公募基金告别“旱涝保收” 业绩比较基准成硬标尺

Core Viewpoint - The introduction of the "Action Plan for Promoting High-Quality Development of Public Funds" aims to enhance the binding force of performance benchmarks for fund products, transforming them into crucial metrics for investment behavior, product performance evaluation, and fund positioning [1][3]. Group 1: Importance of Performance Benchmarks - The industry has historically undervalued performance benchmarks due to a focus on overall market rankings, leading to issues such as style drift among fund managers and concentrated industry allocations [2][3]. - Data indicates that a significant number of actively managed equity funds have underperformed their benchmarks, with 2,532 out of 4,243 funds failing to beat their benchmarks over the past year, and nearly half underperforming by over 10 percentage points over three years [2][3]. Group 2: Regulatory Measures - The Action Plan proposes to strengthen the regulatory framework surrounding performance benchmarks, including guidelines for setting, modifying, disclosing, and continuously evaluating benchmarks [3][4]. - Fund managers whose products underperform their benchmarks by over 10 percentage points for three years will see a significant decrease in performance compensation, while those who exceed benchmarks may receive reasonable increases [3]. Group 3: Industry Transformation - The Action Plan is viewed as a new pillar for the high-quality development of the fund industry, adding a "benchmark as anchor" concept to the existing foundational structures established since 1998 [3][4]. - The focus on performance benchmarks is expected to lead to a reduction in the pursuit of star fund managers and short-term products, promoting a more stable investment environment [7]. Group 4: Impact on Fund Management - Fund managers will face increased pressure to align with performance benchmarks, necessitating adjustments in investment methodologies and enhanced risk control [8]. - The industry may see a shift towards more passive investment strategies, with ETFs and stable active management funds becoming more prevalent as performance benchmarks are strictly adhered to [8].