公募开始变更基准了 这一调整有多重要

Core Viewpoint - The recent implementation of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission has led to significant adjustments in the performance benchmarks of public funds, aiming to enhance the accountability and sustainability of fund performance [1][2]. Group 1: Adjustments in Performance Benchmarks - Several fund companies have already begun to adjust their performance benchmarks following the release of the Action Plan, with a focus on aligning investment behavior with product positioning [2][3]. - For instance, the performance benchmark for the "Puyin Ansheng Stable Income Bond Fund" has changed from the "CSI All Bond Index" to a more complex formula involving multiple indices and bank deposit rates [3]. Group 2: Industry Response and Trends - Other fund companies are also considering adjustments to their performance benchmarks, indicating a broader industry trend towards compliance with the new regulatory framework [4]. - E Fund has announced plans to introduce floating management fees based on performance benchmarks for actively managed equity funds, further reinforcing the importance of these benchmarks [4]. Group 3: Performance Discrepancies and Challenges - A significant number of actively managed equity funds have underperformed their benchmarks by over 20% in the past three years, highlighting issues with asset allocation and investment discipline [5]. - The analysis suggests that many funds are experiencing "style drift," where their actual holdings do not align with their stated investment strategies, leading to a lack of sustainable performance [5]. Group 4: Enhanced Accountability Measures - The Action Plan links performance benchmarks to the income of fund companies and the compensation of fund managers, promoting a performance-driven culture [6]. - New management fee structures will be implemented, where fees will vary based on the fund's performance relative to its benchmark, incentivizing better performance [6]. Group 5: Future Outlook - The adjustments in performance benchmarks may lead to more rigorous and suitable benchmarks as the index market evolves, allowing fund companies to better align their products with appropriate performance measures [7].