时报观察 公募基准新规对症下药 优化行业生态

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft guideline and operational rules for the performance comparison benchmarks of publicly raised securities investment funds, aiming to address existing issues in the fund industry and enhance investor trust [1][2]. Group 1: Issues in the Fund Industry - The previous performance comparison benchmarks were ineffective, leading to phenomena such as style drift, excessive focus on specific sectors, and poor investment experiences for investors [1]. - These issues have resulted in significant fluctuations in fund performance and a lack of transparency in fund managers' holdings, negatively impacting investor confidence and the industry's reputation [1]. Group 2: New Guidelines and Operational Rules - The new guidelines require that benchmarks reflect the product's positioning and investment style, aligning with the fund's contract regarding investment goals, scope, strategies, and restrictions [2]. - The guidelines aim to reduce the discretionary power of fund managers in portfolio construction, addressing issues like style drift and inconsistent investment strategies [2]. - Performance evaluations of actively managed equity funds will now be directly linked to the performance comparison benchmarks, with a clear impact on fund managers' compensation based on their performance relative to these benchmarks [2].