Core Insights - Over 180 funds have adjusted their benchmarks as of October 31, moving towards clearer investment strategies and styles, with a notable shift from broad indices to more specific industry indices [1][2][3] - The new guidelines for performance benchmarks aim to enhance the comparability and effectiveness of fund evaluations, addressing the limitations of using price indices that do not account for dividends and reinvestment returns [1][4][5] Group 1: Benchmark Adjustments - As of October 31, 183 funds have changed their performance benchmarks since 2025, with over 70 of these changes occurring after the release of the "Action Plan for Promoting High-Quality Development of Public Funds" in May [2] - The adjustments reflect a trend towards more focused benchmarks, with many funds transitioning from broad indices to specialized industry indices, such as a sports culture fund moving from the CSI 300 to the CSI Sports Industry Index [2][3] Group 2: Impact of New Guidelines - The newly introduced guidelines for performance benchmarks provide a one-year or six-month transition period for existing products that do not comply with the new rules, emphasizing the need for benchmarks to accurately reflect investment strategies and styles [1][4] - Research indicates that nearly 75% of domestic funds currently use price indices as benchmarks, which typically yield lower returns compared to total return indices due to the exclusion of dividends and reinvestment returns [4][5] Group 3: Importance of Benchmark Precision - The precision in benchmark management is crucial for improving the comparability of fund performance, as different versions of the same index can lead to significant variations in relative returns [4][6] - Analysts suggest that the focus should not only be on aligning benchmarks with investment strategies but also on ensuring that benchmarks are understandable, transparent, and representative of the market [6][7]
基准新规设定过渡期 近75%基金或需重划“及格线”
Zheng Quan Shi Bao·2025-11-02 18:09