Core Viewpoint - The introduction of new floating fee rate funds has sparked significant discussion in the market, with 16 new funds launched for subscription on May 27, 2023, following recent public fund reform regulations [1]. Fund Performance Summary - Among the 20 floating fee rate funds established in 2023, 18 funds have positive returns since inception, representing 90% of the total, while only 2 funds have negative returns [2]. - The top five performing funds are: - 嘉实创新动力混合 (Jia Shi Innovation Power Mixed) with a return of 39.62% against a benchmark of 9.93% - 富国核心忧势混合 (Fu Guo Core Worry Mixed) with a return of 37.08% against a benchmark of 14.91% - 中欧时代共赢混合 (Zhong Ou Era Win-Win Mixed) with a return of 35.30% against a benchmark of 7.62% - 大成至信回报三年定开 (Da Cheng Zhi Xin Return Three-Year Open) with a return of 31.87% against a benchmark of 10.63% - 华夏瑞益混合 (Hua Xia Rui Yi Mixed) with a return of 23.48% against a benchmark of 12.10% [2][3]. Benchmark Comparison - Out of the 20 floating fee rate funds, 11 funds have outperformed their respective benchmarks, accounting for 55%, while 9 funds have underperformed, making up 45% [6]. - In terms of performance against the Shanghai and Shenzhen 300 Index, 13 funds have outperformed the index, representing 65%, while 7 funds have underperformed, accounting for 35% [9][10]. Relative Performance Among Peers - The top five funds rank in the top 10% of their peer group, indicating strong relative performance [14]. - The second tier includes two funds that rank in the 10%-20% range among peers, while eight funds fall within the 20%-30% range, indicating a middle to upper performance level [15][16]. - The lowest-performing fund, 华安远见慧选混合 (Hua An Vision Wise Selection Mixed), ranks in the bottom 20% of its peer group, highlighting significant underperformance [16].