★首批创新浮动费率基金本周开抢 众多产品细节曝光

Core Viewpoint - The first batch of innovative floating rate funds has been approved and will start issuing on May 27, marking a significant shift in the fund management fee structure aimed at better aligning with investor interests [1][2]. Fund Structure and Fee Details - The innovative floating rate funds will operate on an open-ended basis, with management fees determined by the holding period and annualized return during that period [2]. - For holdings of less than one year, a management fee of 1.20% will be charged; for one year or more, fees will vary based on performance, with a maximum of 1.50% for returns exceeding 6% and a minimum of 0.60% for returns below -3% [2]. - The fee structure emphasizes asymmetric design, with a greater potential reduction in fees for poor performance compared to increases for good performance, prioritizing investor protection [2]. Industry Response and Manager Selection - Multiple fund companies have expressed that the floating management fee reform is a strong approach to optimize active equity funds and shift the industry’s operational model [1][3]. - A range of experienced and high-performing fund managers have been appointed to lead these new products, indicating a commitment to quality management [3][4]. Fundraising Goals and Strategies - Fundraising targets vary, with the highest set at 8 billion for one fund and many aiming for 3 billion to 5 billion, reflecting a cautious approach to initial fundraising [6]. - Companies are focusing on long-term investor experience rather than immediate fundraising success, with some planning to bind their interests with investors through self-purchase or initiator funds [6][7]. Future Outlook - The floating rate product is seen as a significant practice in public fund reform, with expectations for more products to be filed and potentially normalized in issuance [6]. - Companies are enhancing their core investment research capabilities and focusing on actual investor returns to foster long-term value creation [7].