10只基金被指“风格漂移” 华泰柏瑞、交银施罗德在列

Core Viewpoint - The phenomenon of "style drift" in public funds continues to exist, leading to the exclusion of certain funds from ratings due to significant deviations from their stated investment styles [1][2][9] Fund Rating and Style Drift - Ji'an Jinxin reported that ten funds were excluded from ratings in the second quarter due to "style drift," along with three funds penalized in the first quarter for the same reason [1][2] - The funds affected include those managed by major institutions such as Huatai-PB and Jiao Yin Shirode [2] Regulatory Response - Regulatory bodies have been actively addressing the issue of "style drift," with the CSRC emphasizing the need for clear performance benchmarks for each fund to ensure alignment with their stated investment strategies [1][9] - The CSRC's recent action plan aims to strengthen the constraints of performance benchmarks and improve the clarity of fund classifications to prevent misleading practices [9][10] Market Environment and Fund Performance - The "style drift" reflects conflicts between market conditions and fund positioning, as well as imbalances between performance pressure and investment discipline [1][5] - Some funds have shown significant deviations from their intended investment styles, with examples including a shift towards banking stocks in the Jiao Yin Innovation Leading Fund [5][6] Fund Characteristics and Performance Metrics - The ten funds that experienced "style drift" had varying performance metrics, with some showing declines in net value while others performed better [6][8] - For instance, the Jiao Yin Innovation Leading Fund had a net asset value of 2.066 billion yuan and a net value growth rate of 8.86% in the second quarter [7] Long-term Returns and Risks - Long-term performance varies significantly among funds, with some achieving high returns while others have incurred substantial losses over three years [8] - The issue of "style drift" poses multiple risks for investors, including mismatched expectations and increased exposure to non-hedged risks [8][10]