21独家｜公募基金业绩比较基准规则征求意见稿即将发布

Core Viewpoint - The upcoming release of the public fund performance benchmark rules is a significant step in the reform of the public fund industry in China, aimed at enhancing the quality and accountability of fund management [2][3]. Group 1: Regulatory Developments - The China Securities Investment Fund Industry Association is set to publish a draft for public consultation regarding the performance benchmark rules for public funds [2]. - The performance benchmark rules are part of the "Action Plan for Promoting High-Quality Development of Public Funds," which outlines 25 measures for reforming various aspects of fund management [3]. - The rules will establish a performance benchmark library, allowing fund managers to select benchmarks that align with their product characteristics, thereby enhancing the evaluation of fund managers' performance [3][4]. Group 2: Industry Impact - The introduction of performance benchmarks will tie fund managers' compensation and industry awards to their ability to generate excess returns, creating a more accountable environment [4]. - The rules are expected to impose effective constraints on fund performance evaluation, fee structures, and compensation mechanisms, pushing the industry towards higher quality development [4]. - There has been a notable increase in the adjustment of performance benchmarks among public funds, with 136 funds changing their benchmarks this year, indicating a shift towards more relevant indices [6]. Group 3: Market Trends - The public fund industry has seen a trend of misalignment between performance benchmarks and actual investment portfolios, leading to issues such as management laxity and product homogeneity [5]. - As the market matures and investor awareness increases, the demand for more precise evaluation standards and scientifically set performance benchmarks is becoming a prevailing trend in the public fund industry [5]. - The regulatory body is taking a cautious approach to the number of indices included in the benchmark library to avoid unnecessary operational costs and market disruptions [6].