Core Viewpoint - The new batch of floating management fee funds represents an upgraded model that integrates previous fee structures, focusing on both holding duration and fund performance, thereby enhancing the precision of fee collection based on individual investor circumstances [1][8]. Summary by Categories Previous Floating Fee Models - In 2023, several floating management fee equity funds were launched, with management fees linked to holding duration, fund size, and fund performance [1]. - Three main models were identified: 1. **Holding Duration Linked**: Different fee rates based on how long the fund is held [2]. 2. **Fund Size Linked**: A tiered management fee structure based on the total fund size [3]. 3. **Performance Linked**: Management fees based on fund performance relative to a benchmark over a three-year period [4]. New Floating Fee Model - The new floating management fee funds combine aspects of the previous models, considering both holding duration and fund performance [1][8]. - The management fee structure includes fixed management fees, contingent management fees, and excess management fees [8]. - For example, if a fund has a holding period threshold of one year and performance thresholds of 6% above and 3% below the benchmark, the management fees would be structured accordingly [4][8]. Fee Calculation and Investor Impact - The new model allows for a more granular fee assessment at the "single client, single share" level, taking into account each investor's holding period and annualized return [8]. - The final management fee will be calculated at the time of redemption or transfer, ensuring that any excess fees are deducted from the redemption amount, while any refunds are returned to the investor [8]. - This approach aims to provide a more tailored fee structure, enhancing the accountability of fund performance against benchmarks [8].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan to promote high-quality development of public funds, introducing a floating management fee model that ties fund managers' income to fund performance, encouraging a shift from focusing on scale to prioritizing returns for investors [1][2]. Group 1: Floating Management Fee Model - The floating management fee model will determine the applicable management fee rate based on the fund's performance relative to a benchmark during the holding period, with higher fees for exceeding benchmarks and lower fees for underperformance [2][3]. - As of May 12, 2025, there are 249 floating management fee funds in the market, with over 80% being performance-linked funds, covering various types including equity, mixed, bond, and alternative investment funds [1]. Group 2: Impact on Fund Management - The new model is expected to enhance fund companies' investment management capabilities by linking their income to fund performance, thereby encouraging investment in research and development, optimizing investment strategies, and reducing style drift and short-term speculation [2][3]. - The action plan aims for leading institutions to issue at least 60% of their actively managed equity funds as floating management fee funds within a year, with evaluations and optimizations to follow [2]. Group 3: Investor Benefits - The floating management fee model is designed to promote a long-term investment mindset among investors, offering benefits to those who hold investments for a certain period and reducing irrational trading behaviors [3]. - Increased transparency in fund information will allow investors to make more informed decisions based on long-term performance and comparisons with benchmarks [3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to optimize the fee structure for actively managed equity funds, shifting from a fixed management fee model to a performance-based floating management fee model, thereby addressing the issue of fund companies benefiting regardless of performance [1][3]. Group 1: Fund Management Fee Structure - The current fixed management fee model incentivizes fund companies to increase fund size, as larger funds generate higher fees, leading to a phenomenon referred to as "guaranteed income" for fund companies [1][3]. - The CSRC emphasizes the need for fund companies to balance fund size and profitability, as larger fund sizes can dilute performance due to limited investment opportunities [3][6]. Group 2: Performance Metrics and Incentives - The introduction of performance benchmarks will serve as a standard for measuring fund performance, with funds required to report whether they outperform these benchmarks in their financial disclosures [5][6]. - The floating management fee model will link fees to fund performance, encouraging fund managers to achieve better returns for investors, as higher performance will result in higher fees [6]. Group 3: Long-term Investment Focus - The CSRC's action plan mandates a long-term assessment of fund performance, with at least 80% of the evaluation weight given to returns over a three-year period, promoting a culture of long-term investment among investors [6].

Group 1 - The core viewpoint of the article is the introduction of a floating management fee model for actively managed equity funds to address the issue of "guaranteed returns" in fund companies [1][3] - The new floating management fee model will charge different fee rates based on the fund's performance relative to a benchmark, with specific rates for meeting, falling below, or exceeding the benchmark [3][4] - The initiative requires that 60% of newly registered actively managed equity funds by leading institutions adopt this floating fee structure within the next year [3][4] Group 2 - The action plan aims to strengthen the alignment of interests between fund companies and investors by incorporating performance metrics into the assessment of fund managers [4][6] - Fund companies will be required to have at least 50% weight on investment return metrics in the evaluation of senior management, and 80% weight on fund performance metrics for fund managers [4][6] - A new compensation management system will be established to ensure fund managers share the financial outcomes with investors, including mandatory co-investment ratios and lock-up periods for key personnel [6][8] Group 3 - Fund managers with performance below the benchmark by more than 10 percentage points over three years will see a significant decrease in their performance-based compensation [8] - Conversely, fund managers who significantly exceed the benchmark over the same period may receive a reasonable increase in their performance-based compensation [8]

未来一年内，引导管理规模居前的行业头部机构，发行此类基金数量不低于其主动管理权益类基金发行 数量60%；试行一年后，及时开展评估，并予以优化完善，逐步全面推开。 同时，制定公募基金业绩比较基准监管指引，明确基金产品业绩比较基准的设定、修改、披露、持续评 估及纠偏机制，对基金公司选用业绩比较基准的行为实施严格监管，切实发挥其确定产品定位、明晰投 资策略、表征投资风格、衡量产品业绩、约束投资行为的作用。 《方案》明确，大力推行基于业绩比较基准的浮动管理费收取模式；督促基金公司建立健全与基金投资 收益相挂钩的薪酬管理机制。 5月7日，证监会印发《推动公募基金高质量发展行动方案》（下称《方案》），明确建立与基金业绩表 现挂钩的浮动管理费收取机制，强化业绩比较基准的约束作用。 具体来看，包括对新设立的主动管理权益类基金，将大力推行基于业绩比较基准的浮动管理费收取模 式；要求基金公司全面建立以基金投资收益为核心的考核体系，适当降低规模排名、收入利润等经营性 指标的考核权重；督促基金公司建立健全与基金投资收益相挂钩的薪酬管理机制等。 业内人士认为，强化业绩比较基准的约束作用，在此次公募基金改革中发挥着较为关键的作用，既关系 ...