专题："业绩为王"时代来了，时隔三年公募绩效迎重大改革！近千名基金经理面临"降薪" 基金行业薪酬体系即将迎来重大改革。根据中基协新规指引，若基金经理过去三年产品收益率低于业绩 比较基准10个百分点以上且基金利润为负，其绩效薪酬下调幅度不得低于30%。同时，新规要求基金公 司对管理多只产品的基金经理，需依据基金规模、管理时长等对业绩表现进行加权考核，且任职不满一 年的基金不纳入评估范围。 在此背景下，富国基金旗下基金经理王园园，其管理的产品组合近三年的表现引人关注。Wind数据显 示，截止12月8日，王园园目前管理6只基金，在管总规模126.57亿元。从任职回报来看，其管理时间最 长的富国消费主题A自2017年6月任职以来累计回报达125.26%。然而，若聚焦更具可比性和考核意义的 近三年业绩，其管理的产品表现则呈现出明显分化。 | 数据来源：Wind，截止 | | --- | 至20251208 具体来看，王园园管理的6只产品近三年业绩全部跑输各自业绩比较基准。 其中，富国消费主题A近三年跑输基准33.72%；而富国价值创造A和富国高质量分别跑输基准29.92%和 29.12%。表现相对较好的富国品质生活A， ...

Core Insights - The article highlights the significant growth in assets under management (AUM) for certain fund managers, particularly noting the rise of manager Fan Yan from 3.4 billion to 17.1 billion within a year, attributed to institutional investments and the launch of new funds [2][3][5]. Fund Performance and Management - Fan Yan's management of the "Fuguo Stable Growth Fund" saw AUM increase from 520 million to 3.4 billion shortly after she took over, with the fund's performance historically poor before her arrival [2][3]. - The fund's institutional ownership surged from 0% to 80.64% over a year, indicating strong institutional interest [3]. - Despite the AUM growth, Fan Yan's fund performance has been underwhelming compared to peers, with a one-year return of 20.73%, significantly trailing the average return of 26.46% for similar funds [5][6]. Comparison with Peers - Other fund managers, such as Lan Xiaokang from China Europe Fund, have outperformed Fan Yan, achieving returns of 38.93% over the same period [6][7]. - Newer fund managers like Ren Jie from Yongying Fund have seen explosive growth, with returns of 196.95% and AUM increasing from 25.2 million to 11.5 billion [6][7]. Investment Strategy - Fan Yan's investment strategy is characterized by a balanced and diversified approach, with the top ten holdings only accounting for 14.20% of the fund's net value, which contrasts with peers who have higher concentrations in their top holdings [9][10]. - The diversified nature of her portfolio, while aimed at risk mitigation, has resulted in less aggressive performance compared to more concentrated strategies employed by other successful fund managers [10]. Company Performance - Fuguo Fund, despite its historical success, has faced declining profits, with net profit dropping from 25.64 billion in 2021 to 1.75 billion by the end of 2024 [14]. - The company has been actively recruiting well-known fund managers to improve performance, but the results have yet to reflect a significant turnaround [12][14].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Based on fund holdings, consumption - related funds can be classified into five types, with most fund managers adopting the "segmented track (mainly liquor)" strategy [3]. - Consumption - related funds can generate relatively stable excess returns in the long - term compared to the sector index, are relatively good at stock - picking in certain industries, and it's difficult to identify their stock - picking ability for consumer stocks compared to all - industry funds [3]. - When comparing consumption - related funds with different style characteristics from seven dimensions, high turnover may lead to high returns recently, high - ROE style funds usually have high dividend attributes, etc. [3]. - To screen the observation list of consumption - related funds, quantitative indicators such as excess performance momentum, performance in favorable and unfavorable environments, stock - picking ability, etc. can be referred to [3]. 3. Summary According to the Directory 3.1 Classification of Consumption - Related Funds - The classification method is based on the fund's full - position data and heavy - position stock data in a certain sector. For consumption funds, some Hong Kong stocks are additionally included. Most of the top 10 consumption - related funds in terms of scale have some commonalities in allocation [6]. - Consumption - related funds are classified into five types: consumption + satellite, sector rotation, segmented track, consumption rotation, and consumption equilibrium, with "segmented track (mainly liquor)" being the most commonly adopted strategy [3]. 3.2 Holding Characteristics: Can Consumption - Related Funds Create Positive Excess Returns? - As a whole, consumption - related funds have similar performance to the consumption sector index before 2025, and have achieved certain excess returns compared to the index since this year [22]. - Consumption - related funds are relatively good at stock - picking in industries such as household appliances, textile and apparel, agriculture, forestry, animal husbandry and fishery, etc., and have prominent excess returns in some industries during certain periods [23][26]. - It's difficult to determine whether consumption - related fund managers have stronger stock - picking ability for consumer stocks compared to all - industry funds [28]. - Consumption - related funds prefer to allocate liquor in food and beverage, and their individual - stock allocation is relatively stable. They had positions in new - consumption stocks earlier [36]. - Through cluster analysis, different types of consumption - related funds can be identified, such as those focusing on agriculture, forestry, animal husbandry and fishery, those focusing on liquor investment, etc. [39] 3.3 Comparison of Consumption - Related Funds with Different Style Characteristics - In terms of turnover trading, high - turnover consumption - related funds have better short - term performance recently, and some liquor - themed funds with low turnover have return drag. In the long - term, both high - and low - turnover funds have excellent performers [42][44]. - In terms of holding style, funds with high ROE generally have high dividend attributes. Different segmented tracks have significant differences in market - value styles [48][52]. - In terms of holding popularity, the structure of market - preferred stocks in the consumption sector has changed significantly, and there are excellent performers in various types of products [53]. - In terms of left - and right - side investment, consumption - related funds are generally on the right side of the market median, and there are excellent performers on both sides [59]. - In terms of stock - picking ability, by calculating the skewness, kurtosis, and mean/standard deviation of stock - picking returns, funds with strong stock - picking ability can be found [60][62]. - In terms of adaptability to different market environments, different types of products show different adaptability results, and there are products with strong performance in favorable or unfavorable environments [63][65]. - In terms of segmented - track rotation, there are both products with good and poor rotation effects among consumption - related funds [71]. 3.4 Observation List of Consumption - Related Funds - The screening of the observation list refers to quantitative indicators such as excess performance momentum, performance in favorable and unfavorable environments, stock - picking ability, left - and right - side investment ability, and segmented - track rotation effect. Other factors such as the fund manager's tenure and fund scale are also considered [75]. - The observation list includes funds like E Fund Long - Term Value, Cathay Pacific Consumption Optimization, Changxin Multi - Benefit, etc. [3][76]