业绩比较基准迎新规 明确公募基金“投资之锚”

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released draft guidelines and operational rules for the performance comparison benchmarks of publicly offered securities investment funds, aiming to standardize benchmarks to enhance active investment discipline and promote stable investment styles in the industry [1][7]. Group 1: Purpose of the Guidelines - The guidelines aim to clarify investment styles and constrain investment behaviors, preventing "style drift" in fund products and improving investment stability [2][3]. - The guidelines emphasize the importance of performance comparison benchmarks in helping investors understand fund styles and expected risk-return characteristics, thereby enhancing the investment experience [2]. Group 2: Implementation Mechanisms - Fund managers are required to establish a comprehensive control mechanism covering the selection, disclosure, monitoring, evaluation, correction, and accountability of performance comparison benchmarks [3]. - The decision-making level for benchmark selection is elevated to company management, which will bear primary responsibility for the representativeness, constraint, and sustainability of the selected benchmarks [3]. Group 3: Performance Evaluation and Compensation - The guidelines mandate the establishment of a performance evaluation system centered on fund investment returns, linking compensation for fund managers to fund performance relative to benchmarks [4]. - Fund evaluation agencies are required to use performance comparison benchmarks as a key basis for assessing fund management performance, risk control capabilities, and style stability [4]. Group 4: External Supervision and Transparency - The guidelines require custodians to fulfill their supervisory responsibilities, including reviewing fund contracts and monitoring investment style stability [5]. - Fund managers and sales institutions must present both fund performance and benchmark performance to facilitate investor comparisons, thereby increasing transparency in fund operations [5]. Group 5: Transition Period and Future Measures - A transition period will be established to ensure that changes do not disrupt market stability, allowing for the optimization of existing product benchmarks [6][8]. - Future initiatives will include the establishment of a benchmark library and the revision of compensation assessment rules to better align the interests of fund managers with those of investors [8].