基金业绩比较基准应与基金业绩盈亏配合使用

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft guideline for the selection and use of performance benchmarks for publicly offered securities investment funds, aiming to standardize practices and protect investors' rights [1][2]. Group 1: Regulatory Framework - The guideline is necessary for regulating fund performance and management fees, as it ties the floating management fee mechanism to the performance benchmark [1][2]. - The draft emphasizes that fund managers must compare their actively managed equity fund performance against the benchmark and conduct performance attribution analysis [2]. Group 2: Performance Assessment - The performance benchmark is crucial for assessing fund performance but should not be the sole criterion; it must be combined with the fund's net profit or loss [4][5]. - In cases of investment losses, even if a fund outperforms its benchmark, the fund company cannot charge higher management fees, and fund managers should not receive high performance bonuses [5]. Group 3: Investor Protection - The guideline aims to ensure that fund performance assessments are fair and responsible, protecting the legitimate rights of fund holders [4][5]. - The CSRC's initiative is designed to prevent situations where fund companies benefit from management fees despite poor fund performance [5].