第四讲：新一批浮动费率基金，管理费具体怎么收？

Core Viewpoint - The article discusses the introduction of floating management fee rate actively managed equity funds by multiple fund companies in response to the China Securities Regulatory Commission's action plan for promoting high-quality development of public funds by May 2025. It explains how the management fees for these funds are structured and calculated. Summary by Sections Management Fee Structure - The management fee for the new floating rate funds consists of three components: fixed management fee, contingent management fee, and excess management fee [2][3] - The applicable management fee rate depends on the holding period and annualized return of the fund shares at the time of redemption or transfer [2] Fee Calculation Example - An example is provided where the critical holding period is set at one year, with performance thresholds of 6% for outperformance and 3% for underperformance against the benchmark. The fixed, contingent, and excess management fees are set at 0.6% per year, 0.6% per year, and 0.3% per year, respectively [3][6] Fee Collection Process - The management fees are deducted daily based on the previous day's net asset value of the fund. The net asset value seen by investors is after deducting these fees [7] - If the holding period is less than one year, a management fee of 1.20% per year is charged. If the holding period is one year or more, the fee is determined based on the annualized return during the holding period [7][9] Specific Fee Scenarios - Three scenarios are outlined for fee determination: 1. If the annualized return exceeds the benchmark return by more than 6% and is positive, a total fee of 1.50% per year is charged [9] 2. If the annualized return is below the benchmark return by 3% or more, only the fixed management fee of 0.6% per year is charged, with the contingent fee refunded [9] 3. In other cases, a management fee of 1.20% per year is applied [9]