薪酬新规透视 | 大摩研究管理部总监王大鹏业绩踩线仍推新基“大摩港股通多元成长” 4只产品均跑输基准超27%

Group 1 - The core viewpoint of the article highlights the significant reform in the public fund performance evaluation system, which has led to nearly a thousand fund managers facing potential salary reductions due to poor performance over the past three years [1][12] - According to the new regulations from the Asset Management Association of China, fund managers whose products underperform the benchmark by more than 10 percentage points and have negative profit margins will see their performance pay cut by at least 30% [1][12] - The new evaluation framework emphasizes the long-term performance of senior fund managers, making their historical results a focal point for market scrutiny [1][12] Group 2 - Data from Wind shows that as of December 10, 2023, 13 funds managed by Morgan Stanley underperformed their benchmarks by over 10 percentage points, with four of these funds managed by Wang Dapeng [1][11] - Specifically, Wang Dapeng's fund "Morgan Stanley Consumption Pioneer" underperformed by 42.62% over the past three years, with a maximum drawdown of 45.93% [2][13] - Other funds managed by Wang Dapeng, such as "Morgan Stanley Health Industry A" and "Morgan Stanley Hong Kong-Shenzhen Select A," also showed significant underperformance, with drawdowns of 39.58% and 33.23% respectively [2][13] Group 3 - Wang Dapeng's investment style shows a high degree of consistency across his funds, with a concentrated focus on sectors such as pharmaceuticals and consumer goods [3][14] - The performance of his top holdings, particularly in the pharmaceutical sector, has been poor, with several stocks experiencing declines of over 10% in the last three months [3][14] - Despite the underperformance of his existing funds, Wang Dapeng is still involved in managing new products, including the "Morgan Stanley Hong Kong Stock Connect Multi-Asset Growth Mixed Fund," which is currently in the subscription phase [5][7][16] Group 4 - The new fund "Morgan Stanley Hong Kong Stock Connect Multi-Asset Growth Mixed Fund" has a performance benchmark set to a combination of indices, indicating a strategic approach to diversify performance metrics [7][18] - Concerns arise regarding the future performance of this new fund due to the historical underperformance of both Wang Dapeng and his co-manager Lei Zhiyong, whose fund "Morgan Stanley Innovation A" also underperformed its benchmark by 33.75% [11][19]