浮动费率机制

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南方基金杨小松:积极探索浮动费率机制,共筑管理人与投资者共生共荣新生态
Xin Lang Ji Jin· 2025-05-08 04:02
Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Action Plan for Promoting High-Quality Development of Public Funds," which outlines 25 measures aimed at addressing industry pain points and guiding the transformation of the public fund sector towards high-quality development [1] Group 1: Key Measures and Mechanisms - The floating fee mechanism is highlighted as a core strategy for high-quality development, linking fund managers' fees to investors' actual gains and losses, thus promoting a shared value creation model [2][3] - The action plan emphasizes optimizing the fee structure for actively managed equity funds, implementing a floating management fee that varies based on fund performance relative to a benchmark [3] Group 2: Investor-Centric Approach - The floating management fee mechanism encourages long-term investment by providing fee discounts for investors who hold funds for a certain period, thereby reducing irrational trading and enhancing profit experiences [3] - The plan aims to enhance investor satisfaction by adjusting fees based on actual performance, reinforcing a value-oriented approach centered on investors [3] Group 3: Industry Development and Trends - The action plan and the exploration of the floating fee mechanism are seen as crucial steps for the sustainable development of the public fund industry, fostering a community of shared interests between fund managers and investors [4] - The public fund industry in China is expected to follow a similar trend to the U.S., where management fees have decreased by approximately 40% since 2000, indicating a gradual reduction in costs for investors [4]
易方达基金:以投资者为本,探索优化主动权益类基金收费机制,促进行业高质量发展
Xin Lang Ji Jin· 2025-05-08 01:13
Core Viewpoint - The "Action Plan for Promoting High-Quality Development of Public Funds" outlines policies aimed at reforming the public fund industry and enhancing its quality, focusing on optimizing fund operation models, improving industry assessment systems, increasing equity investment scale and proportion, and ensuring risk management [1][2]. Group 1: Fund Operation Model - The plan proposes establishing a floating fee rate mechanism linked to fund performance, enhancing the constraint of performance benchmarks, and creating a binding mechanism between fund company income and investor returns [1][2]. - The introduction of floating fee products is seen as a beneficial exploration of charging models, promoting a healthier industry development and aligning investor interests [2]. Group 2: Performance Benchmarking - The plan emphasizes strengthening the role of performance benchmarks by developing regulatory guidelines for their setting, modification, disclosure, and evaluation, which will guide industry institutions in selecting benchmarks rigorously [3]. - This will help ensure product style stability and assist investors in better evaluating fund performance [3]. Group 3: Industry Assessment and Investment Scale - The plan includes specific requirements for improving industry assessment systems, significantly increasing the scale and proportion of equity investments, and accelerating the establishment of top-tier investment institutions [4]. - Companies are encouraged to innovate and launch more floating fee products that are linked to fund performance and investor returns, promoting long-term holding [4]. Group 4: Compliance and Risk Management - Companies are expected to enhance compliance and risk management proactively, ensuring that all business operations run smoothly and securely [4]. - The focus will be on creating a virtuous cycle of "increased returns - inflow of funds - market stability" [3][4]. Group 5: Commitment to Investor Interests - Companies like E Fund are committed to prioritizing investor interests and promoting a financial culture that aligns with China's modernization goals, contributing to the stability of the capital market and high-quality economic development [5].