公募FOF降费“阵营”持续扩大

Core Viewpoint - The public fund industry is experiencing a deepening trend of fee reductions, with the FOF (Fund of Funds) sector emerging as a new focal point for these efforts [1][4]. Group 1: Fee Reductions Announced - Guotai Fund announced a reduction in management and custody fees for its Guotai Stable Income One-Year Holding Mixed Fund (FOF), lowering the management fee from 0.9% to 0.3% and the custody fee from 0.2% to 0.08%, effective December 30, 2025 [1][4]. - Other public FOFs have also joined the fee reduction trend, such as Huaxia Ju Yi Preferred Three-Month Holding Bond (FOF) reducing its management fee from 0.3% to 0.2% starting March 24, 2025, and Bank of China’s Pension Target Date 2050 Five-Year Holding Mixed Fund (FOF) reducing its management fee from 0.9% to 0.6% and custody fee from 0.15% to 0.10% starting April 11, 2025 [1][4]. Group 2: Industry Trends and Insights - The fee reduction for public FOFs is seen as a continuation and deepening of the public fund industry's fee reduction actions, following the release of the "Public Fund Industry Fee Rate Reform Work Plan" in July 2023 [2][5]. - Industry experts believe that regulatory guidance is pushing the fee reform deeper, with a clear requirement to lower investor costs, and that lower fees are more suitable for long-term investment needs, particularly for pension-targeted FOFs [2][5]. Group 3: Impact on Investors and Institutions - Fee reductions are expected to lower holding costs for investors, enhancing long-term return potential and holding experience, while also compelling public institutions to shift from a "scale-driven" approach to an "ability-driven" one, thereby strengthening research and asset allocation capabilities [3][6]. - The trend of fee reductions is believed to refocus industry competition on research capabilities and services, fostering a sustainable ecosystem centered on investor interests and accelerating the exit of underperforming products [3][6]. Group 4: Recommendations for Investors - Investors are advised to consider not only the fee rates of public FOFs but also the research capabilities and performance stability of the products [6]. - Public FOFs are highlighted as important tools for asset allocation, providing risk diversification and enhanced returns through systematic multi-asset allocation, especially with the inclusion of QDII funds and public REITs [6].