践行长期投资 市场呼吁优化发起式基金生存门槛
Zhong Guo Jing Ji Wang·2025-12-08 00:47

Core Viewpoint - The article discusses the evolution and challenges of the initiator-style fund in China, emphasizing the need for optimizing the three-year, 200 million yuan threshold for fund survival to better support small and medium-sized fund companies and new fund managers [1][2][4]. Group 1: Development and Current Status - The initiator-style fund was established in August 2012, becoming a significant part of the public fund industry, with a total scale approaching 3.4 trillion yuan [1]. - There is a notable disparity among initiator-style funds, with some achieving over 20 billion yuan in scale while others face automatic termination due to not meeting the 200 million yuan threshold after three years [1][2]. Group 2: Industry Perspectives on Threshold Optimization - Industry insiders argue that the current three-year, 200 million yuan requirement may lead to the "mis-killing" of potentially successful funds due to market fluctuations affecting their scale [2][3]. - A call for a multi-dimensional assessment system is made, suggesting that factors like average scale, performance stability, and holder structure should be considered to avoid the premature closure of quality funds [2][3]. Group 3: Impact on Small and Medium-sized Fund Companies - Lowering the threshold could alleviate operational pressures on small and medium-sized fund companies, allowing them to focus more on research and investment rather than on maintaining minimum scale [4][5]. - The potential for increased innovation in niche markets is highlighted, with examples of new funds targeting cutting-edge sectors like innovative drugs and green energy [4][5]. Group 4: Long-term Strategy and Performance - The original intent of initiator-style funds is to align the interests of fund managers and investors, promoting long-term investment strategies [6][7]. - Future strategies for initiator-style funds are expected to focus on proactive product layouts in specific industry sectors and enhancing the performance of index-enhanced funds [7][8].