监管新规让基金不能再“挂羊头卖狗肉”

Core Viewpoint - The article discusses the recent regulatory changes aimed at addressing the issue of "style drift" in theme-based mutual funds in China, which has led to confusion and losses for investors due to discrepancies between fund names and actual holdings [3][4]. Group 1: Regulatory Changes - The China Securities Investment Fund Industry Association has issued a draft guideline titled "Guidelines for the Management of Theme Investment Style of Publicly Raised Securities Investment Funds," which aims to standardize the investment behavior of theme funds [4][7]. - The guidelines will require funds to clearly define their investment direction, ensuring that fund names align with their actual investment strategies, thus preventing misleading representations [8][9]. - The new regulations are set to be implemented in 2026, with a 24-month transition period for existing funds to comply with the new requirements [13]. Group 2: Issues with Theme Funds - The phenomenon of "style drift" has been a persistent issue in the mutual fund industry, driven by factors such as market style changes, fund manager shifts, and performance pressures [6][7]. - Many fund managers have been observed to frequently switch between different market styles, leading to significant volatility in fund performance and investor losses [11][12]. - The guidelines aim to clarify the definition of theme funds, stipulating that at least 80% of non-cash fund assets must be invested in a specific direction, thereby reducing ambiguity in fund positioning [6][8]. Group 3: Management and Supervision - The guidelines establish a comprehensive supervision system involving fund managers, custodians, and self-regulatory measures to prevent deviations from stated investment styles [10][12]. - Fund managers are required to implement robust internal controls and risk management practices, while custodians must enhance their oversight responsibilities [12][13]. - The guidelines also emphasize the importance of maintaining investment style stability in the performance evaluation of fund managers, with penalties for significant deviations [12].