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来了!首批新模式浮动管理费基金上报,持有满一年或分三档浮动
Mei Ri Jing Ji Xin Wen·2025-05-16 11:17

Core Viewpoint - The introduction of a new floating management fee structure for public funds aims to align the interests of fund managers and investors, enhancing the long-term value coexistence between them [1][4]. Group 1: New Floating Management Fee Products - Over 20 fund companies have reported new floating management fee products, which link management fees to investors' holding periods and investment results [1][2]. - The new fee structure consists of fixed management fees, contingent management fees, and excess management fees, determined by the holding duration and annualized return of each fund share [2][3]. - The first batch of these products will primarily target broad market indices such as the CSI 300 and CSI 500 [3]. Group 2: Fee Structure Details - The management fee will be charged at 1.20% for holdings of less than one year, while for holdings of one year or more, it will vary based on performance [2][3]. - Three tiers of management fees are established: - 1.50% if annualized excess return exceeds 6% and holding return is positive - 0.60% if annualized excess return is -3% or below - 1.20% for all other cases [3]. Group 3: Industry Implications - The new fee structure is seen as a significant breakthrough in the fee mechanism for actively managed equity funds, promoting a performance-based approach [4][5]. - This reform is expected to enhance fund managers' focus on improving active management capabilities and optimizing investment strategies for long-term excess returns [4][5]. - The floating fee mechanism is anticipated to provide investors with more differentiated product choices while maintaining the dominance of fixed fee products [4][5]. Group 4: Market Considerations - There are concerns regarding the potential for fund companies to issue new products during market downturns, which may face significant sales resistance [5]. - The complexity of the new fee structure necessitates investor education to improve understanding and acceptance of the products [5]. - The ongoing issuance of these new floating management fee funds will serve as a critical observation point for the deepening of public fund fee reform [5].