Xin Lang Cai Jing·2025-12-15 09:44Core Viewpoint - The recent draft of the "Guidelines for Performance Assessment of Fund Management Companies" has sparked discussions in the industry, particularly regarding the constraints on dividend distributions to shareholders based on fund performance and investor losses [1] Group 1: Dividend Distribution - The guidelines require fund companies to prudently determine the frequency and proportion of dividends based on the long-term performance of fund products and the profit and loss situation of investors [1] - In the past decade, E Fund has distributed a total of 12.143 billion yuan in dividends to shareholders, with a dividend rate of 30.56% for 2024 [2][3] - E Fund's average dividend rate over the past ten years is 47.76%, ranking it fourth among leading funds, lower than some competitors but higher than others [4] Group 2: Employee Stock Ownership and Incentives - Following the approval of employee stock incentives in December 2019, E Fund's dividend rate has generally increased, with the employee stock platform receiving a total of 970 million yuan in dividends from 2019 to 2024 [5][6] - The implementation of stock incentives led to a significant increase in the dividend rate, with an average of 51% from 2019 to 2024, compared to an average of 34% from 2015 to 2018 [6] Group 3: Fund Performance - From 2022 to 2024, 52.75% of E Fund's 273 fund products experienced losses, with 47.99% underperforming their benchmarks, resulting in a total loss of 48.8 billion yuan for investors [7][8] - In a more recent analysis from December 2022 to November 2025, only 6% of 307 products reported losses, indicating a significant improvement in performance [8]