基金忠言｜浮动费率基金货比货，如何避开坑，选到靠谱的？

Core Viewpoint - The first batch of 26 floating rate funds is being issued, linking management fees to fund performance, which aims to encourage long-term investment strategies rather than short-term performance chasing [1][4]. Fund Management Fee Structure - Unlike traditional actively managed equity funds with a fixed management fee of 1.2%, these floating rate funds will charge a management fee of 1.5% if the investor holds the fund for over one year and the return exceeds the benchmark by 6%. Conversely, if the return underperforms the benchmark by more than 3%, the fee will drop to 0.6% [1]. - This fee structure reform is intended to shift the focus of fund management from short-term performance rankings to long-term performance against benchmarks [1][4]. Selection Criteria for Floating Rate Funds - Investors should assess the capability and experience of fund managers, as they are crucial to the fund's operation and long-term performance [1]. - Two types of "red flags" to watch for include: 1. Fund managers of older funds that have consistently underperformed their benchmarks but are still in charge [2]. 2. Newer fund managers with only one to three years of experience, whose investment strategies may lack stability [2]. Notable Fund Managers - Among the proposed fund managers for the floating rate funds, two categories stand out: 1. Mid-career managers with over five years of strong historical performance, such as Liu Jianwei from E Fund, who has outperformed benchmarks over the past 1, 3, and 5 years with an annualized return exceeding 11.2% [3]. 2. Senior managers with over ten years of experience, like Zhu Hongyu from China Merchants Fund, who has a diverse background in public and private funds, achieving an annualized return of over 12% since April 2022 [3]. Fund Manager Styles - Investors should consider the different investment styles of fund managers to find a suitable match for their risk tolerance: - Balanced style funds focus on diversified allocations across sectors like consumption, finance, and healthcare for steady growth [5]. - Growth style funds emphasize high-volatility sectors such as technology and renewable energy, suitable for risk-tolerant investors [5]. - Value style funds aim to identify undervalued assets, providing defensive strategies in volatile markets [5]. Impact of Fee Structure Reform - The reform of the fee structure is a significant step towards restoring the contractual spirit in public funds and is expected to change investment logic [4]. - Under the floating fee model, if a fund consistently underperforms its benchmark, management fees will decrease significantly, potentially leading to investor redemptions and prompting fund companies to enhance their research and investment capabilities [4].