时报观察丨公募基准新规对症下药 优化行业生态

Core Viewpoint - The release of the "Guidelines for Performance Comparison Benchmarks of Publicly Raised Securities Investment Funds (Draft for Comments)" and the "Operational Details for Performance Comparison Benchmarks of Publicly Raised Securities Investment Funds (Draft for Comments)" by the China Securities Regulatory Commission aims to address existing issues in the fund industry, enhancing investor trust and improving the overall investment experience [1][2][3]. Group 1: Issues in the Fund Industry - The performance comparison benchmark has previously been ineffective, leading to phenomena such as style drift, speculative investments, and poor investor experiences, which have damaged the reputation of the fund industry [2]. - Fund managers have had excessive autonomy in constructing portfolios, resulting in unpredictable investment strategies and performance [3]. Group 2: New Guidelines and Their Implications - The new guidelines require that benchmarks reflect the product's positioning and investment style, aligning with the fund's contract regarding investment goals, scope, strategies, and restrictions, which will help investors better understand product styles and expected risk-return profiles [3]. - The guidelines impose stricter oversight on fund managers' investment decisions, aiming to reduce issues like style drift and ensure accountability [3]. - Performance evaluations of actively managed equity funds will now be closely tied to the performance comparison benchmarks, with significant implications for fund managers' compensation if their performance falls below the benchmarks [3].