校准公募基金业绩基准，方能告别乱象

Core Viewpoint - The upcoming release of the public fund performance benchmark rules by the Asset Management Association of China aims to address long-standing discrepancies in the fund industry, aligning fund manager performance with investor expectations and enhancing transparency in performance evaluation [2][3][4]. Group 1: Fund Performance Benchmark Rules - The new benchmark rules are expected to become the core standard for evaluating whether fund managers outperform their peers and generate excess returns, which will also be linked to their compensation and industry awards [2]. - The current lack of transparency and scientific guidance in measuring fund performance has led to a disconnect between investor experiences and the claims made by fund companies [3][4]. - The performance benchmark has often served as a marketing tool rather than a true measure of risk and return characteristics, resulting in a misalignment of interests between fund companies, managers, and investors [3][4]. Group 2: Impact on Market Dynamics - Frequent redemptions by investors due to poor performance have increased liquidity management costs for funds and negatively impacted expected investment returns [3]. - The existing mechanism allows fund managers to report outperformance against benchmarks while investors may still incur losses, creating a misalignment of incentives [3][4]. - The anticipated changes in benchmark rules are expected to promote a wealth-sharing market, enhancing the effectiveness of the capital market in supporting consumer confidence and economic stability [4][5]. Group 3: Need for Reform and Professionalization - The reform of performance benchmarks requires a decisive approach to eliminate existing discrepancies and enhance the credibility of the rules [5]. - There is a call for the development of more specialized and precise total return indices to provide accurate measures for fund performance, ensuring transparency and professionalism in fund operations [5]. - The emphasis on recalibrating performance benchmarks is crucial for fostering a healthy fund industry and enabling the capital market to effectively contribute to consumer confidence and economic growth [5].