下周一提交！事关存量基金业绩比较基准

Core Viewpoint - Multiple fund companies have initiated a review of performance benchmarks for existing funds in response to new regulatory guidelines aimed at enhancing the quality of public funds and protecting investor rights [1][2]. Group 1: Regulatory Changes - The new guidelines require fund companies to submit a plan for revising performance benchmarks for existing products by December 15 [2]. - The review will cover all existing funds except index funds and public REITs, categorizing active equity funds into full market funds, thematic funds, and broad thematic funds [2]. Group 2: Benchmark Adjustment Criteria - Fund companies must analyze which funds require benchmark adjustments based on their actual holdings and provide thorough justification for any changes [2]. - Specific indicators to be reported include investment strategy descriptions, fund size as of Q3, average positions over the past two or three years, and various performance metrics [2][3]. Group 3: Reasons for Adjustments - Reasons for adjusting benchmarks include mismatches between existing benchmarks and actual investment styles, asset allocation, and investment strategies [3]. - If a benchmark change results in a coverage rate drop of over 20 percentage points or an increase in excess returns of over 10 percentage points, detailed explanations must be provided [3]. Group 4: Industry Response - Fund companies are currently working intensively to meet the upcoming submission deadline, with many departments involved in the process [4]. - Adjustments are seen as necessary to align benchmarks with actual investment strategies, with some funds needing to increase equity index proportions based on current holdings [5]. Group 5: Long-term Implications - The implementation of these guidelines is expected to fundamentally transform the performance assessment mechanisms within the public fund industry, shifting focus from short-term relative performance to long-term excess return stability [6]. - Fund companies will need to be more cautious in selecting benchmarks to ensure alignment with investment themes and risk-return characteristics, with strict procedures for any future changes [6].