公募基金业绩比较基准新规征求意见 将有效防范“风格漂移”等问题

Core Viewpoint - The newly released guidelines and operational rules for public fund performance benchmarks aim to enhance the clarity of investment styles and stabilize investment behaviors, addressing issues like "style drift" in the public fund industry [3][4][5]. Summary by Sections Regulatory Framework - The China Securities Regulatory Commission (CSRC) has published the "Guidelines for Publicly Raised Securities Investment Fund Performance Benchmarks (Draft for Comments)" and the "Operational Rules for Publicly Raised Securities Investment Fund Performance Benchmarks (Draft for Comments)" to solicit public opinions [1][5]. Importance of Performance Benchmarks - Performance benchmarks serve as a critical reference point for fund companies based on fund type, investment scope, and strategies, allowing investors to assess the risk-return characteristics of fund products and the active management capabilities of fund managers [4][5]. Key Features of the Guidelines - The guidelines emphasize the representation role of performance benchmarks, requiring them to reflect core elements and investment styles as stipulated in fund contracts, and prohibit arbitrary changes once selected [5][8]. - They also stress the need for fund managers to establish comprehensive internal control mechanisms to ensure investment style stability and enhance the evaluation role of benchmarks in salary assessments and fund evaluations [5][10]. Operational Rules - The operational rules provide detailed specifications on the selection, display, information disclosure, risk control, and compliance management of performance benchmarks [6]. Highlights of the New Regulations - Representation Role: The guidelines require benchmarks to align with product positioning and investment strategies, ensuring that changes are not made arbitrarily due to managerial shifts or short-term market fluctuations [8]. - Constraint Role: The guidelines mandate fund managers to create a full-process control mechanism for benchmark selection and monitoring, enhancing internal supervision and accountability [9][10]. - Evaluation Role: Fund managers are instructed to develop a performance assessment system linked to fund investment returns, with significant implications for the compensation of fund managers based on their performance relative to benchmarks [11]. - Ecosystem Interaction: The guidelines aim to foster a collaborative ecosystem among custodians, sales, and evaluation institutions to enhance the effectiveness of performance benchmarks [12]. - Interest Alignment: Future revisions will integrate performance comparisons into the compensation assessment of fund managers, reinforcing the alignment of interests between fund managers and investors [13][14]. Industry Reactions - Fund management companies view the guidelines and operational rules as essential measures for establishing a binding mechanism for interests and optimizing assessment and incentive structures within the industry [14][15].