基准新规划定过渡期！近75%基金“及格线”或需调整

Core Viewpoint - Over 180 funds have adjusted their benchmarks as of October 31, 2023, moving towards clearer investment strategies and styles, with a focus on refining benchmark management for better comparability [1][3][5]. Benchmark Adjustments - As of October 31, 2023, 183 funds have changed their performance comparison benchmarks, with over 70 of these changes occurring after the release of the "Action Plan for Promoting High-Quality Development of Public Funds" in May 2023 [3]. - The new benchmarks are shifting from broad indices to more specific industry indices, enhancing clarity in investment strategies. For example, a sports culture fund changed its benchmark from a composite of the CSI 300 and bond indices to a combination of industry-specific indices and deposit rates [3][4]. Focus on Full Return Indices - Current research indicates that nearly 75% of domestic fund benchmarks are price indices, with very few using total return indices, which account for dividends and reinvestment returns. This discrepancy leads to lower overall returns for funds using price indices [2][6][7]. - A study by Morningstar shows that funds using the CSI 300 price index had a 68% success rate in outperforming their benchmark, compared to only 55% for those using the total return index over the past five years [6]. Importance of Benchmark Precision - The adjustment of benchmarks is seen as a necessary step towards more precise management, which should consider factors such as risk-return characteristics, strategy alignment, understandability, and market representation [8][9]. - Analysts emphasize that the effectiveness of benchmarks in guiding investment behavior has not been fully realized, necessitating a more structured approach to benchmark setting [8][9]. Conclusion - The ongoing adjustments in fund benchmarks reflect a broader trend towards enhancing the accuracy and relevance of performance measurement in the investment industry, aiming to provide clearer insights into fund performance and strategy alignment [5][9].