See the "Blind Box Fund" again!The style drift, what is the problem?

China Fund reporter Fang Li Zhang Yanbei

The public offering fund that had been disclosed a few days ago pushed the fund -style drift phenomenon to the public vision again. Although the regulatory authorities have repeatedly paid attention to the issue, there are still a few funds in the position of the positions of the original investment theme and target, which is suspected of "style drift".

Analysis of the interviewees analyzed that the fund's real positions and the contract agreed that there was a large deviation, mainly because fund managers concentrated on the target of other strategies or industry themes to pursue higher returns and relative rankings, reflecting that the company's management was not in place. Such behaviors are not beneficial to investor asset allocation, corporate reputation, and industry development.

In order to eliminate this illness, fund companies should strengthen management and establish a relatively complete style pool system, requiring investment research teams to strictly follow the order of ordering systems. At the same time, the fund company should also guide them to correctly understand the style characteristics and product positioning of the theme fund through investor investment and companionship.

"Fund Blind Box" reproduces the rivers and lakes

The style of the fund manager is drifting, which is making some funds a "blind box", that is, the fund or strategic theme of the fund's real position and the contract agreed in the contract does not match, making investors buy funds to become a blind box.

Taking a smart theme product under a small and medium -sized company as an example, according to the fund contract, the key investment in its agreed investment is smart machines, smart wearables, smart medical care, smart home, smart grids, and deep integration with the new generation of information technology. Intelligent and more advantageous companies. However, the second quarterly report showed that of the top ten heavy stocks of the fund, nine were bank stocks, and as of the end of June, more than 45%of fund assets held bank stocks.

Take a certain Internet -themed fund under a medium -sized public offerings as an example. According to the fund contract, the percentage of securities issued by listed companies related to Internet themes accounts for not less than 80%of non -cash fund assets. However, as of the end of the second quarter, the top ten heavy stocks of the fund were concentrated in the field of new energy and semiconductor.

Coincidentally, the investment goal of another large -scale public offering of Internet fund products is "mainly invested in the Internet+theme stocks", but at the end of the second quarter, the top major heavy stocks were new energy and photovoltaic stocks. In addition, there are some names with "entertainment" in some names. There are no entertainment theme stocks in the top ten heavy stocks. From the theme, funds with style drifting are concentrated in the field of Internet, sports and entertainment, and most of them drift into emerging growth directions such as new energy.

According to a public offerings in Beijing, some research reports have been summarized. At present, the fund's style drift phenomenon mainly exists in the strategy style and industry theme funds. Among them, the style of the strategy style fund can be roughly positioned as the following: the market value of the investment not does not match, such as the positioning as a small and medium plate, but the investment of the investment is mainly; However, it is mainly growth stocks. Among the industry -themed funds, the style drift can be roughly positioned as the investment industry and the contract. For example, it is positioned as a pharmaceutical fund, but it mainly invests in new energy. In the contract scope of the contract, industry -themed funds generally agreed to have ≥80%of stock assets invest in corresponding industry -themed stocks.

Regarding the fund -style drift problem, the regulatory authorities have repeatedly expressed their attention in the past two years, but the fund blind box has not been extinct. In this regard, Chuangjin Hexin Fund stated that the theme fund style drift has a long history. The main reason behind it is the pressure of performance. Some fund companies 'requirements for investment performance, channels and investors' requirements for fund performance rankings will drive fund managers to pursue high returns for the scale and ranking. When the theme fund style is not adapted to the current market, some fund managers may invest in stocks outside the scope of theme, leading to the drift of the style; of course, some fund companies lack the control of fund quality is also an important reason for this phenomenon.

Jiyu's research also believes that fund product style drift is a long -term problem. Because the manager of the active equity fund attaches great importance to excess returns and relative rankings, the investment scope of some theme funds is relatively narrow, and the investment is limited, which is relatively unfavorable in a certain market environment. Some fund managers are drifting in order to obtain better benefits and hold some other targets.

Rong Hao, the wealth management partner of the private equity network, also pointed out that the existence of the fund -style drift was caused by multiple factors. "First, the current assessment method of the fund industry and the company values ​​scale and performance rankings, which will affect the behavior of managers; second, when the performance is not good, it may be more optimistic about new opportunities from investors or it may be more optimistic about new opportunities. 'Sword walking off the front'; Third, the past punishment of similar behaviors has not played a strong deterrent effect or a warning significance. "Customer," he said.

From the perspective of a public offering marketing department in Shanghai, the fund's style drift has the factors of "passive" and "active". The typical products of some style drift are related to the fund issuance period of the fund and even the industry cycle, making it difficult for the fund managers of related products to start.

"On the other hand, the style drift is more or less related to the assessment system and scale of the fund company. There is a deviation between the investment scope of some funds, the investment theme and the market structure in recent years. The problem of small subscription funds. For the purpose of completing the corresponding performance and scale KPI, some funds have appeared 'style drift' in operation. In addition, the fund manager's ability circle and management product theme are not easy to lead to style drift. " People said, "Blind hopes to seize the high prosperity industry and high -quality stocks to seek better performance." "Style drift" damages the reputation of the industry

The industry generally believes that the phenomenon of "style drift" of the fund is a dishonesty that violates the fund contract. In the long run, the credibility of the fund company and the entire industry has been damaged, and it is not conducive to investors to establish a rational investment concept.

Chuangjin Hexin Fund believes that the theme fund -style drift obviously violates the fund contract. The theme fund contract will clearly explain the lower limit of the investment ratio and the theme definition of the theme, and it is reflected in the investment restriction chapter. Therefore, style drift is a violation of the fund contract requirements requirements the behavior of.

On the one hand, the fund -style drift may lose the trust of the fund company and the fund industry; on the other hand, it may harm the actual investment benefits of investors, and the negative behavior of the style drifting (such as a larger fund such as a larger fund (such as a larger fund Scale) will cause more funds to follow suit, which is not conducive to the healthy development of the industry.

According to Jiyu's research, in the short term, fund managers may get excess returns through style drift to get higher attention, but it is easy to cause style instability. In the long run, the excess revenue obtained through style drift is difficult to sustain. At the same time, with the development of the fund industry, investors are gradually mature, and fund products with stable styles and stable income risk characteristics can be favored by investors. The atmosphere of over -chasing short -term returns is not conducive to the value communication and long -term development of my country's public fund industry.

"Maybe from a certain perspective," said Rong Hao, a partner of wealth management of private equity networks, said that the purpose of this type of drift is to create higher returns to customers; Whether the terms are allowed to "drift", or whether it can be modified by modifying the contract terms and has been modified to achieve "drift", otherwise it will be violated.

Specific to the influence of "drift" on the industry, Rong Hao further pointed out that "one is to mislead investors and often buy a" disagreeable version "product, which will cause the" blind box "investment experience; The speculative value orientation hinders the formation of long -term investment concepts. These are not conducive to the long -term development of the industry. "

A person from a public offering marketing department in Beijing bluntly said, "Fund contracts have strict constraints on the scope of investment and the proportion of related investment. The fund contract is an important contract document when the holder chose the fund first. The style drift will cause the fund manager and fund products to blindly pursue hotspots. In the short term, there may be sharp performance, long -term harm to the interests of investors, and affecting the industry's image.

"And for investors who actively allocate funds in an industry, if the style drifts, there will be very uncertainty. In other words, style drift will increase the" cognitive cost "of Kimin's product, and may even damage the damage to the product. The trust of fund companies and industry, "said the person.

Industry attaches importance to "style drift"

The structural market in the past two years has made the long -standing "style drift" problem of "style drift", which has become more and more prominent, not only to attract regulatory attention, but also make the entire industry pay more and more attention to this issue.

"We pay more and more attention to the prevention and control of this issue. For example, there are early warning mechanisms in the internal system, and each fund product has strict indicators. . "According to a fund company market person.

According to an investor of a fund company, "as a fund company, we oppose the deviation of the style." In recent years, style drift has been the focus of the company's risk control. The proportion has been implemented in actual investment operations. For the style description of the fund product contract, a relatively complete style pool system has been established. The investment research team strictly follows the enrollment system. Fund managers must place an order in the style pool according to the contract regulations.

Chuangjin Hexin Fund also stated that public fund products have different positioning, ordinary funds that can invest in the entire market, as well as industry track funds investing in a single industry, and there are also the theme investment funds that invest in a multi -industry chain in a certain industry chain. It is necessary to objectively look at the phenomenon of depending on product positioning.

"If the product positioning is a general fund that can invest in the entire market, the fund manager can obtain excess returns through the industry's prosperity judgment and excavate high -quality stocks. When the market has a structured market, in order to achieve the investment purpose of the product and obtain the relatively similar products, there are more more than similar products. A good performance may promote the investment operation of the fund manager for industry rotation and style rotation. " Opposition attitude.

The person further stated that the frozen three -foot cold, the pressure of the fund manager's assessment, the pursuit of performance and scale of some fund companies, and the atmosphere of blindly pursuing short -term returns in the market to make the existence of drift. Only by starting from the root and guiding correction step by step can we gradually solve this problem. For example, you need to adjust the internal assessment mechanism to guide the fund manager not to make style drift in order to pursue absolute income, such as strengthening investor education, guiding investors to correctly understand theme funds, etc. Essence It is worth mentioning that not only the fund company, the third -party institutions of some fund research have also paid more and more attention to the "style drift" problem.

Zou Zhuoyu, a research director of Yingmi Fund Research Institute, also said that we will do a good job of pre -investment analysis and tracking in the investment theme and style drift. Pre -investment comprehensive analysis of the style and stability of the investment of the fund manager, whether there is a significant departure in the history of management history, if there are types of problems, we will give priority to other available bids; during the investment process, the performance of the fund's performance and regular disclosure of disclosure If there is a significant style of drift or departure from the theme of investment, we choose to adjust the position in time.

In fact, the regulatory layer continues to attach importance to the fund's "style drift". On July 15th, the China Securities Regulatory Commission's agency issued the latest issue of "Institutional Supervision", which reported the phenomenon of funding for fund investment style and "style drift".

In this report, it also stated that since 2021, the Securities and Regulatory Commission has organized the Securities Regulatory Bureau to conduct on -site inspections on the investment management behavior and investment supervision of fund managers and fund custodians. After investigation, the Ministry of the CSRC found that some fund managers had problems such as lack of control management in the style library and the violation of the fund contract agreement, and some fund custodians had problems such as insufficient fund investment style supervision and performance.

Avoid gimmick marketing

Correctly understand the problem of "style drift"

Do a good job of investor education, correctly understand the "style drift" problem, and ensure that the interests of investors are imperative.

In this regard, Chuangjin Hexin Fund suggested that fund companies should strengthen investment and companionship of investors, guide investors to correctly understand the style characteristics of theme funds and the product positioning of the theme funds, and understand the evaluation standards of the theme funds. The fund's performance with ordinary funds is compared.

"Style drifting is essentially the fund manager who does not invest in strict accordance with the contract requirements. Different styles of stock correlation are low, increasing the uncertainty of the relative of the fund performance (a substantial deviation of performance), which may exceed the expectations of fund investors. Damage to investors' rights and interests. Educational investors should be identified by style drifting behaviors and try to avoid funds with the problem of style drift. "The above person said.

And Zou Zhuoyu said that he hopes to guide investors through fund investment consulting services to further understand the fund products he invested. Only investors have a clear understanding of the fund to determine whether a fund is drifting.

"For style drift, I think this problem can be analyzed from different angles. Some fund managers have strong adjustments to adjust their positions in time to adapt to different market environments and enhance the probability of investors to obtain income. This so -called" style style style Drift 'should not be tagged on a negative label. "Zou Zhuoyu said that at the same time, the investment framework of the fund manager is constantly evolving. In this process, the investment style of the fund manager will also change. As for whether it is successful in the iterative evolution, it is necessary Investors have maintained tracking analysis.

Still people of the fund company reminded that investors should correctly understand "style drift". The fund's "style drift" cannot be fully dependent on the subjective determination. Many active investment products have left a certain flexible space for the investment scope of the design. Only a certain proportion of positioning stocks are the theme scope. Stocks with different theme names are also within the scope of compliance. There are also some fund name descriptions that may be deviated with investors' understanding. For example, "growth" is not necessarily defined only in technology stocks. Investors should read the fund's legal documents carefully before buying to understand the definition of the product's style.

In addition, more third -party people reminded the road of long -term investment. For example, Jiyu's research stated that as a third -party fund sales agency, we must guide investors to clarify their investment goals and choose the appropriate investment variety based on long -term investment perspectives.

Rong Hao, the wealth management partner of the private equity network, also said that the rules and punishment of the regulatory system must be implemented in place. This is an important prerequisite; fund companies avoid "gimmick" marketing, attach importance to the expression of investment methodology, and internal risk control. People should continue to learn, see the essence, avoid follow the trend, and value for a long time.

Edit: Captain

- END -