证券官媒密集抨击风格漂移基金：让市场不再出现盲盒基金

华尔街见闻2021-09-17

报道称“盲盒”基金正在持续调仓换股。那些风格漂移、偏离“主业”的基金产品正在引起媒体和监管的关注。 9月16日，中国证券报报道称，近期监管部门对部分风格发生偏离的基金产品进行了重点关注，要求重点说明持仓是否符合基金合同。相关基金经理也正在对基金产品的持仓进行调整。报道指出，近期的净值走势显示，这些“盲盒基金”的实际净值开始偏离估算净值，印证了基金正在持续调仓换股：名为创新成长但实际“梭哈...

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T20211211017
2021-09-17
T20211211017
呵呵
- T20211211017:
  👍
噴到外太空
2021-09-17
噴到外太空
为什么只是抨击... 不是应该罚款吗...
张国荣1997
2021-09-17
张国荣1997
挂羊头卖狗肉
- kimxuan:
  [微笑]

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公募基金追求相对收益，渠道也喜欢持续营销阶段性表现突出的基金产品，整个行业的利益导向诱使基金经理做短视的动作。而且在赚钱的时候，投资者也觉得这种‘背约’的行为有益无害。公募基金行业体制机制、理念文化的建设任重道远。\n\n9月17日，证券日报和证券时报也双双就基金风格漂移问题，在头版发表评论文章。\n在标题为《今日视点：基金风格漂移是病,得治！》的文章中，证券日报评论员安宁表示，基金风格漂移后不管是赚钱还是亏损，这种行为都是违约行为，挑战的是投资者对基金管理人的信任和市场已经形成的契约精神。\n该文章表示，如果一只主题基金确实想漂移，可以根据基金合同规定，需要变更基金投资目标、范围或策略时，可以召开基金份额持有人大会。主题投资基金如果要改变投资目标和策略可通过基金份额持有人大会审议通过。\n文章同时建议完善基金公司内部考核评价机制，针对不同产品特点的基金设立不同的考核标准。另外，对于违反基金合同，给投资者带来损害的基金管理人要加大追责力度。\n证券时报记者黄小鹏在《用科学方法治理基金风格漂移大冒险》一文中表示，风格飘移这种背离合同约束，行一时之便、得一时之利的玩法，聪明是聪明，不过是一种小聪明，它对市场整体稳定、对基金行业长远发展都构成危害：\n\n 它首先强化了市场的羊群效应，加大了市场波动；其次这种风格的随意改变和漂移并不能保证长期增加收益，甚至短期内也不见得有系统性超额收益，漂错了方向，还会增加持有人与管理人之间发生纠纷的风险；再次，随意违背受托责任最终只会让合同失去严肃性，既不利于持有人树立理性投资观念，也可能让现实的持有人和潜在投资者失去对行业的信任。\n\n该文表示，要系统地解决这个问题，让市场不再出现“盲盒”产品，不能只靠监管压力，建立量化可操作的指标体系，构建约束性更强的监管规则，加大信息披露，才是治本之策，具体可考虑以下办法：\n\n 一是细化募集报告中可投资对象的描述，建立白名单制度，要求公布具体可投资对象的名单，因新股上市、退市而使名单增减的，可在定期报告中更新；\n\n\n 二是建立起衡量风格偏离的数据指标，要求在一年四次的定期报告中专门披露基金对合同中风格遵守情况的信息，公布风格偏离程度的具体数据，对偏离超过一定限度的，规定回归的期限和方式，这样可让那些不顾合同约定追热点的基金慎重行事，知难而止；\n\n\n 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