249只浮动管理费基金形成三大模式 公募“重回报”转型进行时

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan to promote high-quality development of public funds, introducing a floating management fee model that ties fund managers' income to fund performance, encouraging a shift from focusing on scale to prioritizing returns for investors [1][2]. Group 1: Floating Management Fee Model - The floating management fee model will determine the applicable management fee rate based on the fund's performance relative to a benchmark during the holding period, with higher fees for exceeding benchmarks and lower fees for underperformance [2][3]. - As of May 12, 2025, there are 249 floating management fee funds in the market, with over 80% being performance-linked funds, covering various types including equity, mixed, bond, and alternative investment funds [1]. Group 2: Impact on Fund Management - The new model is expected to enhance fund companies' investment management capabilities by linking their income to fund performance, thereby encouraging investment in research and development, optimizing investment strategies, and reducing style drift and short-term speculation [2][3]. - The action plan aims for leading institutions to issue at least 60% of their actively managed equity funds as floating management fee funds within a year, with evaluations and optimizations to follow [2]. Group 3: Investor Benefits - The floating management fee model is designed to promote a long-term investment mindset among investors, offering benefits to those who hold investments for a certain period and reducing irrational trading behaviors [3]. - Increased transparency in fund information will allow investors to make more informed decisions based on long-term performance and comparisons with benchmarks [3].