Group 1 - The core viewpoint of the article emphasizes the importance of performance benchmarks in the mutual fund industry, as outlined in the "Action Plan" released by the China Securities Regulatory Commission, which aims to enhance the quality of public funds through specific measures [1] - The article discusses the historical performance of active equity funds in the U.S. compared to their benchmarks, noting that the average tracking error for U.S. active equity funds is around 5%, while domestic equity funds in China have a tracking error close to 15% over the past five years, indicating a weaker benchmark awareness in China [1][2] - The article highlights the need for domestic active managers to adjust their investment strategies under the constraints of performance benchmarks, suggesting two potential adjustment plans: one based on quantitative index enhancement and another involving a split investment strategy [3][4] Group 2 - The first adjustment plan involves using a quantitative index enhancement framework to control the investment proportions of constituent stocks, industry weight deviations, and individual stock weight deviations to minimize performance divergence from the benchmark [4][5] - The article presents a simulation using the CSI 300 index as a benchmark, showing that when the investment proportion in constituent stocks is set at 80%, the probability of outperforming the index over three years remains close to 100%, regardless of industry and stock weight deviations [6][7] - As the investment proportion in constituent stocks decreases to 50% and 30%, the likelihood of underperforming the index increases significantly, indicating that maintaining a higher proportion of constituent stocks is crucial for performance [8][9][10] Group 3 - The article discusses a second strategy that involves a combination of passive index tracking and active management, where a portion of the portfolio is allocated to index investments while the remainder is actively managed [15][18] - A simulation using the top 50 constituent stocks of the CSI 300 index shows that this approach can yield excess returns while effectively tracking the index, with a historical annualized return of 4.36% compared to the CSI 300 index's 2.36% [18][19] - The article emphasizes that the proportion of passive index investment should not fall below 20% to minimize the risk of underperforming the index, especially when the active manager's performance is at the market average [20][21] Group 4 - The article draws on international experiences, noting that successful active management products in the U.S. maintain clear viewpoints on individual stocks while adhering to benchmark constraints, with examples of funds that have significantly deviated from their benchmarks yet achieved strong performance [28][29] - It highlights that even with a focus on benchmark adherence, active managers can still express distinct views on individual stocks, as seen in the performance of funds like Fidelity Contrafund and JPMorgan US Equity Fund [30][34] - The article concludes that while the new regulatory framework imposes stricter performance benchmarks, it does not eliminate the potential for active management to express unique investment perspectives [28][29][47]

Group 1 - The report highlights the increasing trend of passive investment globally, with passive fund management size surpassing active funds by the end of 2023, and this gap is expected to widen in 2024 [1][13][14] - In developed markets like the US, Japan, Europe, and Australia, the proportion of active funds outperforming their respective indices is generally below 40%, with long-term success rates even lower [1][14] - The report identifies key strategies for leading firms in the US, emphasizing reliance on large-cap growth and mixed funds, overall product performance, and the ability of top products to outperform market averages [1][20][44] Group 2 - In Europe, the trend of passive investment has led to a diversification of leading firms, with some actively seeking change to break through, while others see their advantages diminish [2][10] - Successful firms in Europe have demonstrated that high-quality flagship products yield better long-term returns, and the issuance of active ESG products has been beneficial [2][10] - The report notes that during bull markets, firms like Nordea have significantly outperformed, and timely strategy adjustments can help recover from short-term scale fluctuations [2][10] Group 3 - In Australia, the report indicates a clear trend of diversification in active equity, with new leading platforms like Mercer and Magellan Group emerging [3][11] - The growth of firms like Macquarie and Pendal is attributed to their focus on local and global large-cap growth strategies, with stable overall performance [3][11] - The report highlights that Magellan Group has rapidly scaled through currency-hedged products and global infrastructure strategies, while Mercer has a first-mover advantage in strategies facing scale bottlenecks [3][11] Group 4 - The report discusses Japan's unique situation where the expansion of active equity is largely driven by the growth of foreign active products, which is a distinctive feature of the Japanese market [4][12] - It attributes the success of firms like Alliance Bernstein to their alignment with local investor preferences and the performance of domestic products [4][12] - The report emphasizes that companies with better performance in local products can capture market share more effectively, with Daiwa and Sumitomo showing significant annualized returns compared to competitors [4][12]