薪酬新规透视 | 富国王园园旗下6只产品近三年全线跑输基准，5只跑输超21%，富国消费主题A跑输近34%

Core Viewpoint - The fund industry is undergoing significant reform in its compensation system, with nearly a thousand fund managers facing potential salary reductions due to underperformance over the past three years [1][3]. Group 1: Compensation Reform - New regulations from the Asset Management Association of China stipulate that if a fund manager's product returns are more than 10 percentage points below the performance benchmark and the fund's profit is negative, their performance-based compensation must be reduced by at least 30% [1][3]. - Fund companies are required to assess fund managers managing multiple products based on weighted performance evaluations considering fund size and management duration, excluding funds managed for less than one year from the assessment [1][3]. Group 2: Performance of Wang Yuanyuan's Funds - Wang Yuanyuan manages six funds with a total scale of 12.657 billion yuan, but all of them have underperformed their respective benchmarks over the past three years [4][6]. - Specifically, the fund "Fuguo Consumption Theme A" has underperformed its benchmark by 33.72%, while "Fuguo Value Creation A" and "Fuguo High Quality" have underperformed by 29.92% and 29.12%, respectively [5][6]. - The relatively better-performing fund, "Fuguo Quality Life A," has underperformed its benchmark by 8.76%, with a performance gap of over 24 percentage points compared to the worst-performing fund [6]. Group 3: Fund Size and Impact - Among the funds that underperformed by more than 20 percentage points, "Fuguo Consumption Theme A" has a scale of 4.241 billion yuan, and "Fuguo Value Creation A" has a scale of 3.946 billion yuan, together accounting for nearly two-thirds of Wang Yuanyuan's total managed scale [6]. - If the funds managed by Wang Yuanyuan have negative profit margins, five of the six funds will trigger the salary reduction clause due to their significant underperformance [6].