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剑指基金“风格漂移” 主题投资规范性文件来了
Zheng Quan Shi Bao· 2025-11-10 23:52
近年来,随着板块轮动节奏加快,产品风格鲜明、行业场景特定的主题基金备受关注。 然而,热门主题"吸金"能力明显,也让部分未在风口的主题产品不甘寂寞,在业绩与规模压力下部 分基金经理选择向热门板块调仓,因此屡次造就了主题基金货不对板的"风格漂移"现象。 据记者从多家公募基金公司获悉,近日,基金业协会起草了《公开募集证券投资基金主题投资风格 管理指引》(以下简称《指引》),并向各家基金管理人征求意见。《指引》对主题投资基金的合同约 定、风格库细则、基金管理人和托管人的职责义务提出了明确的要求。 基金名称应明示投资方向 为落实公募基金高质量发展行动方案要求,进一步规范公募基金的主题投资风格管理,据证券时报 ·券商中国记者获悉,近日,基金业协会起草了《公开募集证券投资基金主题投资风格管理指引》,向 各家基金管理人征求意见。 《指引》中明确,主题投资基金的名称应当明示投资方向,并与基金合同约定的投资方向一致,不 得出现名不符实的情形。 具体来看,主题投资基金管理人应当在基金合同、招募说明书中明确约定以下内容:80%以上的非 现金基金资产投资于特定投资方向的证券;符合基金名称所示投资方向的投资风格、投资范围和主题投 资风格 ...
A股重磅!剑指基金“风格漂移”,主题投资规范性文件来了
券商中国· 2025-11-10 13:14
Core Viewpoint - The article discusses the increasing attention on thematic funds in the investment market, highlighting the need for regulatory guidelines to manage their investment styles and ensure compliance with stated objectives [1][2]. Group 1: Regulatory Guidelines - The Asset Management Association of China has drafted the "Guidelines for the Management of Thematic Investment Styles of Publicly Raised Securities Investment Funds" to standardize the management of thematic investment funds [2][3]. - The guidelines require that the names of thematic investment funds clearly indicate their investment direction and align with the investment objectives stated in the fund contracts [2][3]. Group 2: Style Library Establishment - The guidelines mandate the establishment of a "style library" for thematic investment funds, which will include securities that meet specific investment directions [3][4]. - The criteria for inclusion in the style library will vary based on market capitalization, industry classification, and macroeconomic indicators, with a preference for data from authoritative sources [3][4]. Group 3: Monitoring and Compliance - Fund managers are required to implement strict approval processes for the establishment and updates of the style library, ensuring compliance with the fund contract [5][6]. - Fund managers must actively monitor investment behaviors and make timely adjustments if there are significant deviations from the stated investment direction [5][6]. Group 4: Responsibilities of Fund Custodians - Fund custodians are tasked with establishing a supervision mechanism for thematic investment funds, ensuring that the style library and investment directions are clearly defined and adhered to [7]. - Custodians must review the style library within five trading days of receipt and ensure compliance with the fund contract, providing timely feedback to fund managers if discrepancies are found [7].