锚定长期回报量化策略赋能指数化投资——专访中金基金量化指数部、多资产部负责人耿帅军

Core Viewpoint - Index investment has become a focal point in the public fund industry amid deepening capital market reforms and accelerated transformations in the industry [1] Group 1: Industry Trends - The China Securities Regulatory Commission (CSRC) released the "Action Plan for Promoting High-Quality Development of Public Funds" in May, aiming to shift the industry focus from "scale" to "returns" through systematic reforms [1] - The plan includes measures to bind the interests of fund managers and investors, improve assessment mechanisms, and increase the scale and proportion of equity investments in public funds, addressing industry pain points [1][2] - The emphasis on long-term performance assessment and the constraints of performance benchmarks are particularly noteworthy [1] Group 2: Investment Strategies - Investment strategies that are close to benchmarks, stable in style, and yield steady excess returns are expected to thrive as the plan progresses [2] - Index-enhanced funds, which aim to achieve excess returns relative to benchmarks while effectively tracking them, align well with the industry's transformation direction and are likely to attract more capital [2] - Data shows that over the past five years, index-enhanced funds have had significantly lower tracking errors compared to actively managed equity funds, leading to a better overall experience for investors [2] Group 3: Role of Quantitative Investment - Quantitative investment plays a crucial role in index investment by utilizing systematic and scientific methodologies [2] - Quantitative strategies help fund managers control tracking errors more precisely and capture excess returns from market pricing discrepancies [2] - The combination of fundamental quantitative strategies and data-driven approaches enhances research depth and diversifies returns [3] Group 4: Challenges and Recommendations - Historically, index-enhanced funds have had a low market share in public equity funds due to challenges such as being perceived as difficult to understand or unattractive [3] - Fund managers need to actively promote quantitative methodologies to help investors comprehend their value [3] - For ordinary investors, a dollar-cost averaging approach is recommended to smooth out market volatility, with an emphasis on risk diversification [3] Group 5: Future Outlook - The integration of quantitative strategies and index investment reflects not only technological innovation but also a return to the industry's core focus on investor interests [4] - The company aims to deepen its engagement in quantitative investment to create sustainable returns for investors and contribute to the optimization of financial resource allocation [4]