“KPI”出炉！基金经理拒绝“躺平”

Core Viewpoint - The article discusses the recent release of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission, emphasizing the need to establish a performance benchmark system for public funds to enhance investor interests and address long-standing issues in the industry [1][4]. Summary by Sections Performance Benchmark Issues - The performance benchmark for public funds has been largely ineffective, with only 26% of over 3,600 actively managed equity funds outperforming their benchmarks over the last three years [2]. - A significant 64% of actively managed equity funds are projected to underperform their benchmarks by over 10% from 2022 to 2024 amid a declining A-share market [2]. Causes of Underperformance - The underperformance of funds relative to benchmarks is attributed to poorly defined benchmarks that do not align with the funds' investment strategies and market conditions [3]. - The industry's focus on asset size over performance has led to a misalignment of incentives, where funds with poor long-term performance still attract investment due to their market positioning [3]. Implications of the New Action Plan - The new regulations are expected to fundamentally change the operational logic of actively managed equity funds, promoting a focus on stable investment returns and value investing [4][5]. - Short-term effects may include increased volatility in the market as funds adjust their portfolios to align with benchmarks [4]. Long-term Trends - The Action Plan is likely to enhance the importance of passive and value investing, with public funds expected to increase their allocation to index products and low-volatility assets [5][6]. - Fund managers will need to adapt their strategies to focus on long-term value rather than short-term gains, leading to a potential decrease in turnover rates and a more stable investment approach [6][7]. Fund Manager Accountability - Fund managers will face performance evaluations based on their ability to meet benchmark standards, with significant implications for their compensation structures [8]. - Some fund managers are expected to align their portfolios closely with benchmarks to secure their positions, while others maintain confidence in their ability to outperform through selective stock picking [9].