突出增强投资行为稳定性 公募“会诊”风格漂移顽疾

Core Viewpoint - The release of the "Action Plan for Promoting the High-Quality Development of Public Funds" has become a focal point in the industry, emphasizing the need to enhance the stability of fund investment behavior and address issues like "style drift" and "inconsistent products" [1][2]. Summary by Relevant Sections Performance Benchmarking - The Action Plan strengthens the role of performance benchmarks as a constraint for public fund products, establishing clear guidelines for setting, modifying, disclosing, and continuously evaluating these benchmarks [2][3]. - Fund companies are expected to be more cautious in setting performance benchmarks, shifting the evaluation logic from beta returns to alpha returns [3]. - The emphasis on performance benchmarks aims to ensure that fund managers adhere to agreed-upon investment styles, reducing arbitrary deviations [2][3]. Thematic Fund Regulation - The Action Plan proposes stricter registration and self-regulatory rules for thematic funds, addressing the frequent style drift observed in these funds [4][5]. - Measures include controlling product design, dynamic holding checks, and linking performance benchmarks to fund manager evaluations [5]. - There has been a significant increase in the number of funds changing their performance benchmarks, with over 60 funds making changes this year, more than double compared to the same period last year [5]. Long-Term Assessment Mechanism - The Action Plan introduces a long-term assessment mechanism, requiring that at least 80% of the evaluation weight be based on performance over three years or more [7][8]. - This mechanism aims to reduce short-term market fluctuations' impact on investment performance evaluations, encouraging a shift from focusing on scale to prioritizing returns [8]. - The long-term assessment is expected to attract more long-term capital into the stock market, enhancing market stability and resource allocation efficiency [8].