亮剑基金“风格漂移”！公募基金业绩比较基准新规征求意见

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft guideline for the performance comparison benchmarks of publicly raised securities investment funds, aiming to standardize benchmark selection and enhance transparency and accountability in fund management [2]. Group 1: Benchmark Selection Criteria - The guideline specifies that benchmarks must represent the fund's investment style, with components and weights aligning with the fund's contract regarding investment objectives and strategies [3]. - Benchmarks must be objective, with clear and quantifiable calculation methods and data sources, ensuring fair pricing of underlying assets [3]. - Selected indices should have strong representativeness, reasonable compilation schemes, good liquidity of constituent securities, and robust research and operational capabilities from the index providers [3]. - Fund managers are required to develop products based on differentiated and rational layouts, clearly defining product positioning and investment styles, and selecting appropriate benchmarks [3]. Group 2: Benchmark Change Requirements - The guideline enforces strict requirements for changing benchmarks, emphasizing that benchmarks should not be altered due to changes in fund managers, short-term market fluctuations, or performance rankings [4]. - Procedures for changing benchmarks must be clearly defined, requiring prior notice and agreement between the management and custodians [4]. - Fund managers and sales institutions are obligated to promptly inform investors of any benchmark changes, recognizing the significant impact on investment decisions [4]. Group 3: Information Disclosure Enhancements - The guideline mandates that fund contracts and prospectuses disclose the rationale for benchmark selection, including the publishing institution, calculation methods, and monitoring processes [5]. - Regular reports must compare the fund's actual investments against benchmarks in terms of returns, volatility, asset allocation, and industry distribution, with explanations for any performance discrepancies [5]. - Fund managers must establish robust internal control mechanisms for benchmark management, with the management team responsible for decision-making and compliance oversight [5][6]. Group 4: Performance Assessment and Manager Accountability - The guideline emphasizes the importance of benchmarks in performance assessment, requiring fund managers to create a performance evaluation system linked to fund returns [7]. - Fund managers must display benchmark performance alongside fund performance to avoid misleading investors and ensure proper investor education [7]. - Fund evaluation agencies are instructed to use benchmarks as a key criterion for assessing fund management performance, risk control, and style stability [7]. Group 5: Transition Period for Existing Products - A one-year transition period is granted for existing products that do not comply with the new benchmark guidelines, allowing managers to adjust benchmarks appropriately [8]. - A six-month transition period is provided for custodians to adapt to new requirements regarding the supervision of investment style stability and benchmark display [8].