金融深一度 | 亮剑公募基金“风格漂移”

Core Viewpoint - The public fund industry in China has reached a historic milestone with a total scale exceeding 33 trillion yuan, emphasizing the need for a "return increase - capital inflow - market stability" cycle to promote high-quality development [1] Group 1: Industry Challenges - The issue of "style drift" in the fund industry is affecting investor experience and rights protection, with some products deviating significantly from their stated investment directions [1][3] - Investors have expressed concerns about "blind box" funds, where actual investments do not align with contractual agreements, leading to unpredictable outcomes [2] - The China Securities Regulatory Commission (CSRC) has mandated clear performance benchmarks for each fund to ensure alignment between investment behavior and product naming [2][4] Group 2: Regulatory Actions - The CSRC has introduced the "Action Plan for Promoting High-Quality Development of Public Funds," which includes 25 systematic reform measures aimed at shifting the focus from "scale" to "returns" [1] - The plan emphasizes the importance of performance benchmarks, establishing strict regulations for their setting, modification, disclosure, and evaluation [4][7] - There is a potential introduction of a "style deviation" indicator to monitor and quantify deviations from agreed investment styles [7] Group 3: Market Practices - Fund companies are enhancing internal control mechanisms to prevent style drift, with many already adjusting their performance benchmarks to better reflect product positioning [8][9] - Some firms are conducting research to optimize their performance benchmarks and ensure alignment with long-term investment strategies [9] - The industry is moving towards a more transparent and responsible operational model, focusing on long-term value creation rather than short-term performance chasing [7][9] Group 4: Investor Rights and Remedies - Investors are encouraged to identify style drift through quantitative indicators and by analyzing the distribution of top holdings [10] - Legal avenues for investors include arbitration, mediation, or litigation to hold fund managers accountable for deviations from contractual agreements [11][12] - The regulatory framework supports investor claims against fund managers for significant deviations from investment contracts, reinforcing the need for compliance and transparency in fund management [12]