嘉实基金浮动费率新品主打“成长风” 拟任基金经理看好AI等高景气方向

Core Viewpoint - The introduction of the first batch of floating rate funds is a significant reform in the public fund industry, aimed at better meeting investor needs and enhancing fund performance through a flexible fee structure [1][2]. Group 1: Fund Characteristics and Design - The first batch of floating rate funds includes 26 funds, designed to incentivize fund managers and improve performance while aligning with regulatory requirements for high-quality development [2][3]. - The Jia Shi Growth Win Mixed Fund, managed by Li Tao, is based on a growth style, primarily referencing the CSI 800 Growth Index, reflecting the manager's investment philosophy [2][4]. - The fund's fee structure is closely tied to performance benchmarks, with management fees decreasing significantly when returns are below benchmarks and increasing when returns exceed benchmarks [2][3]. Group 2: Investment Strategy and Market Outlook - Li Tao expresses optimism about the long-term growth of the A-share market, citing rapid iterations in China's technology industry and the potential for higher added value and consumption capacity due to industrial upgrades [4]. - Key sectors identified for growth include AI, innovative pharmaceuticals, and robotics, with China positioned as a core engine for global AI development [4]. - The fund aims to provide a diversified investment approach, not limited to index constituents, to navigate market uncertainties [4]. Group 3: Risk Management and Investor Experience - The floating fee product has strict terms for fee increases, ensuring that management fees only rise when significant relative and absolute returns are achieved, while conditions for fee reductions are straightforward [3][5]. - Li Tao emphasizes the importance of constructing diversified asset portfolios to mitigate volatility, suggesting that different asset classes can offset each other's fluctuations [5][6]. - The fund will implement dividend policies to enhance investor returns and improve the overall holding experience, supported by a leading research team within Jia Shi Fund [6].