景顺长城基金：业绩比较基准真正成为基金投资的“锚”和“尺”

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Guidelines for the Selection and Use of Performance Benchmarks for Publicly Offered Securities Investment Funds (Draft for Comments)" and the Asset Management Association of China has released the "Operational Details for Performance Benchmarks for Publicly Offered Securities Investment Funds (Draft for Comments)" to standardize the selection and use of performance benchmarks in the mutual fund industry, enhance internal controls of fund managers, and protect investors' rights [1]. Group 1: Guiding Investment and Product Characteristics - The performance benchmark serves as a "baseline" for fund companies based on the fund's type, investment scope, and strategy, and the guidelines emphasize the principles of representativeness, objectivity, constraint, and continuity in selecting and using benchmarks [2]. - Fund companies are required to set objective and reasonable performance benchmarks based on their investment strategies, which cannot be changed arbitrarily once selected, thereby enhancing the benchmark's role in representing and constraining the product [2]. - Fund managers are encouraged to strengthen internal process controls and stability management of investment styles to ensure actual investment behavior aligns with product strategy [2]. Group 2: Enhancing Investor Understanding and Expectations - The guidelines require that the elements and weights of performance benchmarks align with the fund contract's investment goals, scope, strategies, and restrictions, improving the clarity of fund product positioning and investment styles [3]. - Investors will be able to understand product characteristics more comprehensively through performance benchmarks, allowing them to evaluate fund managers' capabilities by comparing fund performance against benchmarks [3]. - A better understanding of products before investment helps guide investors to form reasonable expectations, thereby aiding in informed decision-making and protecting their rights [3]. Group 3: Scientific Performance Measurement and Evaluation - A significant highlight of the guidelines is the linkage of performance benchmarks to fund manager performance evaluations, establishing a core assessment system based on fund investment returns [3]. - The guidelines promote a compensation management mechanism tied to fund investment returns, which is expected to foster a long-term performance evaluation system in the industry, encouraging fund managers to adopt a "long-term investment, value investment" philosophy [3]. - Additional requirements regarding custodial supervision, sales performance display, and fund evaluation awards are also included, contributing to an ecosystem that values performance benchmarks and encourages long-term returns [4]. Group 4: Implementation and Future Steps - The company plans to systematically review and assess the performance benchmarks of its funds in accordance with the guidelines and operational details, selecting reasonable benchmarks based on investment strategies [4]. - The company aims to establish a scientific evaluation mechanism and refine the fund manager assessment system, further binding it to investor returns and enhancing service quality [4].