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公募变天,这些人的躺赚时代终结了
投中网· 2025-06-18 02:21
Core Viewpoint - The recent regulatory changes in the public fund industry signify a major shift towards performance-based fee structures and a focus on net asset value, marking the end of the "easy profit" era for actively managed equity funds [4][5][6]. Summary by Sections Regulatory Changes - The "Action Plan for Promoting High-Quality Development of Public Funds" targets the reform of floating fee rates and performance assessments for equity funds, indicating a significant overhaul of investment strategies [4][6]. - The new floating fee structure links management fees to performance against benchmarks, with penalties for underperformance and incentives for exceeding benchmarks [6][7]. Fee Structure Details - Under the new rules, management fees for funds that underperform by more than 3% compared to benchmarks will be reduced to 0.6%, while those that exceed benchmarks by 6% can increase fees to 1.5% [6][7]. - The average return of equity mixed funds was reported at 12.32%, with only 26.9% of funds outperforming their benchmarks by 6% [7]. Performance Assessment - The new regulations emphasize long-term performance, requiring that at least 80% of performance assessments for fund managers be based on returns over three years [10][11]. - The focus on benchmarks aims to correct previous issues of risk management and style drift among fund managers, enhancing accountability [11][12]. Industry Impact - The reforms are expected to lead to a significant reshaping of the fund industry, with a potential increase in the allocation towards underrepresented sectors, particularly dividend-paying assets [15][18]. - The new rules also encourage the rapid registration of index funds, which may lead to a surge in their popularity as they align with the new performance-driven focus [17][18]. Competitive Landscape - The changes are likely to benefit leading public fund companies, as the industry moves towards a more concentrated market structure, with the top firms expected to gain a larger share of the market [18][20]. - Smaller fund companies will need to develop differentiated research and investment strategies to survive in the increasingly competitive environment [20].
公募变天,这些人的躺赚时代终结了
3 6 Ke· 2025-06-16 23:45
Core Viewpoint - The recent regulatory changes in the public fund industry aim to enhance the quality of equity funds through floating fee rates and performance-based compensation reforms, leading to a significant reshaping of the market dynamics [1][2]. Fee Rate Reform - The new regulations mandate that actively managed equity funds adopt a floating fee rate model linked to performance benchmarks, effectively ending the previous model that prioritized scale and management fees [2][4]. - Funds that underperform by more than 3% relative to their benchmarks will see their management fees reduced from 1.2% to 0.6%, while those that outperform by 6% or more can increase fees to 1.5% [3][4]. - The average return of equity mixed funds was reported at 12.32%, with only 26.9% of funds outperforming their benchmarks by 6%, indicating increased pressure on fund managers to focus on performance [4][5]. Performance Evaluation and Growth Targets - The new rules also require public funds to increase their holdings in A-shares by at least 10% annually over the next three years, with a focus on boosting the proportion of equity funds, which currently lags behind global averages [5][6]. - The performance evaluation system will now place greater emphasis on long-term returns, with at least 80% of the assessment based on three-year performance [7][8]. Manager Compensation Changes - Fund managers' compensation will be closely tied to fund performance, with significant reductions in pay for those whose funds underperform their benchmarks by over 10% over three years [8][9]. - The new regulations aim to correct past issues of inadequate risk control and style drift by emphasizing the importance of performance benchmarks [9]. Industry Restructuring - The reforms are expected to lead to a major reshuffling in the fund industry, favoring top-performing firms and potentially disadvantaging smaller players who may struggle to adapt [12][14]. - The introduction of a fast-track registration mechanism for ETFs is anticipated to enhance the appeal of index funds, which may see increased demand as a result of the new performance-focused evaluation [12]. Investment Strategy Shifts - Fund managers may increasingly allocate to sectors that are underrepresented in their benchmarks to avoid underperformance, particularly in dividend-paying sectors [10][11]. - The focus on diversified asset allocation and risk management will become more critical, moving away from reliance on past performance of individual funds [9][12].
渠道大比拼!浮动费率基金中东方红核心价值提前结募,博时、兴证全球跟随自购
Sou Hu Cai Jing· 2025-06-05 01:27
Core Insights - The first batch of 16 floating management fee rate funds has seen significant interest, with some products reaching their fundraising limits and ending their subscription early [1] - The Oriental Red Core Value Fund achieved a fundraising limit of 2 billion yuan, leading the pack due to strong customer service capabilities from distribution channels like Pudong Development Bank and Oriental Securities [1] - The shift in the public fund industry is moving from a focus on scale to a focus on returns, with only 6 out of 26 products setting fundraising limits [2] Fund Details - The Oriental Red Core Value Mixed Fund was the first to reach its fundraising cap of 2 billion yuan and will no longer accept new subscriptions from June 5 [1] - Other funds in the first batch include E Fund Growth Progress Mixed Fund with a cap of 5 billion yuan, and GF Value Steady Mixed Fund with a cap of 8 billion yuan [2] - As of June 4, the combined issuance of E Fund Growth Progress, GF Value Steady, and Harvest Growth Winning reached 760 million yuan [3] Market Dynamics - Following the Dragon Boat Festival, new floating fee rate products are being launched, indicating a competitive sales environment among distribution channels [6][7] - Institutions are increasingly investing their own funds into floating fee rate funds to demonstrate commitment to investors [9] - The China Securities Regulatory Commission has introduced a plan to promote high-quality development in public funds, emphasizing investor interests and performance-based fee structures [10]
非银金融行业周报:浮动管理费率基金加速推出,LPR下调有望推动预定利率调整Q3落地-20250527
Donghai Securities· 2025-05-27 07:04
Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [4][36]. Core Insights - The non-bank financial index experienced a decline of 1.7% last week, underperforming the CSI 300 by 1.5 percentage points, with both brokerage and insurance indices showing a downward trend [4][8]. - The introduction of floating management fee rate funds is accelerating, which is expected to enhance the investment ecosystem by promoting long-term investment focus and risk-sharing between fund managers and investors [4]. - The insurance sector is seeing a rapid rollout of long-term investment pilot programs, with a total scale of 2.22 billion yuan, which is anticipated to inject more incremental funds into the market [4]. Summary by Sections Market Overview - The Shanghai Composite Index fell by 0.6%, while the Shenzhen Component Index decreased by 0.5%. The CSI 300 index dropped by 0.2%, and the ChiNext Index declined by 0.9% [8][9]. Market Data Tracking - The average daily trading volume of stock funds was 13,901 billion yuan, a decrease of 8.3% from the previous week. The margin trading balance was 1.8 trillion yuan, down 0.3% week-on-week [17]. Industry News - Recent regulatory measures have been introduced to support small and micro-enterprises in financing, focusing on enhancing financing supply and reducing costs [34]. - The first batch of long-term investment pilot programs for insurance funds has been approved, with a total scale of 2.22 billion yuan, indicating a strong commitment to long-term investment strategies [4][34].
大曝光!原来这样“浮”?
Zhong Guo Ji Jin Bao· 2025-05-24 09:58
(原标题:大曝光!原来这样"浮"?) 【导读】浮动费率基金到底怎么"浮"? 中国基金报记者 王思文 近期,新一轮公募基金改革正在加速落地,公募新规后首批26只浮动管理费率基金问世在即。 目前,投资者最关心的话题是:浮动管理费率基金到底是怎么"浮"的? 此前,公募基金主动管理基金的管理费基本按每年1.2%收取,这可以理解为,基民购买1万元基金产 品,无论赚不赚钱,基金公司每年均收取120元的管理费用。 公募基金采取浮动费率后,管理费的收取规则变了,主要与以下三方面因素有关:一是基民的持有期 限,二是持有期间基金跑赢业绩比较基准的情况,三是基金本身有没有赚钱。 具体费用计提方法如下: 短期持有档:如果基民持有该基金不到一年就赎回了,管理费仍按1.2%年费率收取。 长期持有档:如果基民持有该基金超过一年再赎回,管理费的收取规则就会分为三种情况: 一、超额收益档:假设锚定基金的业绩比较基准是沪深300指数。如果该基金在基民持有期间赚钱了, 同时持有期间的年化收益率还跑赢了沪深300指数的6%以上,基金公司可以收取每年1.5%的管理费。 二、业绩不佳档:如果该基金在基民持有期间跑输了沪深300指数的3%或更多,基金公司 ...
每经热评︱首批浮动管理费率基金正式上报 将倒逼公募基金提升投研能力
Mei Ri Jing Ji Xin Wen· 2025-05-21 11:52
每经评论员 李蕾 从"固定费率为主"到"浮动费率破冰",看似简单的费率模式调整,实则蕴含着行业生态重塑的深层逻 辑,有望成为破解"基金赚钱,基民不赚钱"难题的重要突破口。此次新模式浮动管理费率基金的核心突 破,在于将管理费率与投资者持有时间、业绩表现深度挂钩。以此次某个上报的产品为例,投资者持有 不足一年时,维持1.2%的固定费率;满一年后,则依据持有期间基金年化收益率分为三档进行浮动。 如此一来,让基金公司的收入与投资者盈亏直接关联,真正实现"风险共担、利益共享"。 从行业发展视角来看,浮动管理费率基金的推出意义重大。其一,它将促使基金公司将工作重心从"扩 规模"转向"提业绩",从"规模驱动"转向"业绩驱动",这是行业回归"代客理财"本源的关键一步。其二, 该模式有助于优化投资者的投资体验。以往,投资者往往只能通过基金净值变化判断投资收益,难以直 观感受基金公司的管理价值。而浮动管理费率机制的引入,让投资者能够清晰看到基金公司收取的管理 费与业绩之间的关系,从而更加理性地选择投资产品。 总体而言,浮动管理费率基金的推出,犹如投向湖面的石子,其涟漪效应将倒逼基金公司提升投研能力 和业绩表现,引导投资者树立长期 ...
浮动管理费率基金蝶变产品设计更加精细化
□本报记者 张韵 上周,26家基金公司集体上报新一批浮动管理费率基金,这是《推动公募基金高质量发展行动方案》印 发后的首批浮动管理费率基金。这批产品上报已于5月16日获证监会接收,新品问世也成为近日公募行 业的热议事件。 浮动管理费率基金的历史并不短,最早可追溯至1999年的浮动管理费率机制。历经二十余年发展,期间 曾多次"蝶变",产品数量持续增多的同时,浮动管理费率模式也在不断演变。在业内人士看来,此番新 模式下的浮动管理费率基金比较明显的变化在于更加关注对投资者利益的保护和长期投资的引导、更重 视业绩比较基准的约束,整体产品设计更加精细化。 26家公募机构集体上报 5月16日,首批上报的新模式浮动管理费率产品获证监会接收。共有26家基金管理人上报产品。其中, 总管理规模或主动权益类基金管理规模居行业前列的管理人21家,中小管理人4家,外商独资管理人1 家。首批上报的产品均为全市场选股型基金,主要对标沪深300、中证A500、中证500、中证800等宽基 指数。 从基金名称来看,除个别产品为股票型基金外,多数产品为混合型基金。虽然产品的具体设计细节尚不 明确,但有基金公司相关人士透露,产品设计围绕《行动方案 ...