首批新模式浮动管理费率基金“闪电”获批

Core Viewpoint - The approval of the first batch of 26 new model floating management fee rate funds reflects the market's positive response to the "Action Plan for Promoting the High-Quality Development of Public Funds" and aims to optimize the profit-sharing mechanism between fund managers and investors, encouraging better investment experiences for investors [1][2]. Group 1: Floating Management Fee Mechanism - The new floating management fee model links fees to the holding period and investment returns, aiming to reverse the "guaranteed income" phenomenon for fund companies by reducing fees for underperforming funds [2][3]. - The floating management fee will be determined based on each investor's holding time and the annualized excess return during that period, creating a differentiated fee structure that directly reflects the relationship between management fees and investor interests [2][3]. - The mechanism allows for both upward and downward adjustments of management fees based on performance, incentivizing fund managers to generate long-term excess returns for investors [2][3]. Group 2: Positive Industry Impacts - The floating management fee mechanism is expected to encourage long-term investment by providing benefits to investors who hold their investments for a certain period, thereby reducing irrational trading and enhancing profit experiences [3]. - It emphasizes the importance of superior performance by linking fees to actual investment outcomes, aligning with a value-oriented approach centered on investor benefits [3]. - The mechanism also aims to enhance the professional research capabilities of fund managers by focusing on generating alpha returns rather than relying on market beta, thereby reshaping the investment culture in the industry [3]. Group 3: Fund Manager Profiles and Strategies - The first batch of approved funds features a strong lineup of fund managers, including experienced veterans and high-performing newcomers, indicating a competitive environment [4][5]. - The unique structure of the only initiator fund in the batch, which requires a minimum subscription of 10 million yuan and a holding period of at least three years, aims to strengthen investor confidence through deeper alignment of interests [5]. - Fund companies, such as E Fund, plan to increase the issuance of performance-based floating management fee funds, reinforcing the constraints of performance benchmarks and enhancing investor education regarding fee structures [5][6]. Group 4: Future Outlook - The floating management fee reform is expected to lead to more products that align investor and fund interests, promoting long-term returns and a shift away from short-term profit chasing [6]. - The industry is anticipated to focus more on investor needs, fostering trust and enhancing value creation through a collaborative ecosystem [6]. - Sales institutions are encouraged to improve investor education and post-investment services to help investors understand the complexities of floating management fee products [6].