南财观察｜以业绩比较基准为锚，再定义绩优主动权益基金

Core Viewpoint - The new regulations on performance benchmarks for public funds in China aim to enhance the accountability of fund managers by linking their compensation to these benchmarks, promoting a return to the fundamental purpose of asset management [1][10]. Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) released an action plan in May to promote high-quality development in public funds, emphasizing the importance of performance benchmarks [1]. - A draft of new regulations regarding performance benchmarks was published on October 31, which is expected to improve the discipline of active investment and stabilize investment styles [1][9]. - The introduction of a performance benchmark element library aims to standardize the selection of benchmarks, categorizing them into primary and secondary libraries to enhance comparability and prevent arbitrary changes [10][11]. Group 2: Fund Performance Analysis - Only 34% of active equity funds outperformed their benchmarks over the past three years, with an average return lagging behind benchmarks by 7.26% [3][4]. - Among the top-performing funds, only 20 funds achieved over 100% excess returns, indicating that achieving superior performance is challenging under the new evaluation standards [3][4]. - Some high-performing funds may have misleadingly high excess returns due to benchmark mismatches, highlighting the importance of appropriate benchmark selection [3][4]. Group 3: Fund Size and Performance - Smaller funds tend to have better excess return capabilities, with only 40% of large funds (over 10 billion) outperforming their benchmarks [6]. - The average size of funds achieving positive excess returns is significantly lower than the overall market average, supporting the notion that larger fund sizes may hinder performance [6]. Group 4: Fund Manager Impact - The total management scale of fund managers influences their active management capabilities, with a significant number of successful funds managed by those overseeing over 10 billion [7]. - The average tenure of fund managers does not show a significant correlation with their ability to generate excess returns, indicating that experience alone may not guarantee performance [7]. Group 5: Industry Trends - The number of funds changing their benchmarks has increased significantly, with over 132 funds adjusting their benchmarks in 2023 alone, signaling a shift towards stricter industry norms [9]. - The new guidelines are expected to lead to a systematic restructuring of the public fund industry, with a focus on aligning actual investment behavior with product strategy [10][11].