Core Viewpoint - Anxin Fund has launched the Anxin Value Win-Win Fund, a mixed equity fund managed by Yuan Wei, with a floating management fee structure based on performance benchmarks [1][3]. Fund Details - The Anxin Value Win-Win Fund is a contract-based open-end securities investment fund, publicly offered from June 9 to June 26, 2025, with a minimum total fundraising target of 200 million shares [3]. - The fund aims to invest in stocks that are significantly undervalued relative to their intrinsic value, focusing on safety margins to achieve long-term stable returns for investors [3]. - The performance benchmark for the fund is composed of 70% CSI 300 Index return, 10% CSI Hong Kong Stock Connect Composite Index (RMB) return, and 20% China Bond Composite Index return [3]. Fee Structure - The fund employs a floating fee rate system, with management fees set at 1.20% for holdings less than 365 days, 1.50% for annualized excess returns exceeding 6% with positive returns, and 0.60% for annualized excess returns of -3% or lower [4]. Manager Background - Yuan Wei, the proposed fund manager, holds a PhD in science and has extensive experience in investment management, having previously served in various roles at Anxin Securities and Anxin Fund Management [5][6]. - Under Yuan Wei's management, four funds have underperformed their benchmarks over the past year [2][9]. Performance Metrics - As of June 6, 2025, Yuan Wei's managed funds have shown varying performance, with the Anxin New Normal Hong Kong-Shenzhen Selected A fund achieving a return of 129.36% since Yuan took over, but only a 4.63% increase in the past year, lagging behind its benchmark by over 10 percentage points [8][9].

Core Viewpoint - The article discusses the introduction of a floating management fee mechanism for public funds in China, aimed at aligning the interests of fund managers and investors, promoting a shift from scale-oriented to return-oriented strategies [1][10]. Group 1: Floating Management Fee Mechanism - The new floating fee structure is designed to bind the long-term interests of fund managers and investors, encouraging a win-win situation [1]. - The first batch of 26 floating fee rate funds is expected to enhance investor returns by promoting value and long-term investment strategies [1]. - The floating fee model is particularly beneficial for fund managers with stable investment styles and excess returns, as it incentivizes them to pursue long-term performance [10]. Group 2: Anxin Fund's Experience - Anxin Fund has been a pioneer in floating fee products, launching its first stock fund with a floating management fee in April 2014, which has since achieved a historical annualized return of 12.55%, significantly outperforming the CSI 300 Index's 5.38% [2][12]. - The experience gained from the Anxin Value Selected fund will aid in developing new floating fee models that better meet investor needs [2]. Group 3: Anxin Value Win Fund Design - The Anxin Value Win Mixed Fund features a tiered floating management fee structure based on the holding period and performance relative to a benchmark, with fees ranging from 0.60% to 1.50% depending on performance [3][4]. - This design allows for a fair assessment of management fees based on actual performance, aligning the interests of fund managers and investors [4]. Group 4: Fund Manager Profile - Yuan Wei, the proposed fund manager for Anxin Value Win, has a strong academic background in physics and a proven track record of generating excess returns, including a 120% excess return since 2017 [5][6]. - Yuan Wei's investment philosophy emphasizes a rigorous approach to value investing, focusing on companies with strong fundamentals and significant safety margins [9]. Group 5: Industry Impact - The reform of fund fee structures is expected to significantly impact the public fund industry, promoting a transition to a return-oriented fee model that aligns the interests of fund managers and investors [10]. - The floating fee mechanism encourages a long-term perspective in fund management, enhancing the overall investor experience and fostering a more stable investment environment [10].