破解"风格漂移" 推动公募基金主题投资迈向新阶段 中国基金报记者李树超 近日，中国基金业协会起草《公开募集证券投资基金主题投资风格管理指引》（以下简称《指引》）， 并向基金管理人征求意见。 业内人士表示，《指引》旨在解决主题基金"风格漂移""名不副实"等问题。从长远看，《指引》将规范 公募基金主题投资，提升投资者获得感，引导塑造良好行业文化，公募基金主题投资进入高质量发展新 阶段。 在制度、系统、人员等方面 进行调整 为规范主题投资基金"风格漂移"问题，《指引》对主题投资基金的合同约定、基金管理人投资风格管 理、托管人投资风格监督提出了明确要求。同时，提出建立"风格库"以及明确更新频率等安排。 多家机构表示，根据《指引》要求，已在制度、系统、人员等多个方面进行调整和准备。 华北一家中型基金公司表示，公司已建立了主题库，由权益研究部负责维护，严格依照基金合同约定的 投资目标和风格筛选入库股票，通过持续跟踪上市公司基本面变化和实地调研情况等，对主题库进行动 态调整，并定期对主题库进行全面检视，确保在库股票符合基金合同及内部制度要求。 同时，公司合规风控部对主题基金实施全流程监控，通过事前事后投资管理系统监测主题证 ...

（原标题：破解"风格漂移"！大动作来了，最新解读） 破解"风格漂移" 多家机构表示，根据《指引》要求，已在制度、系统、人员等多个方面进行调整和准备。 近日，中国基金业协会起草《公开募集证券投资基金主题投资风格管理指引》（以下简称《指引》）， 并向基金管理人征求意见。 业内人士表示，《指引》旨在解决主题基金"风格漂移""名不副实"等问题。从长远看，《指引》将规范 公募基金主题投资，提升投资者获得感，引导塑造良好行业文化，公募基金主题投资进入高质量发展新 阶段。 在制度、系统、人员等方面 进行调整 为规范主题投资基金"风格漂移"问题，《指引》对主题投资基金的合同约定、基金管理人投资风格管 理、托管人投资风格监督提出了明确要求。同时，提出建立"风格库"以及明确更新频率等安排。 推动公募基金主题投资迈向新阶段 中国基金报记者 李树超 华北一家中型基金公司表示，公司已建立了主题库，由权益研究部负责维护，严格依照基金合同约定的 投资目标和风格筛选入库股票，通过持续跟踪上市公司基本面变化和实地调研情况等，对主题库进行动 态调整，并定期对主题库进行全面检视，确保在库股票符合基金合同及内部制度要求。 同时，公司合规风控部对主题 ...

这份为主题基金戴上"紧箍咒"的新规，将在从产品设计、投资运作、风险控制和托管监督等多个环节， 系统规范主题基金的投资行为，推动行业回归长期投资、规范发展的轨道。有基金公司人士透露，已启 动内部研讨，将结合实际情况提出建议，待正式稿发布后落实整改。 主题基金有了"身份证" 主题基金风格漂移，一直是公募基金行业长期存在的顽疾，背后形成原因复杂，包括市场风格变化、基 金经理风格转向、业绩驱动、考核标准等。这种操作让投资者难以通过基金名称判断真实投向，更导致 业绩随市场风格切换大起大落。 监管层对这一问题也持续关注，此次《指引》对主题投资基金存在的多项问题提出系统性规范要求。 多家公募基金公司人士向第一财经记者确认，已收到基金业协会下发的关于公募基金主题投资风格管理 指引征求意见的通知以及相关文件，并要求11月15日之前提交反馈意见。 "基金名叫'新能源'，持仓却是银行、白酒；说是'消费主题'，大头押了TMT板块……"这些年，不少基 民吐槽有部分主题基金"名不副实"。这种"说一套做一套"的操作，不仅让投资者既困惑又受伤，更埋下 业绩剧烈波动的隐患。 如今，这一乱象有望得到系统性规范。 第一财经记者从多家公募基金公司获 ...

Core Viewpoint - The article discusses the recent regulatory changes aimed at addressing the issue of "style drift" in theme-based mutual funds in China, which has led to confusion and losses for investors due to discrepancies between fund names and actual holdings [3][4]. Group 1: Regulatory Changes - The China Securities Investment Fund Industry Association has issued a draft guideline titled "Guidelines for the Management of Theme Investment Style of Publicly Raised Securities Investment Funds," which aims to standardize the investment behavior of theme funds [4][7]. - The guidelines will require funds to clearly define their investment direction, ensuring that fund names align with their actual investment strategies, thus preventing misleading representations [8][9]. - The new regulations are set to be implemented in 2026, with a 24-month transition period for existing funds to comply with the new requirements [13]. Group 2: Issues with Theme Funds - The phenomenon of "style drift" has been a persistent issue in the mutual fund industry, driven by factors such as market style changes, fund manager shifts, and performance pressures [6][7]. - Many fund managers have been observed to frequently switch between different market styles, leading to significant volatility in fund performance and investor losses [11][12]. - The guidelines aim to clarify the definition of theme funds, stipulating that at least 80% of non-cash fund assets must be invested in a specific direction, thereby reducing ambiguity in fund positioning [6][8]. Group 3: Management and Supervision - The guidelines establish a comprehensive supervision system involving fund managers, custodians, and self-regulatory measures to prevent deviations from stated investment styles [10][12]. - Fund managers are required to implement robust internal controls and risk management practices, while custodians must enhance their oversight responsibilities [12][13]. - The guidelines also emphasize the importance of maintaining investment style stability in the performance evaluation of fund managers, with penalties for significant deviations [12].

Core Viewpoint - The recent reforms in public fund performance benchmarks aim to enhance the regulation and management of theme investment funds, addressing issues such as style drift and misalignment between fund names and actual investment strategies [1][5][11]. Summary by Sections Regulatory Framework - The China Securities Regulatory Commission (CSRC) released a consultation draft on October 31, 2023, focusing on the internal and external management of performance benchmarks for public funds [3]. - The China Securities Investment Fund Industry Association (AMAC) is seeking feedback from fund companies by November 15, 2023, on the newly proposed guidelines [2]. Theme Investment Style Management Guidelines - The guidelines establish a "style library" system for theme investment funds, which includes clear naming constraints, quantitative standards, and enhanced responsibilities for fund managers and custodians [4][6]. - The guidelines specify that theme investment funds must invest over 80% of their non-cash assets in specific investment directions, which can include market capitalization, industry, theme, or geographic focus [5][7]. Naming and Disclosure Requirements - Fund names must clearly indicate the investment direction and align with the fund contract, avoiding vague or misleading terms [7]. - The guidelines require that the investment style and direction be quantifiable and recognizable, ensuring that the fund's name accurately reflects its investment strategy [6][8]. Style Library and Monitoring - The style library must be updated at least once a year, with a maximum of twelve updates, to maintain stability and avoid frequent changes that could lead to style drift [10]. - Fund managers are required to monitor the stability of their theme funds and make timely adjustments if significant deviations from the investment direction occur [12]. Custodian Responsibilities - The role of custodians has been strengthened, requiring them to actively supervise the investment style and ensure compliance with the fund's investment direction [14][15]. - Custodians must verify the style library within five trading days and report any discrepancies to the fund manager and regulatory authorities [17]. Transition Period for Existing Funds - A 24-month transition period has been established for existing theme investment funds to comply with the new guidelines, allowing for necessary adjustments to fund contracts and prospectuses [18].

近年来，随着板块轮动节奏加快，产品风格鲜明、行业场景特定的主题基金备受关注。 然而，热门主题"吸金"能力明显，也让部分未在风口的主题产品不甘寂寞，在业绩与规模压力下部 分基金经理选择向热门板块调仓，因此屡次造就了主题基金货不对板的"风格漂移"现象。 据记者从多家公募基金公司获悉，近日，基金业协会起草了《公开募集证券投资基金主题投资风格 管理指引》（以下简称《指引》），并向各家基金管理人征求意见。《指引》对主题投资基金的合同约 定、风格库细则、基金管理人和托管人的职责义务提出了明确的要求。 基金名称应明示投资方向 为落实公募基金高质量发展行动方案要求，进一步规范公募基金的主题投资风格管理，据证券时报 ·券商中国记者获悉，近日，基金业协会起草了《公开募集证券投资基金主题投资风格管理指引》，向 各家基金管理人征求意见。 《指引》中明确，主题投资基金的名称应当明示投资方向，并与基金合同约定的投资方向一致，不 得出现名不符实的情形。 具体来看，主题投资基金管理人应当在基金合同、招募说明书中明确约定以下内容：80%以上的非 现金基金资产投资于特定投资方向的证券；符合基金名称所示投资方向的投资风格、投资范围和主题投 资风格 ...

近年来，随着板块轮动节奏加快，产品风格鲜明、行业场景特定的主题基金备受关注。 然而，热门主题"吸金"能力明显，也让部分未在风口的主题产品不甘寂寞，在业绩与规模压力下部分基 金经理选择向热门板块调仓，因此屡次造就了主题基金货不对板的"风格漂移"现象。 基金管理人应当以可识别、可量化的方式约定投资风格、投资范围和风格库入库标准，清晰界定基金名 称所示的投资方向，界定范围应当符合市场基本常识和普遍认知，不得使用笼统、含糊的表述方式。 主题基金应当建立"风格库" 《指引》还对主题基金风格库作了明确规定。主题投资基金应当建立风格库，将符合特定投资方向的证 券纳入风格库管理。 其中，主题投资基金的投资方向为特定市值的，应当以证券达到总市值/流通市值/自由流通市值的具体 金额或市场占比区间作为风格库入库标准； 投资方向为行业的，应当优先选用可从公开渠道获取的第三方估值基准服务机构、金融研究机构、金融 资讯机构发布的行业分类作为风格库入库标准； 投资方向为主题或投资策略且以宏观经济指标作为风格库入库标准的，应当优先选取国家统计局等权威 机构公开发布的参考指标； 据记者从多家公募基金公司获悉，近日，基金业协会起草了《公开募集证 ...

Core Viewpoint - The article discusses the increasing attention on thematic funds in the investment market, highlighting the recent draft of the "Guidelines for Thematic Investment Style Management" by the Asset Management Association of China, aimed at regulating thematic investment funds and ensuring their compliance with stated investment directions [1][3]. Thematic Fund Naming and Investment Direction - The names of thematic investment funds must clearly indicate their investment direction and align with the investment direction specified in the fund contract, avoiding misleading representations [3]. - Fund managers are required to specify that over 80% of non-cash fund assets are invested in securities that align with the stated investment direction [3]. Establishment of Style Library - Thematic investment funds must establish a "style library" to manage securities that meet specific investment directions [5]. - For funds with specific market capitalization directions, the style library must include securities that meet defined market cap thresholds [5]. - When the investment direction is industry-based, publicly available third-party classification standards should be used for the style library [5]. Monitoring and Compliance - Fund managers must implement strict approval processes for the establishment and updates of the style library, ensuring compliance with the fund contract [8]. - Continuous monitoring of the investment style stability is required, with adjustments made for significant deviations from the stated investment direction [8]. - Fund managers must ensure the independence of research and compliance personnel, enhancing oversight of fund manager trading behaviors [8]. Responsibilities of Fund Custodians - Fund custodians are tasked with establishing a supervision mechanism for thematic investment funds, ensuring clarity in the fund's investment direction and style [11]. - Custodians must review the style library within five trading days of receipt, verifying compliance with the fund contract [12]. - If discrepancies are found, custodians must promptly communicate with fund managers for clarification and adjustments [12].

然而，热门主题"吸金"能力明显，也让部分未在风口的主题产品不甘寂寞，在业绩与规模压力下部分基 金经理选择向热门板块调仓，因此屡次造就了主题基金货不对板的"风格漂移"现象。 据记者从多家公募基金公司获悉，近日，基金业协会起草了《公开募集证券投资基金主题投资风格管理 指引》（以下简称《指引》），并向各家基金管理人征求意见。《指引》对主题投资基金的合同约定、 风格库细则、基金管理人和托管人的职责义务提出了明确的要求。 基金名称应明示投资方向 为落实公募基金高质量发展行动方案要求，进一步规范公募基金的主题投资风格管理，据券商中国记者 获悉，近日，基金业协会起草了《公开募集证券投资基金主题投资风格管理指引》（以下简称《指 引》），向各家基金管理人征求意见。 《指引》中明确，主题投资基金的名称应当明示投资方向，并与基金合同约定的投资方向一致，不得出 现名不符实的情形。 具体来看，主题投资基金管理人应当在基金合同、招募说明书中明确约定以下内容：80%以上的非现金 基金资产投资于特定投资方向的证券；符合基金名称所示投资方向的投资风格、投资范围和主题投资风 格库（以下简称"风格库"）入库标准，以及其他有利于界定投资方向的内容。 ...

Core Viewpoint - The article discusses the increasing attention on thematic funds in the investment market, highlighting the need for regulatory guidelines to manage their investment styles and ensure compliance with stated objectives [1][2]. Group 1: Regulatory Guidelines - The Asset Management Association of China has drafted the "Guidelines for the Management of Thematic Investment Styles of Publicly Raised Securities Investment Funds" to standardize the management of thematic investment funds [2][3]. - The guidelines require that the names of thematic investment funds clearly indicate their investment direction and align with the investment objectives stated in the fund contracts [2][3]. Group 2: Style Library Establishment - The guidelines mandate the establishment of a "style library" for thematic investment funds, which will include securities that meet specific investment directions [3][4]. - The criteria for inclusion in the style library will vary based on market capitalization, industry classification, and macroeconomic indicators, with a preference for data from authoritative sources [3][4]. Group 3: Monitoring and Compliance - Fund managers are required to implement strict approval processes for the establishment and updates of the style library, ensuring compliance with the fund contract [5][6]. - Fund managers must actively monitor investment behaviors and make timely adjustments if there are significant deviations from the stated investment direction [5][6]. Group 4: Responsibilities of Fund Custodians - Fund custodians are tasked with establishing a supervision mechanism for thematic investment funds, ensuring that the style library and investment directions are clearly defined and adhered to [7]. - Custodians must review the style library within five trading days of receipt and ensure compliance with the fund contract, providing timely feedback to fund managers if discrepancies are found [7].