基金风格漂移

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亏损近50%仍收巨额管理费,浦银安盛蒋佳良旗下产品陷“旱涝保收”争议
Guan Cha Zhe Wang· 2025-10-15 10:53
【文/羽扇观金工作室】 在公募基金行业总规模突破33万亿元、行业高速发展的今天,浦银安盛基金管理有限公司首席权益投资官蒋佳良管理的产品却并不尽人意。 截至最新数据显示,其管理的浦银安盛品质优选混合A自2021年12月成立以来亏损超过46%,近三年收益率-34.21%。值得注意的是,蒋佳良目前任职在管的 8只基金中7只任期回报为负,其中两只产品亏损近50%,这在近年结构性牛市行情中显得格外刺眼。 | 014545 | 浦银兴耀优选一年持有混合A | 估值图 基金吧 档案 | 混合型-偏股 | | --- | --- | --- | --- | | 014546 | 浦银兴耀优选一年持有混合C | 估值图 基金吧 档案 | 混合型-偏股 | | 014229 | 浦银安盛品质优选混合C | 估值图 基金吧 档案 | 混合型-偏股 | | 014228 | 浦银安盛品质优选混合A | 估值图 基金吧 档案 | 混合型-偏股 | | 013259 | 浦银安盛新经济结构混合C | 估值图 基金吧 档案 | 混合型-灵活 | | 011717 | 浦银均衡优选6个月持有混合A | 估值图 基金吧 档案 | 混合型-偏股 ...
不慌!基金业绩比较基准,小白也能看懂的投资导航
Morningstar晨星· 2025-10-01 00:35
Core Viewpoint - Understanding the performance benchmark of mutual funds is crucial for investors to establish a rational investment perspective, as it conveys important information about the fund's investment direction, style, and strategy [1][2]. Group 1: Importance of Performance Benchmarks - The regulatory framework has elevated the significance of performance benchmarks in mutual funds, guiding product positioning, investment strategies, and performance evaluation [1]. - Performance benchmarks help investors identify the investment focus and style of funds, such as large-cap blue-chip stocks or specific sectors like semiconductors [2][3]. - Composite benchmarks, such as a mix of equity and bond indices, indicate a balanced investment strategy, while more complex benchmarks reflect specific asset allocation strategies [3]. Group 2: Evaluating Fund Performance - Performance benchmarks serve as a tool to filter market styles and assess the true management capabilities of fund managers, allowing for a more accurate evaluation of their performance [3][4]. - For actively managed funds, deviations from benchmarks can indicate attempts to achieve excess returns, while passive index funds rely heavily on accurately tracking their benchmarks [4]. - The introduction of floating fee structures linked to performance benchmarks ensures that investors pay for value, with fund managers receiving higher compensation only when they outperform the benchmark [4]. Group 3: Analyzing Fund Selection - Investors should analyze benchmarks to determine if a fund aligns with their preferences, considering the composition of the benchmark and its implications for risk and return [5][6]. - The choice of benchmark is critical; funds using price indices rather than total return indices may mislead investors regarding their true performance and management effectiveness [6]. - Adjustments to performance benchmarks may occur as funds change their investment focus, necessitating investor awareness of such changes to ensure alignment with their investment goals [7].
10只基金被指“风格漂移” 华泰柏瑞、交银施罗德在列
Sou Hu Cai Jing· 2025-08-26 12:10
Core Viewpoint - The phenomenon of "style drift" in public funds continues to exist, leading to the exclusion of certain funds from ratings due to significant deviations from their stated investment styles [1][2][9] Fund Rating and Style Drift - Ji'an Jinxin reported that ten funds were excluded from ratings in the second quarter due to "style drift," along with three funds penalized in the first quarter for the same reason [1][2] - The funds affected include those managed by major institutions such as Huatai-PB and Jiao Yin Shirode [2] Regulatory Response - Regulatory bodies have been actively addressing the issue of "style drift," with the CSRC emphasizing the need for clear performance benchmarks for each fund to ensure alignment with their stated investment strategies [1][9] - The CSRC's recent action plan aims to strengthen the constraints of performance benchmarks and improve the clarity of fund classifications to prevent misleading practices [9][10] Market Environment and Fund Performance - The "style drift" reflects conflicts between market conditions and fund positioning, as well as imbalances between performance pressure and investment discipline [1][5] - Some funds have shown significant deviations from their intended investment styles, with examples including a shift towards banking stocks in the Jiao Yin Innovation Leading Fund [5][6] Fund Characteristics and Performance Metrics - The ten funds that experienced "style drift" had varying performance metrics, with some showing declines in net value while others performed better [6][8] - For instance, the Jiao Yin Innovation Leading Fund had a net asset value of 2.066 billion yuan and a net value growth rate of 8.86% in the second quarter [7] Long-term Returns and Risks - Long-term performance varies significantly among funds, with some achieving high returns while others have incurred substantial losses over three years [8] - The issue of "style drift" poses multiple risks for investors, including mismatched expectations and increased exposure to non-hedged risks [8][10]
北信瑞丰外延增长被指风格漂移成“水电主题” 年内下跌1.3%,基金经理王玉珏坦言“看错风格”
Xin Lang Ji Jin· 2025-08-26 10:29
Core Viewpoint - The article highlights the phenomenon of "style drift" in public funds, particularly focusing on the North Trust Ruifeng External Growth Flexible Allocation Mixed Fund, which has deviated significantly from its original investment strategy, raising concerns in the market [1]. Fund Manager and Strategy Changes - The current fund manager, Wang Yuque, took over in January 2024 and has shifted the fund's focus entirely to the hydropower industry, contradicting its original theme of "external growth" through mergers and business expansion [1][10]. - The fund has experienced frequent changes in management, with an average tenure of only 1.87 years for its five managers since inception [1]. Portfolio Composition - As of the end of Q2 2025, the fund's top ten holdings are exclusively in the hydropower sector, including companies like Changjiang Electric Power and Guiguan Electric Power, leading to extreme industry concentration [1][2]. - The total market value of the fund's holdings is approximately 11.28 billion yuan, with a significant portion allocated to public utility stocks, which reflects a defensive investment strategy [2]. Performance Metrics - The fund has shown poor performance, with a return of -1.27% in 2025, -1.21% over the past year, and -15.16% over the past two years, consistently underperforming against its benchmark and the CSI 300 index [4][7]. - Since its inception, the fund has achieved a total return of 47.20%, with an annualized return of only 4.25%, failing to deliver significant excess returns to investors [4]. Market and Manager Reflection - Wang Yuque acknowledged the mismatch between his investment strategy and market conditions, stating that his deep value approach based on net cash accumulation has not been suitable in the current environment [7][10]. - The fund's small size of 0.16 billion yuan puts it at risk of being liquidated, highlighting the challenges faced by mini funds under pressure to perform [8]. Implications of Style Drift - The case of North Trust Ruifeng External Growth Fund illustrates that frequent changes in fund management and persistent small fund sizes are more prone to style drift, raising concerns about adherence to investment themes [10].
偏离“创新”主线,交银创新领航混合被指风格漂移,近一年跑输基准超7%
Xin Lang Ji Jin· 2025-08-26 10:26
Core Viewpoint - The article discusses the phenomenon of "style drift" in public funds, highlighting the significant deviation of the Jiayin Innovation Leading Mixed Fund from its original investment strategy, raising concerns among investors and regulators [1][7]. Fund Performance and Strategy - The Jiayin Innovation Leading Mixed Fund, managed by Guo Fei for 5.5 years, has shifted its investment focus from technology growth stocks to low-valuation, high-dividend assets such as banks and power companies, which contradicts its "innovation" branding [1][6]. - As of Q2 2025, the fund's top holdings include Jiangsu Bank and Industrial and Commercial Bank, reflecting a clear low-risk, high-dividend characteristic [2]. - The fund's performance has been relatively mediocre, with a return of 10.48% since 2025, significantly lower than the average return of 27.11% for equity mixed funds and 13.58% for the CSI 300 index [3][4]. Historical Performance Data - The fund's annual returns from 2021 to 2025 show fluctuations, with a notable decline in 2022 (-20.12%) and a recovery in 2024 (13.26%) [4]. - Over its 5.5-year history, the fund has achieved a total return of 50.09% and an annualized return of 7.66%, which, while outperforming its benchmark, does not demonstrate a clear "innovation" advantage [4][6]. Investment Logic and Market Implications - Guo Fei's investment logic emphasizes defensive positioning and dividend yield, contrasting sharply with the fund's original growth-oriented theme [6]. - The fund's significant shift in strategy poses a mismatch risk for investors who initially subscribed based on the "innovation" theme, indicating potential challenges in maintaining investor trust and adherence to investment discipline [6][7].
从健康生活到军工有色,华泰柏瑞健康生活风格漂移近三年跑输基准30%,规模缩水至0.66亿,持有人全为散户
Xin Lang Ji Jin· 2025-08-26 10:22
Core Viewpoint - The article highlights the ongoing issue of "style drift" in public funds, particularly focusing on the HuaTai BaRui Health Life Mixed Fund, which has significantly deviated from its intended investment themes of healthcare and consumer life towards cyclical industries like non-ferrous metals and military manufacturing [1][9]. Fund Performance and Holdings - As of the end of Q2 2025, the fund's top ten holdings include companies such as Luoyang Molybdenum, Zhongbing Hongjian, and CATL, primarily concentrated in non-ferrous metals, defense, and power equipment sectors, with no direct allocation to healthcare or consumer-related industries [3][4]. - The fund has shown significant cyclical volatility, achieving a return of 33.33% in 2025 and 43.63% over the past year, but has a weak performance sustainability with declines of 13.11% in 2024, 13.99% in 2023, and 26.65% in 2022, resulting in negative returns over three and five years (-19.41% and -14.51% respectively) [4][6]. Fund Management and Strategy - Fund manager Lv Huijian indicated a cautious approach, focusing on military, non-ferrous, and midstream manufacturing sectors, which further confirms the strategy's disconnection from the "health life" theme and emphasizes macroeconomic cycles and manufacturing trends [7]. - The fund's total return since inception is 43.20%, with an annualized return of only 3.58%, ranking it low among similar flexible allocation funds (290 out of 528) [6]. Investor Composition - Since the mid-2023 report, institutional investors have completely exited, leaving individual investors holding 100% of the shares, reflecting a cautious attitude from institutional funds towards the fund's strategy deviation and performance [9]. Regulatory and Compliance Issues - The long-term and significant deviation from its established investment direction raises compliance concerns regarding style drift and highlights governance issues between thematic constraints and strategy execution, warranting ongoing attention from investors and regulatory bodies [9].
十只基金被指“风格漂移”,涉嘉实基金、华泰柏瑞等头部公募
Nan Fang Du Shi Bao· 2025-08-19 07:24
近日,第三方基金评价机构济安金信基金评价中心(下称"济安金信")公告,10只基金2025年二季度存 在风格漂移;另有3只基金因2025年一季度风格漂移,被惩罚性不予评级。其中,部分产品来自嘉实基 金、华泰柏瑞基金、交银施罗德基金等管理规模数千亿乃至万亿级公募机构。 中国证监会主席吴清在2025年5月国新办举行的新闻发布会上强调,针对基金"风格漂移""货不对板"等 问题,要求为每只基金产品设定清晰的业绩比较基准,作为衡量产品真实业绩的"尺子",避免产品投资 行为偏离名称和定位。 记者观察发现,上述10只被指今年二季度风格漂移的基金,截至8月18日,有5只近三年收益跑输业绩基 准;截至2025年二季度末,多只基金重仓股与基金名称较难"代入",有名称强调"创新领航""智能中 国"的基金重仓银行股,有突出"绿色主题"的基金重仓芯片股,需要投资者仔细甄别。 十只基金被指风格漂移 据济安金信日前发布的第二季度公募基金评级结果,有10只基金存在风格漂移,包括嘉实基金、华泰柏 瑞基金、交银施罗德基金、前海开源基金、宝盈基金、中邮基金、金信基金、北信瑞丰基金旗下各1 只,泰信基金旗下2只。 根据《交银施罗德创新领航混合型证券投 ...
主题基金“上榜”,金信、泰信旗下产品陷风格漂移争议,公司回应
Hua Xia Shi Bao· 2025-08-15 06:43
Core Viewpoint - Multiple public fund products have been identified as experiencing style drift, which may lead to investor losses due to discrepancies between actual investment styles and those stipulated in fund contracts [2][7]. Group 1: Style Drift Identification - In the second quarter of this year, 10 products were recognized for style drift, with an additional 3 products penalized for style drift in the first quarter [2]. - Notable funds affected include Qianhai Kaiyuan Great Security Mixed, Jinxin Intelligent China 2025 Mixed (A/C classes), and Taixin Modern Service Industry Mixed [2]. Group 2: Fund Definitions and Investment Focus - The Jinxin Intelligent China 2025 Mixed fund focuses on sectors related to intelligent production and services, with a minimum of 80% of non-cash assets invested in defined "Intelligent China 2025" themes [3]. - The Taixin Modern Service Industry Mixed fund allocates 60-95% of its assets to stocks, emphasizing productive and life service industries, including financial services, logistics, and healthcare [5][6]. Group 3: Fund Responses to Style Drift Concerns - Jinxin Fund representatives argue that their high allocation to bank stocks aligns with the intelligent service theme, citing low valuations and high dividend yields as justifications [4]. - Taixin Fund maintains that its investments in new technologies and services are consistent with the fund's definition of modern service industries, addressing concerns about style drift [6].
“创新领航”主题基金重仓银行股,交银施罗德旗下一产品被指风格漂移
Hua Xia Shi Bao· 2025-08-14 09:42
本报(chinatimes.net.cn)记者张玫 北京报道 据济安金信最新评级,2025年二季度共有10只基金(A/C类分计)存在风格漂移,另有3只产品因为一 季度风格漂移被"惩罚性不予评级"。其中,交银施罗德基金旗下交银创新领航混合的风格漂移问题尤为 凸显,且持续已久。 自2024年三季度起,这只本应聚焦"创新领航"主题的基金,其前十大重仓股便持续被银行股主导。最新 数据显示,银行股仓位占比超过55%,与基金名称和投资主题出现严重脱节。 更关键的是,这种大幅转向传统金融板块的配置策略并未带来预期回报。在近期市场波动中,该基金业 绩表现不佳,近1月排名跌至同类尾部,近3月排名也处于后20%,显著跑输同类平均。 "创新领航"主题界定 交银创新领航混合的业绩比较基准为:沪深300指数收益率×65%+恒生指数收益率×5%+中证综合债券指 数收益率×30%。 根据《交银施罗德创新领航混合型证券投资基金(更新)招募说明书》(下称"《说明书》"),股票投资 (含存托凭证)占基金资产的比例为60%—95%(其中投资于港股通标的股票的比例占股票资产的 0%-50%),投资于"创新领航"主题相关证券的比例不低于非现金基金资产 ...
突出增强投资行为稳定性 公募“会诊”风格漂移顽疾
Zhong Guo Zheng Quan Bao· 2025-08-08 07:19
Core Viewpoint - The release of the "Action Plan for Promoting the High-Quality Development of Public Funds" has become a focal point in the industry, emphasizing the need to enhance the stability of fund investment behavior and address issues like "style drift" and "inconsistent products" [1][2]. Summary by Relevant Sections Performance Benchmarking - The Action Plan strengthens the role of performance benchmarks as a constraint for public fund products, establishing clear guidelines for setting, modifying, disclosing, and continuously evaluating these benchmarks [2][3]. - Fund companies are expected to be more cautious in setting performance benchmarks, shifting the evaluation logic from beta returns to alpha returns [3]. - The emphasis on performance benchmarks aims to ensure that fund managers adhere to agreed-upon investment styles, reducing arbitrary deviations [2][3]. Thematic Fund Regulation - The Action Plan proposes stricter registration and self-regulatory rules for thematic funds, addressing the frequent style drift observed in these funds [4][5]. - Measures include controlling product design, dynamic holding checks, and linking performance benchmarks to fund manager evaluations [5]. - There has been a significant increase in the number of funds changing their performance benchmarks, with over 60 funds making changes this year, more than double compared to the same period last year [5]. Long-Term Assessment Mechanism - The Action Plan introduces a long-term assessment mechanism, requiring that at least 80% of the evaluation weight be based on performance over three years or more [7][8]. - This mechanism aims to reduce short-term market fluctuations' impact on investment performance evaluations, encouraging a shift from focusing on scale to prioritizing returns [8]. - The long-term assessment is expected to attract more long-term capital into the stock market, enhancing market stability and resource allocation efficiency [8].