Core Viewpoint - Dachen Fund announced a self-purchase of its fund products, demonstrating confidence in the high-quality development of China's capital market and its investment management capabilities [4][5]. Group 1: Fund Self-Purchase Details - On July 4, Dachen Fund announced that it and its senior management, along with the proposed fund manager, will jointly invest no less than 10 million yuan to subscribe to the Dachen Insight Advantage Mixed Fund, committing to hold it for at least one year [4]. - This is the second self-purchase announcement by Dachen Fund in 2023, following a previous commitment to invest 20 million yuan in the Dachen Ultimate Return Mixed Fund on June 7 [5]. Group 2: Market Context and Trends - As of July 3, 2023, 110 fund companies have net subscriptions totaling 4.125 billion yuan for their fund products (excluding money market funds) [7]. - The emergence of new floating management fee rate funds has become a highlight in the fund issuance market this year, with several public fund companies actively self-purchasing using their own funds [8]. - Industry insiders suggest that self-purchases signal confidence in the long-term value of products and indicate a shift towards a model focused on "investor returns," driven by regulatory reforms in floating fee structures [8].

Core Viewpoint - The first batch of innovative floating rate funds has been approved and will start issuing on May 27, marking a significant shift in the fund management fee structure aimed at better aligning with investor interests [1][2]. Fund Structure and Fee Details - The innovative floating rate funds will operate on an open-ended basis, with management fees determined by the holding period and annualized return during that period [2]. - For holdings of less than one year, a management fee of 1.20% will be charged; for one year or more, fees will vary based on performance, with a maximum of 1.50% for returns exceeding 6% and a minimum of 0.60% for returns below -3% [2]. - The fee structure emphasizes asymmetric design, with a greater potential reduction in fees for poor performance compared to increases for good performance, prioritizing investor protection [2]. Industry Response and Manager Selection - Multiple fund companies have expressed that the floating management fee reform is a strong approach to optimize active equity funds and shift the industry’s operational model [1][3]. - A range of experienced and high-performing fund managers have been appointed to lead these new products, indicating a commitment to quality management [3][4]. Fundraising Goals and Strategies - Fundraising targets vary, with the highest set at 8 billion for one fund and many aiming for 3 billion to 5 billion, reflecting a cautious approach to initial fundraising [6]. - Companies are focusing on long-term investor experience rather than immediate fundraising success, with some planning to bind their interests with investors through self-purchase or initiator funds [6][7]. Future Outlook - The floating rate product is seen as a significant practice in public fund reform, with expectations for more products to be filed and potentially normalized in issuance [6]. - Companies are enhancing their core investment research capabilities and focusing on actual investor returns to foster long-term value creation [7].

Core Viewpoint - The launch of the first batch of 26 new floating-rate funds has not met market expectations, with only 15 funds successfully established and a total fundraising of 156.07 billion yuan, indicating a lukewarm reception for this innovative product [1][9]. Fund Launch and Performance - Among the 15 established funds, only 5 achieved a fundraising scale exceeding 10 billion yuan, with the highest being 19.91 billion yuan for the "Oriental Red Core Value" fund [1][4]. - The "Oriental Red Core Value" fund was the most successful, completing its fundraising in just 6 trading days and achieving a final scale of 19.91 billion yuan [4][6]. - Other funds such as "E Fund Growth Progress" and "Tianhong Quality Value" also launched successfully, with fundraising scales of 17.04 billion yuan and 9.84 billion yuan respectively [6][7]. Investor Engagement and Market Dynamics - The number of effective subscriptions varied, with "E Fund Growth Progress" attracting the most investors at 47,300, followed by "Southern Wealth Enjoyment" with 24,700 [8]. - The overall investor enthusiasm for these new floating-rate funds has been low, attributed to cautious sentiment in the equity market and a lack of confidence in actively managed equity funds [9]. Challenges in Sales and Understanding - The complexity of the new fee structure, which includes multiple variables such as holding periods and performance benchmarks, has made it difficult for ordinary investors to understand, leading to reduced attractiveness [9]. - Sales channels are reportedly less motivated to promote these funds due to the uncertainty in management fees based on performance, contrasting with the fixed fees of traditional funds [9]. Company and Manager Participation - Despite the low investor enthusiasm, some fund companies and managers have shown commitment by investing their own funds, totaling over 1.1 billion yuan across six companies [10][11]. - Notable self-investments include 2 million yuan from "Jiaoyin Schroder Fund" and "Dacheng Fund," and several fund managers also invested significant amounts in their respective funds [12][13].

Core Viewpoint - The first batch of innovative floating rate funds has been approved and is set to launch on May 27, marking a significant shift in the fund management fee structure aimed at better aligning with investor interests [1][2]. Fund Structure and Fee Details - The innovative floating rate funds will operate on an open-ended basis, with management fees determined by the holding period and annualized return during that period [2]. - For holdings of less than one year, a management fee of 1.20% will be charged. For holdings of one year or more, fees will vary based on performance: 1.50% for annualized excess returns over 6%, 0.60% for returns at or below -3%, and 1.20% for other scenarios [2][3]. Emphasis on Investor Protection - The fee structure is designed asymmetrically, with a maximum increase of 25% in management fees during good performance and a potential decrease of 50% during poor performance, emphasizing investor protection over manager incentives [3]. - Companies like交银施罗德基金 and 易方达基金 highlight that this floating fee model encourages long-term holding and aligns the interests of fund managers with those of investors [3][4]. Fund Manager Selection - Leading fund companies have appointed experienced managers for these products, including both seasoned veterans and promising newcomers, to ensure strong performance [4][5]. - Notable managers include 王明旭 from 广发基金 and 孙彬 from 富国基金, among others, indicating a strategic focus on performance-driven leadership [4][5]. Fundraising Goals and Strategies - Fundraising targets vary, with some companies setting caps as high as 80 billion and others as low as 20 billion, but many aim for a more conservative target of around 10 billion [6]. - Companies are focusing on long-term growth rather than immediate fundraising success, with strategies like initiating funds with significant internal investments to align interests with investors [6][7]. Industry Response and Future Outlook - The launch of floating rate funds is seen as a proactive response to regulatory changes aimed at enhancing the quality of public funds, with expectations for more products to be introduced in the future [6][7]. - Fund companies are committed to improving their investment capabilities and enhancing investor returns, fostering a sustainable ecosystem that benefits both managers and investors [7].

Core Viewpoint - The approval and upcoming issuance of the first batch of 26 innovative floating fee rate funds represent a significant shift in the public fund industry towards performance-based fee structures, aiming to enhance investor returns and align fund management with investor interests [2][3][5]. Group 1: Fund Approval and Issuance - The first batch of 26 performance-based innovative floating fee rate funds received approval just one week after submission, indicating a highly efficient regulatory process [3]. - These funds are set to begin issuance on May 27, with multiple fund companies targeting around 1 billion yuan in issuance goals [7]. Group 2: Industry Response and Implications - The floating management fee fund reform is seen as a powerful means to optimize actively managed equity funds and shift the industry focus from scale to returns [2][3]. - Fund companies emphasize that this new fee structure will encourage long-term holding by investors and strengthen the performance benchmark's role in fund operations [5][10]. Group 3: Fee Structure and Management - The new floating fee structure consists of a base management fee plus an excess management fee, with the potential for significant adjustments based on performance relative to benchmarks [4][10]. - The fee adjustments are asymmetrical, allowing for a maximum increase of 25% in management fees during good performance, while a decrease of up to 50% is possible during poor performance, prioritizing investor protection [4][10]. Group 4: Managerial Expertise and Strategy - Fund companies are deploying experienced managers with a track record of stable performance to lead these new products, indicating a commitment to quality management [6]. - Companies are focusing on enhancing their investment strategies and aligning them with the new fee structures to ensure better risk-return profiles for investors [8][10]. Group 5: Market Positioning and Future Outlook - The innovative fee structures are designed to be more precise and tailored to individual investor experiences, moving away from traditional one-size-fits-all approaches [9][11]. - The industry anticipates that this floating fee model will become a standard practice, with more products expected to be launched in the future [8][12].