Group 1: Core Insights - Millennium Management is set to be valued at $14 billion as it discusses selling 10% to 15% of its equity in partnership with Petershill Partners [1] - The transaction aims to attract strategic investors, including major contributors to Millennium's funds, positioning it among the highest-valued hedge fund management companies globally [1] - Millennium operates over 320 investment teams under a strict risk framework, similar to other multi-strategy giants like Citadel and Point72 [1] Group 2: Valuation Logic - The $14 billion valuation has sparked a reevaluation of hedge fund valuation logic, traditionally based on management fees and performance incentives [2] - Millennium's revised fee structure, particularly the 1% minimum fee, stabilizes its revenue stream, supporting its high valuation [2] - Despite the high valuation, some private equity advisors argue that even with long-term capital locks, Millennium's management fee multiples are generally lower than those of established private equity firms [2] Group 3: Institutional Preparation - Founder Izzy Englander is preparing for a "post-Englander era" by institutionalizing the company, marking a shift from sole ownership to shared ownership among the core team [3] - The minority stake sale is part of a dual strategy to attract stable external investors and incentivize top talent through equity distribution among senior management [3] - Englander has already implemented measures to solidify the company's capital base and strengthen leadership by recruiting senior management from firms like Goldman Sachs [3] Group 4: Fee Structure and Strategic Partnerships - Millennium has introduced a new fee model requiring investors to pay a minimum fee of around 1% of assets or 20% of investment returns, aligning its revenue structure closer to stable management fees [5] - The company is also in discussions with BlackRock for potential strategic collaboration, which may include a small equity acquisition [5]

基 金 研 究 基金周报 沪深市场主要指数估值上调，资金延续净流入债券类 ETF 证券分析师 宋旸 songyang@bhzq.com 022-28451131 研究助理 张笑晨 SAC NO：S1150123060017 zhangxc@bhzq.com 022-23839033 分析师：宋旸 SAC NO：S1150517100002 2025 年 6 月 9 日 相关研究报告 2025年6月沪深两市重点宽基 指数样本股调整分析—权益 事件点评 2025.06.06 债券型 ETF 资金流入明显， 公募基金管理规模突破 33 万 亿—公募基金周报 2025.06.04 小盘价值风格表现突出，宽 基 ETF 呈现净流出—公募基 金 6 月月报 2025.06.04 核心观点： 基金表现方面，上周，各类基金均有不同幅度的上涨，权益类基金表现突 出，其中，偏股混合型基金周净值平均上涨 1.93%。债券类基金中，混合 债券型基金(二级)上涨 0.40%，正收益占比 98.30%。FOF 基金中，养老目 标 FOF 上涨 0.67%，正收益占比 100.00%。另外，QDII 基金平均上涨 1.63%，正收益占比 ...

国海富兰克林基金管理有限公司（以下简称"基金管理人"或"本公司"）旗下的富兰克林国海美元债一年 持有期债券型证券投资基金（QDII）（以下简称"本基金"）由富兰克林国海美元债定期开放债券型证券 投资基金转型而来，成立于2017年1月25日，托管在建设银行股份有限公司（以下简称"基金托管 人"）。 本基金管理人于2025年5月23日发布《国海富兰克林基金管理有限公司关于修订富兰克林国海美元债一 年持有期债券型证券投资基金（QDII）基金合同和托管协议的公告》，对《富兰克林国海美元债一年 持有期债券型证券投资基金（QDII）基金合同》（以下简称《基金合同》）中估值计算中涉及的主要 货币对人民币汇率的基准由"当日中国人民银行或其授权机构公布的人民币与主要货币的中间价为准"调 整为能够较好反映外汇市场公允价格的"中国外汇交易中心公布的北京时间16:00人民币对主要货币参考 汇率或中国人民银行或其授权机构公布的人民币与主要货币的中间价"。修订后的《基金合同》自2025 年5月30日起生效。 自《基金合同》生效后，为保护投资者利益，基金管理人将在与基金托管人、会计师事务所协商一致 后，将本基金估值计算中涉及的主要货币对人 ...