Core Viewpoint - The first batch of 26 new floating-rate funds has seen 13 established with a total fundraising scale exceeding 12.6 billion yuan, indicating strong market interest and a shift towards performance-based fee structures [1][3][6]. Fund Establishment and Performance - As of June 24, 13 out of 26 new floating-rate funds have announced their establishment, raising over 12.6 billion yuan in total [1][3]. - The top three funds by fundraising scale are: - Dongfanghong Core Value managed by Zhou Yun at 1.991 billion yuan - E Fund Growth Progress managed by Liu Jianwei at 1.704 billion yuan - Ping An Value Enjoy managed by He Jie at 1.322 billion yuan [3][4]. Fee Structure and Investor Alignment - The floating-rate funds implement a tiered management fee structure with a "reward for excellence and punishment for poor performance" mechanism, aligning the interests of fund managers with those of investors [1][6]. - If a fund's annualized return lags the benchmark by more than 3 percentage points, the management fee is halved to 0.6%. Conversely, if excess returns exceed 6 percentage points, the fee increases to 1.5% [6]. Investment Strategies and Manager Profiles - Fund managers are divided into three styles: growth, value, and balanced strategies, with a focus on A-shares and Hong Kong stocks for diversification [6][7]. - Growth-style managers focus on sectors like technology and emerging consumption, while value-style managers prefer low-valuation, high-return on equity companies [7][10]. Market Trends and Opportunities - Fund managers are encouraged to identify investment opportunities amid uncertainty, with a focus on sectors such as AI and pharmaceuticals [11]. - The dynamic adjustment of investment strategies is emphasized, with a slower pace in bullish markets and an accelerated approach in bearish conditions [11].

Core Viewpoint - The article highlights the challenges faced by Hongli Fund, the first domestic public fund company to transition from a Sino-foreign joint venture to a wholly foreign-owned entity, particularly due to significant personnel changes and management issues [1][2][3]. Group 1: Personnel Changes - The former general manager, Gao Guixin, with over 20 years of experience, resigned after less than two years, transitioning to Chief Information Officer [1]. - Wang Peng, a key fund manager known for his strong historical performance, left the company in January after resigning from six funds simultaneously [1]. - Following Wang's departure, Meng Jie took over the management of the Hongli Transformation Opportunity Fund, experiencing a significant increase in management scale from 2 billion to over 5 billion [1]. Group 2: Performance Issues - Since Meng Jie became the fund manager, the unit net value of the Hongli Transformation Opportunity Fund has significantly declined, with a drop rate two to three times higher than other funds he managed [1]. - Meng Jie has maintained a stock position above 70% for the Hongli Ruizhizheng Fund over the past five years, despite the fund's contract allowing for a flexible range of 0% to 95% [1]. Group 3: Cultural and Structural Concerns - The ongoing loss of talent within the investment research team raises questions about the stability of the fund's product performance [3]. - The chairman, Jin Xu, has a history of prioritizing scale expansion over sustainable growth, which has contributed to the current issues faced by the fund [3]. - The article suggests that the problems at Hongli Fund reflect broader industry challenges, emphasizing the need for a cultural shift towards valuing professional integrity and respect for contractual obligations [3].

宏利基金聘任其担任新型浮动费率基金宏利睿智领航的基金经理本无可厚非，但这位权益投资"一哥"的历史业绩表现，难免让投资者对公司投研实力产生 质疑。 2025年5月23日，首批26只新型浮动费率基金获得证监会批文。5月27日，易方达基金、华夏基金、南方基金等16家基金公司旗下新型浮动费率基金迎来发 行。 首批新型浮动费率基金均设置了基准档1.2%、升档1.5%、降档0.6%三个档次的管理费率水平。投资者持有一年以后赎回产品时，基金管理人将会根据产 品年化收益水平与业绩比较基准的对比情况，来计提不同档次的管理费。若跑输业绩比较基准3%及以上，则适用低档费率；若取得正收益且跑赢业绩比 较基准6%及以上，则适用高档费率。 表：首批26只新型浮动费率产品分档费率安排 | 持有期限 | 持有期间年化收益率(R) | 管理费率 | | --- | --- | --- | | 不足1年 | | 1.2%/年 | | | R>持有期间业绩比较基准收益表现 +6%,且实际收益为正 | 1.5%/年 | | | 1年及以上 R≤持有期间业绩比较基准收益表现 -3% | 0.6%/年 | | | 其他情形 | ●公众号1 25/年 | ...

Group 1 - The first batch of 26 new floating rate funds has officially launched, with 16 funds from companies like Huatai-PB, GF, and Ping An leading the way [1] - The performance benchmarks for these floating rate funds primarily target mainstream broad-based indices such as CSI 300, CSI A500, CSI 500, and CSI 800, with a focus on equity investments [3] - The equity portion of these funds typically maintains a stock allocation around 80%, with A-shares accounting for 55% to 80% of the performance benchmarks and Hong Kong stocks ranging from 5% to 20% [3] Group 2 - The new floating rate funds feature a more refined management fee structure, which is expected to be charged based on each investor's holding time and annualized return [3] - The floating management fee mechanism is designed to be linked to fund performance, with specific conditions for fee increases and decreases, emphasizing the need for significant outperformance against benchmarks [4] - For example, the management fee for the Jiashi Growth Win-Win Mixed Fund can only increase if it significantly exceeds the performance benchmark and achieves positive absolute returns [4]