Core Viewpoint - The recent implementation of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission has led to significant adjustments in the performance benchmarks of public funds, aiming to enhance the accountability and sustainability of fund performance [1][2]. Group 1: Adjustments in Performance Benchmarks - Several fund companies have already begun to adjust their performance benchmarks following the release of the Action Plan, with a focus on aligning investment behavior with product positioning [2][3]. - For instance, the performance benchmark for the "Puyin Ansheng Stable Income Bond Fund" has changed from the "CSI All Bond Index" to a more complex formula involving multiple indices and bank deposit rates [3]. Group 2: Industry Response and Trends - Other fund companies are also considering adjustments to their performance benchmarks, indicating a broader industry trend towards compliance with the new regulatory framework [4]. - E Fund has announced plans to introduce floating management fees based on performance benchmarks for actively managed equity funds, further reinforcing the importance of these benchmarks [4]. Group 3: Performance Discrepancies and Challenges - A significant number of actively managed equity funds have underperformed their benchmarks by over 20% in the past three years, highlighting issues with asset allocation and investment discipline [5]. - The analysis suggests that many funds are experiencing "style drift," where their actual holdings do not align with their stated investment strategies, leading to a lack of sustainable performance [5]. Group 4: Enhanced Accountability Measures - The Action Plan links performance benchmarks to the income of fund companies and the compensation of fund managers, promoting a performance-driven culture [6]. - New management fee structures will be implemented, where fees will vary based on the fund's performance relative to its benchmark, incentivizing better performance [6]. Group 5: Future Outlook - The adjustments in performance benchmarks may lead to more rigorous and suitable benchmarks as the index market evolves, allowing fund companies to better align their products with appropriate performance measures [7].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an "Action Plan for Promoting the High-Quality Development of Public Funds," which links fund managers' compensation to long-term performance, addressing the industry's focus on scale over returns [2] Group 1: Fund Manager Compensation - Fund managers with products underperforming their benchmarks by more than 10 percentage points over three years will see a significant decrease in their performance-based compensation [2] - Conversely, fund managers whose performance significantly exceeds benchmarks may see reasonable increases in their compensation [2] Group 2: Underperforming Funds - As of May 21, nearly 6000 public funds have been managed for over three years, with 1341 funds underperforming their benchmarks by over 10 percentage points, involving 735 fund managers [3] - Among these, 31 funds have underperformed their benchmarks by over 50 percentage points, including notable managers like Yao Zhipeng from Harvest Fund and Shi Cheng from Guotai Junan [3] - The worst performer is Morgan Fund's Guo Chen, whose fund has a cumulative return of -23.03%, lagging behind the benchmark by 128 percentage points [3] Group 3: High-Performing Funds - There are 543 funds that have outperformed their benchmarks by over 10 percentage points, with 33 funds exceeding benchmarks by over 50 percentage points [6] - Notable high performers include the Huaxia North Exchange Innovation Small and Medium Enterprises Fund, managed by Guo Xin, which achieved a cumulative return of 194%, surpassing its benchmark by 176 percentage points [6][7] - The North Exchange theme funds have emerged as a concentrated area of excess returns, with several funds exceeding their benchmarks by over 60 percentage points [7] Group 4: Adjustments to Performance Benchmarks - In response to the new action plan, many fund companies have begun to adjust their performance benchmarks, with over 100 funds changing their benchmarks by May 26 [8][10] - Adjustments are made to ensure benchmarks accurately reflect the risk-return characteristics of the funds, addressing previous inadequacies in benchmark design [10][11] - The CSRC emphasizes the need for strict regulation of benchmark selection and modification to ensure alignment with investment strategies and product positioning [11]

Group 1 - The core viewpoint of the article is that several funds are changing their performance benchmarks to better reflect their risk-return characteristics and investment strategies [1][4][5] - On May 9, 2023,浦银安盛基金 announced changes to the performance benchmarks of three bond funds, indicating a trend of adjusting benchmarks across the industry [4][5] - As of May 11, 2023, a total of 73 funds have changed their performance benchmarks this year, including various types such as equity mixed funds and bond funds [5][6] Group 2 - The adjustments in performance benchmarks are primarily driven by fund managers' considerations of more appropriate benchmarks in light of changes in investment direction [5][6] - The China Securities Regulatory Commission (CSRC) has emphasized the need to strengthen the constraints of performance benchmarks in its recent action plan for the high-quality development of public funds [7][8] - The CSRC aims to establish regulatory guidelines for setting, modifying, disclosing, and continuously evaluating performance benchmarks to ensure they serve their intended purpose effectively [8]