公募基金业绩比较基准新规亮剑！让基金回归“所见即所得”

Core Viewpoint - The public fund industry in China is undergoing a significant reform aimed at strengthening the role of performance benchmarks to address issues of investment style drift and misleading product names, with over 60% of active equity funds underperforming their benchmarks in the past three years [1][3][8] Group 1: Regulatory Changes - On October 31, the China Securities Regulatory Commission and the Fund Industry Association released draft guidelines and operational details for performance benchmarks, emphasizing their role in defining investment styles and measuring fund performance [3][4] - The new regulations will link fund managers' compensation to their performance relative to benchmarks, a move that is stricter than in some mature markets [1][3][9] - A one-year transition period has been established to adjust existing products' benchmarks without necessitating portfolio changes, with the possibility of extending this period under special circumstances [4][5] Group 2: Industry Response - As of October 31, at least 132 fund products have changed their performance benchmarks this year, surpassing the total for the previous year, indicating a strong signal of industry normalization [1][6] - Many funds are shifting from broad indices like the CSI 300 to more relevant industry indices that better reflect their investment strategies, with examples including changes to the benchmark for consumer-focused and technology-oriented funds [6][7] Group 3: Performance Metrics - Data shows that only 37% of active equity funds have outperformed their benchmarks over the past three years, highlighting a significant performance gap and the prevalence of "style drift" among fund managers [8][9] - The new regulations aim to enhance transparency and accountability in fund performance, ensuring that funds align more closely with their stated investment objectives and reducing the likelihood of misleading product offerings [9][10]