多为市场老将，但风格迥异。 | 作者 | | 破浪 | | --- | --- | --- | | 编辑 | | 小白 | 上个周末，公募界发生了不少事——张坤卸任易方达副总，选择专注投资，同时4月份就传出离职的 鲍无可也正式官宣了。 4月初，鲍无可在管的多只基金增聘基金经理，且增聘的多是市场老将，这一风向被市场解读为鲍师 傅要离职了，毕竟"增聘"这一举动几乎是基金经理离任前的"标配"。 因而，鲍无可的离职是意料之中，但走的这么快风云君还是有些稍感意外，业内不少人猜测他的下一 站或为私募。 这两年，不少绩优基金经理纷纷卸任出走，公募基金难道真要变成"私募的黄埔军校"？ 注：如无特殊说明，全文数据截至2025年5月16日。 年化回报超15%的十年老将退场 鲍无可是市场里少数的"双十"基金经理之一，即基金经理从业年限超过10年、年化回报高于10%，他 目前只服务过景顺长城一家公募，而且一干就是15年多。 2009年12月，鲍无可加入景顺长城，先后担任研究部研究员、高级研究员、基金经理职务，2014年6 月开始管理基金，后做到投资部投资副总监。 净值走势上，鲍无可管理的基金整体走势平稳向上，是业内为数不多、确实能让 ...

Core Viewpoint - The article discusses the significant reforms introduced in the public fund industry through the "Action Plan for Promoting High-Quality Development of Public Funds," emphasizing the importance of performance benchmarks and the need for a more rational setting of these benchmarks to improve fund performance [2][6][12]. Summary by Sections Performance Benchmarks - The document highlights the critical role of performance benchmarks for public funds, which serve as a standard for fund managers to achieve and exceed [6][7]. - Most funds currently use indices like CSI 300, CSI 800, and CSI 500 as benchmarks, with nearly half of active funds benchmarked against the CSI 300 [7]. Fund Performance Analysis - Recent data indicates that only 30% of funds have outperformed their benchmarks over the past three years, with nearly 50% of products underperforming by more than 10% [12]. - The average excess return relative to benchmarks has been negative in recent years, with a notable decline in the proportion of funds outperforming benchmarks from 2020 to 2024 [13][14]. Active Fund Management Challenges - Continuous outperformance is challenging, especially during market downturns, where only about 20% of active funds managed to outperform their benchmarks from 2022 to 2024 [14]. - A study identified only 46 funds (2.2% of the sample) that consistently outperformed their benchmarks over five years, with 25 of these having a combined scale of over 1 billion [17]. Fund Manager Performance - The article lists funds that have consistently outperformed their benchmarks over five years, noting that many of these funds are managed by well-regarded fund managers [21][22]. - The performance of fund managers is evaluated not only on returns but also on their ability to control drawdowns, with some funds experiencing significant drawdowns despite strong returns [23][24]. Notable Fund Managers - The article mentions specific fund managers who have successfully managed funds that consistently outperform benchmarks, highlighting their investment philosophies and strategies [25][36]. - It also discusses the impact of fund manager changes on fund performance, particularly in the context of recent departures of notable managers [29][33]. Conclusion on Fund Evaluation - The article concludes that while outperforming benchmarks is a key metric for evaluating fund performance, it should not be the sole criterion, as other factors such as risk management and drawdown control are equally important [44].