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 [1][3]. Group 1: Benchmark Adjustments - The new benchmarks are shifting from broad indices to more focused industry indices, such as the removal of the CSI 300 index in favor of the CSI Sports Industry Index for sports culture theme funds [2][4]. - The recent guidelines for public fund benchmarks provide a one-year or six-month transition period for existing products that do not comply with the new rules [2][4]. Group 2: Performance Comparison - Research indicates that nearly 75% of domestic fund benchmarks are price indices, with very few equity and mixed funds using total return indices for performance comparison [6][8]. - The difference in returns between price indices and total return indices is significant, with the annualized returns over the past 20 years being 10.84% for the CSI Total Return Index compared to 9.31% for the price index [8]. Group 3: Importance of Total Return Indices - Using easier-to-beat indices as benchmarks can lower the performance "passing line" for funds, obscuring the impact of fees and reducing the authenticity of performance evaluations [9]. - The essence of fund returns should be "total return," and for measuring "excess returns," total return indices should be used for accurate comparisons [9]. Group 4: Factors for Benchmark Management - Effective benchmark management should consider four key factors: risk-return characteristics, strategy alignment, understandability and transparency, and market representativeness [12]. - The benchmarks should reflect the fund's investment strategy and provide a clear basis for performance evaluation, ensuring they are relevant to the current market structure and emerging industries [11][12].