“盲盒”基金异象频出 业绩比较基准正待精准校表

Core Viewpoint - The recent surge in consumer-themed funds amidst a tech stock rally has raised questions about the underlying assets held by these funds, leading to a significant deviation from their performance benchmarks [1][2]. Group 1: Fund Performance and Style Drift - Some funds have shown performance that diverges significantly from their benchmarks, with consumer funds rising alongside tech stocks, creating confusion among investors about their actual holdings [1]. - A specific consumer fund, Guorong Rongxin Consumer Select A, experienced a 10% increase on December 8, despite the consumer sector declining, highlighting the unusual performance patterns [2]. - The fund's holdings shifted dramatically from consumer stocks like Wuliangye and Midea Group to tech stocks such as CATL and GoerTek within a single quarter, indicating a potential style drift [3]. Group 2: Regulatory Response - In response to the ongoing style drift, regulatory bodies have introduced measures to enforce stricter adherence to performance benchmarks, including the establishment of benchmark libraries and performance assessment guidelines [1][6]. - The China Securities Regulatory Commission (CSRC) has proposed new guidelines that link fund manager compensation to performance relative to benchmarks, aiming to enhance accountability [6]. - Fund companies are now required to submit plans for revising their performance benchmarks to align with actual investment strategies, reflecting a shift towards more accurate performance measurement [7]. Group 3: Industry Trends - The trend of style drift is not isolated, with multiple public funds exhibiting similar behavior, such as the Jin Xin Intelligent China 2025 Mixed Fund, which has heavily invested in financial stocks despite its stated focus on intelligent enterprises [4][5]. - Some funds have begun to correct their investment strategies, moving back towards their original themes, as seen with the "Health Life" fund, which has shifted from heavy investments in metals and military stocks to healthcare and consumer stocks [5]. - The industry is witnessing a push towards the normalization of performance benchmarks, with expectations that a significant number of equity public funds will need to adjust their benchmarks by mid-2026 [6].