee reform [4]. - The fund's asset allocation has shifted towards sectors like automotive, consumer electronics, and semiconductors, while reducing exposure to food and beverage, home appliances, and pharmaceuticals [9]. Market Implications - The new regulations are seen as a move to bring the industry back to its asset management roots, with long-term performance becoming critical for fund managers' careers [12]. - For investors, this could lead to a reduction in risks associated with poor-performing funds and allow them to share in the capital market's growth [12].