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10只基金被指“风格漂移” 华泰柏瑞、交银施罗德在列
Sou Hu Cai Jing· 2025-08-26 12:10
Core Viewpoint - The phenomenon of "style drift" in public funds continues to exist, leading to the exclusion of certain funds from ratings due to significant deviations from their stated investment styles [1][2][9] Fund Rating and Style Drift - Ji'an Jinxin reported that ten funds were excluded from ratings in the second quarter due to "style drift," along with three funds penalized in the first quarter for the same reason [1][2] - The funds affected include those managed by major institutions such as Huatai-PB and Jiao Yin Shirode [2] Regulatory Response - Regulatory bodies have been actively addressing the issue of "style drift," with the CSRC emphasizing the need for clear performance benchmarks for each fund to ensure alignment with their stated investment strategies [1][9] - The CSRC's recent action plan aims to strengthen the constraints of performance benchmarks and improve the clarity of fund classifications to prevent misleading practices [9][10] Market Environment and Fund Performance - The "style drift" reflects conflicts between market conditions and fund positioning, as well as imbalances between performance pressure and investment discipline [1][5] - Some funds have shown significant deviations from their intended investment styles, with examples including a shift towards banking stocks in the Jiao Yin Innovation Leading Fund [5][6] Fund Characteristics and Performance Metrics - The ten funds that experienced "style drift" had varying performance metrics, with some showing declines in net value while others performed better [6][8] - For instance, the Jiao Yin Innovation Leading Fund had a net asset value of 2.066 billion yuan and a net value growth rate of 8.86% in the second quarter [7] Long-term Returns and Risks - Long-term performance varies significantly among funds, with some achieving high returns while others have incurred substantial losses over three years [8] - The issue of "style drift" poses multiple risks for investors, including mismatched expectations and increased exposure to non-hedged risks [8][10]
二季度风格漂移基金盘点:涉及嘉实、华泰柏瑞、交银!多只规模不足1亿,个人投资者占比超99%
Xin Lang Ji Jin· 2025-08-26 09:54
Core Viewpoint - The phenomenon of "style drift" in public funds has raised concerns in the market, despite regulatory efforts to standardize and constrain it. Several funds have shown significant deviations from their stated investment themes in the second quarter of this year [1][11]. Group 1: Fund Performance and Characteristics - Several funds exhibiting style drift include: Baoying Modern Service Mixed, Beixin Ruifeng External Growth Theme Flexible Allocation, Huatai Bairui Health Life Mixed, and others, involving multiple institutions such as Jiashi and Huatai Bairui [1]. - The funds primarily affected are mixed funds, including equity-mixed and flexible allocation types, with some stock funds also showing drift. For instance, Baoying Modern Service Mixed is heavily concentrated in the pharmaceutical sector despite its name suggesting a focus on modern services [1]. - Performance analysis shows that some funds with style drift have high volatility and inconsistent returns. For example, Zhongyou Health Entertainment has a return of 62.22% this year, while Baoying Modern Service has increased by 64.73% [2]. Group 2: Structural Characteristics of Style Drift - The heavy holdings of these funds significantly deviate from their claimed thematic directions. For example, Baoying Modern Service's largest holding is a pharmaceutical company, which is not aligned with its stated theme [3]. - Other funds like Taixin Internet+ have major allocations in consumer and transportation stocks, diverging from their "Internet+" theme [4]. - Beixin Ruifeng External Growth is almost entirely invested in electric power stocks, which contradicts its stated investment logic [6]. Group 3: Fund Manager Experience and Investor Composition - The experience of fund managers and the scale of the products may influence the stability of investment styles. For instance, the largest fund, Jiaoyin Innovation Pioneer, has a total scale of 2.066 billion yuan [9]. - Most funds exhibiting style drift are primarily held by individual investors, with institutional investors showing a more cautious approach. For example, Huatai Bairui Health Life and Taixin Internet+ have 100% and over 99% of their holdings from individual investors, respectively [9]. Group 4: Regulatory and Industry Implications - The issue of style drift in public funds is not just a technical problem within rating systems but also relates to industry integrity and investor management. It highlights a disconnect between product design and actual investment practices [11]. - There is a call for enhanced supervision and disclosure regarding the consistency of fund investment styles to promote a return to transparent strategies and stable investment styles [11].
十只基金被指“风格漂移”,涉嘉实基金、华泰柏瑞等头部公募
Nan Fang Du Shi Bao· 2025-08-19 07:24
近日,第三方基金评价机构济安金信基金评价中心(下称"济安金信")公告,10只基金2025年二季度存 在风格漂移;另有3只基金因2025年一季度风格漂移,被惩罚性不予评级。其中,部分产品来自嘉实基 金、华泰柏瑞基金、交银施罗德基金等管理规模数千亿乃至万亿级公募机构。 中国证监会主席吴清在2025年5月国新办举行的新闻发布会上强调,针对基金"风格漂移""货不对板"等 问题,要求为每只基金产品设定清晰的业绩比较基准,作为衡量产品真实业绩的"尺子",避免产品投资 行为偏离名称和定位。 记者观察发现,上述10只被指今年二季度风格漂移的基金,截至8月18日,有5只近三年收益跑输业绩基 准;截至2025年二季度末,多只基金重仓股与基金名称较难"代入",有名称强调"创新领航""智能中 国"的基金重仓银行股,有突出"绿色主题"的基金重仓芯片股,需要投资者仔细甄别。 十只基金被指风格漂移 据济安金信日前发布的第二季度公募基金评级结果,有10只基金存在风格漂移,包括嘉实基金、华泰柏 瑞基金、交银施罗德基金、前海开源基金、宝盈基金、中邮基金、金信基金、北信瑞丰基金旗下各1 只,泰信基金旗下2只。 根据《交银施罗德创新领航混合型证券投 ...