第三讲：新一批浮动费率基金，和之前的有什么不一样？

Core Viewpoint - The new batch of floating management fee funds represents an upgraded model that integrates previous fee structures, focusing on both holding duration and fund performance, thereby enhancing the precision of fee collection based on individual investor circumstances [1][8]. Summary by Categories Previous Floating Fee Models - In 2023, several floating management fee equity funds were launched, with management fees linked to holding duration, fund size, and fund performance [1]. - Three main models were identified: 1. Holding Duration Linked: Different fee rates based on how long the fund is held [2]. 2. Fund Size Linked: A tiered management fee structure based on the total fund size [3]. 3. Performance Linked: Management fees based on fund performance relative to a benchmark over a three-year period [4]. New Floating Fee Model - The new floating management fee funds combine aspects of the previous models, considering both holding duration and fund performance [1][8]. - The management fee structure includes fixed management fees, contingent management fees, and excess management fees [8]. - For example, if a fund has a holding period threshold of one year and performance thresholds of 6% above and 3% below the benchmark, the management fees would be structured accordingly [4][8]. Fee Calculation and Investor Impact - The new model allows for a more granular fee assessment at the "single client, single share" level, taking into account each investor's holding period and annualized return [8]. - The final management fee will be calculated at the time of redemption or transfer, ensuring that any excess fees are deducted from the redemption amount, while any refunds are returned to the investor [8]. - This approach aims to provide a more tailored fee structure, enhancing the accountability of fund performance against benchmarks [8].