业绩比较基准真正成为基金投资的“锚”和“尺”

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Guidelines for the Selection and Use of Performance Benchmarks for Publicly Offered Securities Investment Funds (Draft for Comments)" and the "Operational Details for Performance Benchmarks for Publicly Offered Securities Investment Funds (Draft for Comments)" to standardize the selection and use of performance benchmarks in the mutual fund industry, enhance internal controls of fund managers, and protect investors' rights [1]. Group 1: Guiding Investment and Product Characteristics - The performance benchmark serves as a "baseline" set by fund companies based on the fund's type, investment scope, and strategy, which should adhere to principles of representativeness, objectivity, constraint, and continuity [2]. - The guidelines require fund companies to set objective and reasonable performance benchmarks based on investment strategies, which cannot be changed arbitrarily once selected, emphasizing the benchmark's role in representing and constraining the product [2]. - Fund managers are encouraged to enhance internal control mechanisms covering the entire chain of performance benchmarks and ensure alignment between actual investment behavior and product strategy [2]. Group 2: Enhancing Investor Understanding and Expectations - The guidelines stipulate that the elements and weights of performance benchmarks must align with the fund contract regarding investment objectives, scope, strategies, and restrictions, improving the clarity of fund product positioning and investment style [3]. - Investors will be able to understand product characteristics more comprehensively through performance benchmarks, allowing them to evaluate fund managers' capabilities by comparing fund performance against benchmarks [3]. - A better understanding of products prior to investment will help guide investors in forming reasonable expectations and making informed decisions, thereby protecting their rights and enhancing their investment experience [3]. Group 3: Scientific and Rational Performance Evaluation - A significant highlight of the guidelines is the linkage of performance benchmarks to fund manager performance evaluations, establishing a core assessment system centered on fund investment returns [4]. - The guidelines aim to create a long-term performance-based evaluation system for fund managers, promoting the principles of "long-term investment" and "value investment" [4]. - Additional requirements regarding custodial supervision, sales performance display, and fund evaluation awards are included, fostering an ecosystem that values performance benchmarks and encourages long-term returns [4].