中欧时代共赢

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新型浮费基金中欧大盘智选混合发起式获批
Zhong Guo Jing Ji Wang· 2025-08-08 07:18
Core Viewpoint - The approval of the first batch of floating management fee rate funds, including the China Europe Large Cap Select Mixed Fund, represents a significant step in the reform of public fund fee structures, aiming to align fund management fees with fund performance and enhance investor returns [1][4]. Group 1: Floating Management Fee Rate Fund - The new floating management fee model links management fees to fund performance, addressing the long-standing issue of "funds making money while investors do not" [1][2]. - The reform emphasizes the role of performance benchmarks, ensuring that fund investment styles remain consistent and transparent, thus enhancing investor trust [2][3]. - The China Europe Large Cap Select Mixed Fund is the only initiator fund among the first batch, requiring a minimum subscription of 10 million yuan and a holding period of at least three years, reinforcing the principle of shared risks and benefits between fund managers and investors [1][4]. Group 2: Industry Reform and Investor Protection - The reform marks a new phase in public fund fee structures, transitioning from fixed fee models to more flexible floating fee products, which are expected to provide investors with more choices [4][6]. - The new fee structure aims to bind the interests of fund managers and investors more closely, encouraging fund managers to enhance their active management capabilities while focusing on risk management [2][3]. - The initiative is part of a broader strategy to improve the quality of public funds, ensuring that investor interests are prioritized and fostering a positive interaction between fund managers and investors [2][6]. Group 3: Future Outlook and Industry Development - The China Securities Regulatory Commission aims to have at least 60% of newly issued active equity funds be floating fee products within a year, indicating a strong push towards this new fee structure [4][6]. - The floating fee model is expected to enhance the transparency of fund investments and stabilize market investment styles, addressing issues like "style drift" and "misalignment" that have plagued the industry [3][4]. - China Europe Fund is committed to improving its core investment research capabilities and transitioning to a more industrialized production model, focusing on delivering clearer, more stable investment products [7].
关注业绩比较基准锚定作用 创新浮动费率产品有望落地
Zhong Guo Zheng Quan Bao· 2025-05-07 20:41
Core Viewpoint - The public fund industry in China is set to undergo significant fee rate reforms, introducing a floating management fee mechanism linked to fund performance, aiming to align the interests of fund managers and investors more closely [1][3]. Group 1: Floating Management Fee Mechanism - Over 20 large fund companies are expected to submit products based on performance benchmarks with a management fee structure comprising a basic fee, potential fees, and excess management fees [2][5]. - The new floating fee products will charge management fees based on the annualized return during the holding period compared to the benchmark, with differentiated fees for different investors based on their actual returns [2][4]. - This innovation emphasizes the anchoring role of performance benchmarks, incentivizing fund managers to pursue excess returns while penalizing them with reduced fees if performance falls short [2][3]. Group 2: Regulatory Emphasis on Investor Interests - The China Securities Regulatory Commission (CSRC) has highlighted the importance of binding fund company income to investor returns, aiming to eliminate the "guaranteed income" model for fund managers [3][4]. - The action plan mandates that new actively managed equity funds adopt a floating management fee model based on performance benchmarks, with specific fee rates determined by the fund's performance relative to the benchmark [3][4]. - The CSRC aims for leading fund institutions to issue at least 60% of their actively managed equity funds under this floating fee mechanism within the next year [3]. Group 3: Historical Context and Future Outlook - Previous fixed fee structures led to dissatisfaction among investors, prompting the introduction of floating fee products in late 2019, which allowed for performance-based fee extraction [5][6]. - Recent floating fee products have shown positive returns, with some exceeding 28% and others achieving over 40% returns, indicating a successful alignment of interests between fund managers and investors [6]. - The floating management fee model is expected to enhance the competitive edge of fund companies by focusing on research and investment capabilities, promoting long-term investment strategies among investors [6].