选基新标尺：鹏华基金伍旋如何用业绩基准定义“深度价值”

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a notice on the "Action Plan for Promoting the High-Quality Development of Public Funds," emphasizing the importance of performance benchmarks for mutual funds, which will be strictly regulated to enhance product positioning, clarify investment strategies, and measure performance [1] Group 1: Importance of Performance Benchmarks - Performance benchmarks serve as a core reference standard for funds or investment portfolios to measure their investment performance, typically constructed from specific indices [1] - They help investors distinguish between market-driven returns and those generated by fund managers' active management, thereby assessing the true ability of fund managers [1] - Benchmarks clarify the investment direction and style of funds, preventing style drift, which allows investors to question significant deviations from the benchmark [2] - They assist investors in evaluating the risk-return trade-off, where a fund's performance can be assessed relative to its benchmark [3] - Benchmarks aid in asset allocation and investment decision-making, allowing conservative investors to choose funds with higher bond ratios and growth-oriented investors to select funds based on growth indices [4] Group 2: Practical Application of Performance Benchmarks - The example of Penghua Shenshi Innovation Mixed Fund (LOF) A illustrates how to apply performance benchmarks in fund selection, with its benchmark set at 75% of the CSI 300 Index and 25% of the China Bond Composite Index, indicating a large-cap focus [5] - The fund has shown significant long-term excess returns, with a high correlation to the CSI 300 Index over 44 out of 52 quarters, reflecting a stable investment style [5][7] - The fund manager has demonstrated strong active management capabilities, achieving positive excess returns in 12 out of 13 years, with only one year of underperformance during a small-cap favored market [7] Group 3: Fund Manager's Perspective - The fund manager emphasizes confidence in China's long-term economic growth potential and resilience, highlighting the importance of a robust domestic market and technological innovation [8] - The investment philosophy focuses on value investing, prioritizing the purchase of high-quality companies at reasonable prices, and avoiding short-term market trends [8]