新型浮动费率基金刷屏！怎么“浮”？如何选？

Core Viewpoint - The new round of public fund reform accelerates with the introduction of a floating management fee mechanism linked to fund performance, particularly for newly established actively managed equity funds [1][5]. Summary by Relevant Sections Floating Management Fee Mechanism - Traditional fixed-rate funds charge management fees at a constant rate, while floating management fee products adjust fees based on holding time and performance, allowing for higher fees when performance exceeds benchmarks and lower fees when it does not [1][5]. - For example, if an investor holds the Yinhua Growth Smart Selection Mixed Fund for one year, the management fee can vary based on performance: 1.5% if annualized excess return exceeds 6%, 0.6% if it is -3% or lower, and 1.2% for other scenarios [2][3][4][5]. Benefits for Investors - The new floating fee structure allows for differentiated charging, enabling a "one customer, one share" approach, which promotes personalized fee structures [6]. - It encourages long-term holding by linking fee adjustments to holding periods, thus fostering a compounding effect on investments [6]. - The mechanism promotes risk-sharing and profit-sharing, aligning the interests of fund companies and investors [6]. - It incentivizes fund managers to enhance their active management capabilities, reducing reliance on market beta returns [7]. - The performance benchmark serves as a measure to avoid style drift in fund investments [8]. Selection Criteria for Floating Fee Funds - Investors should evaluate fund managers' expertise, as their investment capabilities and styles are crucial in selecting funds [9]. - Long-term performance stability is an important indicator of a fund manager's ability, with historical performance data serving as a reference [10]. - The professional capability of the research and investment team behind the fund manager is also a significant factor in decision-making [10].