Core Viewpoint - The public fund industry is increasingly focusing on the detailed construction of performance benchmarks for investment, reflecting a shift in investment philosophy from selection to multi-asset allocation [1][6]. Group 1: Performance Benchmark Composition - Recent multi-asset products have performance benchmarks that are more complex, involving up to six asset classes, including A-shares, bonds, US stocks, Hong Kong stocks, commodities, and deposits [2][3]. - The newly launched FOF products have benchmarks composed of at least four asset classes, indicating a significant refinement compared to previous simpler stock-bond combinations [2][3]. - The "Yongying Yuan Ying Stable Multi-Asset 90-Day Holding" fund has a benchmark consisting of six asset classes, with 70% in bonds, 10% in A-shares, 5% in US stocks, 5% in Hong Kong stocks, 5% in commodities, and 5% in deposits [2]. Group 2: Investment Strategy and Transparency - The detailed breakdown of performance benchmarks allows for a more accurate reflection of the investment logic of "fixed income as a base, equity as an enhancement, and alternatives as a supplement" [4]. - Clear asset composition enhances product transparency, helping investors understand risk sources and return drivers, thereby establishing reasonable expectations [4]. - The diversification of benchmarks helps to strengthen investment discipline, requiring fund managers to adopt systematic and process-oriented multi-asset research and decision-making mechanisms [4]. Group 3: Communication and Market Trends - A refined performance benchmark serves as a communication bridge between investors and fund companies, clarifying investment strategies, representing investment styles, measuring product performance, and constraining investment behavior [5]. - Approximately one-third of the over 3,600 FOF and "fixed income+" funds in the market have performance benchmarks composed of at least three parts, indicating a trend towards the refinement of benchmarks in the asset management industry [7]. - The industry is transitioning from a traditional stock-bond binary model to a more diversified and global asset allocation system, recognizing the need for a more complex approach to adapt to changing macroeconomic environments [7].
一个基准,六类资产!公募基金“抠细节”
Zhong Guo Zheng Quan Bao·2025-08-20 13:12