基金业绩比较基准改革落地：长期业绩低于基准，基金经理绩效薪酬应明显下降

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Guidelines for Performance Benchmark of Publicly Raised Securities Investment Funds," effective from March 1, 2026, aimed at enhancing the representation and objectivity of performance benchmarks, improving internal controls of fund managers, and protecting investors' rights [1][2]. Group 1: Performance Benchmark Guidelines - The guidelines define performance benchmarks as standards set in fund contracts and prospectuses to represent investment styles, measure performance, and constrain investment behavior [1]. - The guidelines consist of six chapters and twenty-one articles, covering the establishment, modification, internal control management, external constraints, and regulatory measures related to performance benchmarks [1][2]. - Fund managers are prohibited from changing performance benchmarks solely due to changes in fund managers, short-term market fluctuations, or performance assessments [2]. Group 2: Internal Control and Management - Fund managers must establish a comprehensive internal control and management system covering the selection, disclosure, monitoring, evaluation, correction, and accountability of performance benchmarks [3]. - New products should be developed based on reasonable and differentiated layouts, with clear product positioning and investment styles [3]. - Fund managers are required to continuously manage the stability of fund managers and investment styles, monitoring deviations from performance benchmarks [3]. Group 3: Performance Evaluation and Compensation - Fund managers must create a performance evaluation and compensation system centered on fund investment returns, reflecting fund performance and investor gains and losses [5]. - For actively managed equity funds, performance should be compared with benchmarks, and excess returns should be scientifically assessed [5][6]. - If an actively managed equity fund's long-term performance is significantly below the benchmark, the related fund manager's performance compensation should decrease accordingly [6]. Group 4: External Monitoring and Investor Education - The guidelines require custodians to establish mechanisms to monitor the stability of investment styles for equity funds, alerting on risks related to theme-based products and industry concentration [7]. - Fund managers and sales institutions must present past performance alongside benchmark performance, ensuring no misleading information is provided to investors [7]. - There is an emphasis on investor education regarding performance benchmarks, prohibiting misleading practices that could harm investor expectations [7].