公募业绩基准调整潮起

Core Viewpoint - The article discusses the recent wave of adjustments to performance benchmarks by fund companies in response to new regulatory guidelines, emphasizing the need for scientific setting of benchmarks and understanding their impact on fund operations [1][3][4]. Group 1: Regulatory Changes and Industry Response - The China Securities Regulatory Commission (CSRC) released the "Action Plan for Promoting the High-Quality Development of Public Funds," which highlights the importance of performance benchmarks [3]. - As of June 19, 134 funds have adjusted their performance benchmarks this year, an increase of approximately 80% compared to the same period last year [4][6]. - Fund companies have begun to proactively review and adjust their benchmarks to align with investment styles, especially following the release of the new guidelines [4][11]. Group 2: Characteristics of Adjusted Funds - A significant number of the adjusted funds are actively managed equity funds, with 55 out of the 134 being such funds [7]. - Some fixed-income products have also adjusted their benchmarks to better match their bond asset allocations [7][8]. - Fund of funds (FOF) have frequently adjusted their benchmarks, reflecting new asset allocation needs, with 44 of the adjusted products being mixed FOFs [8][9]. Group 3: Importance of Performance Benchmarks - The article highlights that many investors do not adequately consider performance benchmarks when selecting funds, often focusing more on absolute returns [15][16]. - There is a general lack of understanding among investors regarding the significance of performance benchmarks, which can lead to misalignment with investment strategies [17][18]. - The article suggests that performance benchmarks serve as a critical tool for managing investor suitability and understanding risk-return characteristics [18][19]. Group 4: Recommendations for Future Benchmarking - The industry suggests enhancing the diversity of performance benchmarks by including thematic indices and style factor indices [18]. - Establishing a dynamic adjustment mechanism for benchmarks is recommended to ensure they reflect significant market changes or strategy adjustments [18]. - Fund companies are encouraged to strengthen internal research to select the most appropriate benchmarks and continuously evaluate their effectiveness [20].