Core Viewpoint - The introduction of the new model floating management fee rate funds is a response to the China Securities Regulatory Commission's action plan aimed at enhancing the quality of public funds, linking management fees directly to the performance of the funds, thereby aligning the interests of fund managers and investors [1][2]. Group 1: New Fund Model - The second batch of 11 new model floating management fee rate funds has been reported, including stock funds from Invesco Great Wall Fund and CCB Fund, and mixed equity funds from nine other institutions [1]. - The fee structure for these new funds includes three tiers: 1.2% (base), 1.5% (upward adjustment), and 0.6% (downward adjustment), similar to the first batch [1]. - The new fee model strengthens the performance benchmark's binding effect, with management fees adjusted based on the fund's performance relative to the benchmark [1]. Group 2: Fund Performance and Market Response - The first batch of 26 new model funds reported on May 16, 2023, received approval on May 23, and began fundraising on May 27, raising a total of 22.68 billion yuan, with an average fundraising size of 944.5 million yuan per fund [2]. - The new model funds focus on various sectors, including high-end equipment, pharmaceuticals, and manufacturing, with some adopting an initiator arrangement to further align interests with investors [2]. - Invesco Great Wall Fund has continued to innovate by applying for a new high-end equipment stock fund, aiming to meet investor demand for quality technology investment tools [2]. Group 3: Industry Implications - The fee reform is expected to help public fund institutions focus more on generating excess returns, promoting a return to the core of the asset management industry [3]. - Huashang Fund has also engaged in the new model by investing 20 million yuan of its own funds into its mixed fund, indicating a commitment to the new fee structure [3].
第二批新模式浮动管理费率基金上报 产品设计以投资者为本
Zheng Quan Ri Bao·2025-07-04 16:15