回归业绩基准 基金投资酝酿新风格

Group 1 - The core content of the "Action Plan for Promoting the High-Quality Development of Public Funds" focuses on guiding fund managers to return to the essence of "entrusted by others, managing wealth on behalf of clients," aiming for high-quality development in the public fund industry [1] - The main direction of the plan is to align with investor interests and enhance their sense of gain, emphasizing the importance of products that can track performance benchmarks with low volatility and controllable risks, rather than merely seeking excess returns [1] - Active equity funds with a turnover rate of 5-10 times, balanced stock and industry holdings, and a management scale of 500 million to 5 billion yuan are more likely to outperform performance benchmarks, while products with style drift show poor performance [1] Group 2 - Over half of the public active equity funds in the market use the CSI 300 index as their core benchmark, with 15% using the CSI 800 index, indicating a significant deviation from actual performance, necessitating changes in benchmarks or holdings [2] - The financial sector has a holding return amount of 264.9 billion yuan, accounting for 4.6% of the sector's free float market value, which is significantly higher than other industries, highlighting the need for attention in cyclical high-dividend sectors like coal, oil, and utilities [2] - As of the first quarter of 2025, active equity funds are mainly overweight in technology and manufacturing sectors, while being underweight in finance and infrastructure, with notable continuous overweights in pharmaceuticals and electronics since 2020 [2] Group 3 - Following the release of the plan, funds have begun to modify their performance benchmarks, with nearly 120 funds changing benchmarks this year, including various types such as equity mixed funds and flexible allocation mixed funds [3] - Performance benchmarks are considered an important reference for portfolio construction, with a focus on achieving stable risk-return characteristics over the long term rather than extreme short-term performance [3] - A new batch of floating management fee funds will be launched, adopting a performance benchmark-based fee model that adjusts management fees according to the fund's performance relative to the benchmark during the holding period [3]