公募基金业绩比较基准改革落地 立标尺定锚点 告别“基金盲盒”

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released draft guidelines and operational rules aimed at standardizing performance benchmarks for publicly offered securities investment funds, addressing long-standing industry issues such as "style drift" and misleading product representations [1][2][9]. Group 1: Key Aspects of the Guidelines - The guidelines emphasize four main areas: the representation role of performance benchmarks, the enforcement of investment constraints, the evaluation role of benchmarks, and the establishment of a healthy interactive ecosystem [3][4]. - Performance benchmarks must accurately reflect the product's investment goals and strategies, and fund managers are required to appoint experienced fund managers based on these benchmarks [3][4]. - The operational rules provide detailed requirements for product design, benchmark display, and the matching of benchmarks with investment strategies [3][4]. Group 2: Impact on Fund Management - The guidelines aim to prevent issues like "style drift" by mandating a comprehensive control mechanism for benchmark selection, disclosure, monitoring, and accountability [4][5]. - Fund managers must establish a robust internal supervision system to monitor deviations from benchmarks, with independent departments responsible for assessing risks [4][5]. - The guidelines also stress the importance of linking fund performance to compensation structures, ensuring that fund managers' pay is tied to their ability to outperform benchmarks [4][8]. Group 3: Benefits for Investors - Clear performance benchmarks will serve as a "manual" for products, helping investors understand product characteristics and make informed decisions, ultimately leading to better investment experiences [2][10][11]. - The guidelines are expected to shift the industry focus from "scale" to "returns," allowing investors to benefit from long-term stable returns [2][9][12]. - By ensuring that benchmarks are aligned with the fund's investment strategies, investors can better assess fund managers' capabilities and avoid the pitfalls of unpredictable fund performance [11][12]. Group 4: Long-term Industry Implications - The introduction of these guidelines is anticipated to foster a more disciplined investment environment, encouraging fund companies to reassess their benchmark selections and align them with actual investment strategies [9][12]. - The shift from viewing performance benchmarks as mere "decorations" to essential "yardsticks" signifies a transformation in the public fund industry towards a more return-focused approach [9][12]. - Overall, the guidelines are expected to enhance the public fund industry's quality, ensuring clearer product positioning, more regulated investment operations, and better protection of investor rights [12].