第五讲：又看持有时间又看业绩？新一批浮动费率基金费率如何浮动？

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an action plan to promote the high-quality development of public funds, emphasizing the implementation of a floating management fee model based on performance benchmarks for newly established actively managed equity funds [1][2]. Group 1: Floating Management Fee Structure - The management fee for these funds will be determined by both the investor's holding period and the returns during that period [1][2]. - If the holding period is within a specified timeframe, a standard management fee will be charged; if it exceeds this period, the fee will adjust based on the fund's performance relative to the benchmark [2][3]. - For example, if a fund has a one-year holding period threshold and a 6% outperformance benchmark, the fee will increase if returns exceed the benchmark by 6% and decrease if returns fall short by 3% [3]. Group 2: Industry Implications - The action plan aims for leading institutions to issue at least 60% of new actively managed equity funds with this floating fee structure within a year [3]. - This model encourages long-term investment by aligning the interests of fund managers and investors, promoting shared risks and rewards [4]. Group 3: Considerations for Investors - Investors should understand the fee structure, as the management fee may vary based on the holding period and actual returns [4]. - Attention should be given to the performance benchmark, as it plays a crucial role in determining the management fee and reflects the fund's investment strategy and performance [5]. - Selecting funds should involve multiple factors beyond just the fee structure, including safety, liquidity, and alignment with the investor's risk tolerance and investment goals [6].