时报观察丨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 details for public offering securities investment fund performance benchmarks, aiming to address existing issues in the industry and enhance investor trust [1][2]. Group 1: Issues Addressed - The previous performance benchmarks for funds were ineffective, leading to phenomena such as style drift and extreme concentration, which negatively impacted fund performance and investor experience [1][2]. - The lack of substantial constraints on fund investment portfolios resulted in unpredictable fund performance, with managers often making erratic investment choices [2]. Group 2: New Guidelines and Operational Details - 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 limits [2]. - Fund managers will face increased supervision and constraints in their investment decisions, addressing the issues of style drift and erratic investment strategies [2]. - The guidelines stipulate that fund managers' performance compensation should be directly linked to their performance relative to the benchmarks, promoting accountability [2]. Group 3: Expected Outcomes - The implementation of these guidelines is expected to enhance the stability of public fund investment behaviors and create a more predictable investment style, ultimately improving investor satisfaction [2].