公募基金改革再“落子”，业绩“参照系”全面升级

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft for public consultation regarding the performance comparison benchmarks for public funds, marking a significant step in the reform of the public fund industry towards a more objective and stable evaluation system [1][2]. Group 1: Performance Benchmarking - The new performance comparison benchmarks will provide a clearer and more stable reference for evaluating public fund performance, transitioning from "incremental reform" to "stock reform" [2]. - The benchmarks will serve as a "ruler" to measure fund performance, ensuring that fund managers adhere to their investment strategies and improve the stability of excess returns [3][4]. - The reform aims to address issues of "style drift" and misalignment between fund performance and investment strategy, which have led to investor dissatisfaction [3][4]. Group 2: Selection and Management of Benchmarks - Fund managers will select benchmarks from an established library of benchmark elements, ensuring that the chosen benchmarks accurately reflect the fund's investment direction and strategy [4][5]. - Once set, benchmarks cannot be easily changed due to manager turnover or market trends, ensuring consistency and reliability [6]. - The new regulations require public fund companies to establish a comprehensive management system for the selection, disclosure, monitoring, evaluation, and accountability of performance benchmarks [8][9]. Group 3: Accountability and Transparency - The decision-making process for benchmark selection will be elevated to the management level of fund companies, ensuring accountability [8]. - Fund companies must monitor style deviations and have independent departments responsible for analyzing and addressing these deviations [9]. - The new rules will also require that fund performance evaluations and sales practices transparently incorporate benchmark comparisons to prevent misleading marketing [10]. Group 4: Transition for Existing Products - The transition for existing products to new benchmarks will be gradual, with a one-year period for adjustments to avoid market disruption [11]. - Fund managers are encouraged to align benchmarks with the actual investment styles of their products without imposing strict quantitative limits on deviations [11]. - The ongoing reforms aim to shift the focus of fund companies from merely achieving scale to delivering returns that align with investor interests [11][12].