Group 1 - The first batch of 26 new floating rate funds has been registered by the China Securities Regulatory Commission and will be issued starting May 27 [1][4] - Major fund companies including E Fund, Huaxia, Southern, and others have collectively announced the issuance schedule for these floating rate funds, with most products expected to end subscription in mid to late June [1] - The funds are structured with three fee levels: 1.2% (benchmark), 1.5% (upward adjustment), and 0.6% (downward adjustment), based on the annualized return compared to a performance benchmark [4] Group 2 - If investors redeem the funds within one year, a standard management fee at the benchmark rate will apply, regardless of performance [4] - Fund companies are deploying experienced and high-performing fund managers to manage these floating rate products [4] - To aid investor understanding of the new floating rate funds, companies plan to provide ongoing investor services and detailed explanations of fee structures, performance benchmarks, and investment strategies [4]

本周，第二批12只新型浮动费率基金陆续开卖。从合同条款看，相比首批26只产品整齐划一的费率设定与产品类型，第二批产品在费率浮动触发条件、行业 或主题投资上提供了更多选择。 过去一段时间，基金亏钱、管理费照收不误的争议时有发生。新型浮动费率基金则让基金公司与基民坐在同一条船上，遵循"多赚多收，少赚少收"的原则。 从首批新型浮动费率基金发售情况看，据wind数据，26只产品合计募资258.6亿元，不同机构募资冷热不均，华商基金募集最多（20.82亿份），工银瑞信基 金募集最少（2.18亿份），首尾相差近10倍。 在长周期考核制度引导下，不同基金投资风格亦开始分化。有新型浮动费率基金成立1个月盈利8%，也有多只产品"按兵不动"，单位净值维持在1元附近， 广发基金旗下产品成立以来净值甚至逆势下跌1%，跑输基准超5个百分点。在股市持续升温下，面对部分基金经理的"淡定"，有投资者却开始急了。 第二批新型浮动费率基金开卖 据证监会信息，第二批12只新型浮动费率基金于7月24日集体拿到批文。12只产品的管理人有的是"首秀"，有部分已是"梅开二度"。 其中，华泰柏瑞、国泰、摩根、建信、中银基金等5家为首次申报；易方达、南方、汇 ...

Group 1 - The China Securities Regulatory Commission (CSRC) has registered a second batch of 12 new floating fee rate fund products, which will be launched for sale soon [1] - Similar to the first batch, fund managers have set three fee rate levels: 1.2% (benchmark), 1.5% (upgraded), and 0.6% (downgraded) [1] - Investors redeeming the product after one year will be charged based on performance relative to the benchmark: the benchmark rate for matching performance, the lower rate for underperformance, and the upgraded rate for significant outperformance [1]

Core Viewpoint - The new floating fee rate funds are experiencing a competitive issuance phase, with significant marketing efforts from fund companies as the market recovers [2][20]. Fund Issuance and Performance - As of June 11, 2023, 24 new floating fee rate funds have been launched, collectively raising over 8 billion yuan, with nearly 20 funds surpassing the 200 million yuan threshold for establishment [2][8]. - The first batch of 16 new floating fee rate funds began sales on May 27, 2023, with some companies like Dongfanghong Asset Management achieving early success by reaching their fundraising limits quickly [3][6]. - Fund companies are employing differentiated marketing strategies, leading to varied fundraising timelines, with some companies experiencing slower sales than expected [6][8]. Fund Manager Engagement - The first batch of 26 companies receiving approval for new floating fee rate funds includes both large and smaller fund managers, showcasing a mix of experienced and emerging talent [11]. - Fund companies are demonstrating commitment by deploying seasoned fund managers and investing their own capital into the funds, with Dongfanghong Asset Management announcing a self-investment of 10 million yuan [15][18]. Innovations in Fee Structure - The new floating fee rate funds are designed to align the interests of fund managers and investors, promoting a "win-win" scenario through asymmetric fee structures that enhance investor protection [20][21]. - These funds encourage long-term holding and rational investment, aiming to smooth out short-term volatility while enhancing transparency and trust [20][21]. - The fee structure is linked to fund performance and the duration of investment, incentivizing both fund managers to seek long-term excess returns and investors to commit for longer periods [21].

Core Viewpoint - The launch of the first batch of new floating rate funds marks a significant shift in the asset management industry, redefining the profit-sharing model between fund managers and investors [1][2]. Group 1: What are New Floating Rate Funds? - New floating rate funds represent a paradigm shift towards a "shared interest" model, moving away from the traditional fixed fee structure that charges a constant percentage regardless of fund performance [3][4]. - The core rule of these funds is that management fees are dynamically adjusted based on the investor's holding period and actual returns, promoting a model where "higher returns yield higher fees" [4][5]. - The fee structure is divided into three tiers based on annualized returns: a 1.5% "reward rate" for returns exceeding 6% above the benchmark, a 0.6% "concession tier" for underperforming by more than 3%, and a neutral rate of 1.2% for other scenarios [5]. Group 2: Why is This Change Happening Now? - The emergence of floating rate funds coincides with a pivotal moment in the A-share market, driven by favorable monetary policies and a shift in capital allocation towards equity assets [10][14]. - The current policy environment, including measures to enhance dividend orientation and support for public fund development, is more robust than during previous economic challenges [18][19]. - The floating rate fund model is a strategic response to regulatory guidance and aims to break through existing market competition by seeking new growth avenues [19]. Group 3: Why is This Development Important? - The floating rate mechanism signifies a shift from prioritizing scale to prioritizing returns, fundamentally altering the revenue model for fund companies [23]. - By tying management fees to performance benchmarks, the new model imposes stricter adherence to investment strategies, reducing instances of style drift and ensuring accountability [24][25]. - The visible adjustment of management fees based on performance fosters a sense of partnership between investors and fund managers, transforming investors into active participants in the management process [26]. Group 4: Historical Context and Future Implications - The transition from a fixed management fee of around 1.5% to a more flexible floating rate system reflects the industry's evolution over the past two decades, with a policy requirement for floating rate products to constitute at least 60% of actively managed equity funds [27]. - This change is seen as a response to the need for trust and accountability in asset management, aiming to ensure that asset management consistently delivers returns for the trust placed in it by investors [29].