首批新型浮动费率基金，“成绩单”揭晓

Core Insights - The first batch of floating rate funds has shown mixed performance, with some funds achieving over 70% returns while others struggled, highlighting the challenges faced by fund managers in adapting to new benchmarks [1][2]. Group 1: Fund Performance - As of December 26, the top-performing fund, Huashang Zhiyuan, achieved a return of approximately 71.75%, followed by Xinao Advantage Industry at 54.44%, with several other funds also exceeding 40% returns [2]. - Despite the overall positive performance, only 10 out of 26 funds managed to outperform their benchmarks, indicating a less than 40% success rate [3]. Group 2: Investment Strategy and Challenges - Fund managers are required to balance the pursuit of excess returns with the need to stay close to benchmarks, which has raised the bar for their research and investment capabilities [5][6]. - The floating fee structure necessitates a focus on risk-adjusted excess returns and the controllability of drawdowns, shifting the emphasis from absolute returns to more nuanced performance metrics [6]. Group 3: Market Trends and Future Outlook - The AI sector has been a significant driver of returns for top-performing funds, with managers emphasizing the ongoing investment and growth in AI applications across various industries [2][4]. - Fund managers are encouraged to actively select stocks based on competitive advantages and cash flow quality, rather than merely following index weightings, to enhance their investment strategies [5][6].