公募基金主题投资风格管理指引征求意见 严控风格漂移、集中度过高

Core Viewpoint - The China Securities Investment Fund Industry Association has drafted guidelines for managing the investment style of publicly offered securities investment funds, aiming to address issues such as style drift and high concentration in theme investment funds [1][2]. Group 1: Guidelines Overview - The guidelines require that the names of theme investment funds clearly indicate their investment direction and ensure alignment with actual investments [3]. - Fund contracts must specify investment direction, proportion limits, and style management standards, avoiding vague terms [3][4]. - Theme investment funds are defined as those investing over 80% of non-cash assets in specific investment directions, excluding passive index funds [2][3]. Group 2: Style Management Requirements - Funds must establish a style library and manage it based on data from government agencies or third-party institutions [3][4]. - The frequency of updating the style library should be at least once and no more than twelve times per year, with exceptions for passive updates [4]. - Emphasis is placed on maintaining a diversified investment approach and avoiding high concentration levels [4]. Group 3: Performance and Compliance - Performance benchmarks must accurately reflect the investment style and be closely related to the investment direction [5]. - Fund managers are required to implement strict internal management mechanisms and approval processes for the style library and securities entry/exit [6]. - Significant deviations from investment direction and high concentration will be subject to negative assessments [6]. Group 4: Transition Period and Oversight - A 24-month transition period is provided for existing funds to adjust their contracts and prospectuses in line with the new guidelines [8]. - Fund custodians are tasked with overseeing compliance with investment style management, including reviewing fund contracts and monitoring investment proportions [8].