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公募基金季报新增七年、十年业绩披露 - 经济观察网 － 专业财经新闻网站

The new regulation requires public mutual funds to disclose seven-year and ten-year performance in quarterly reports, helping to highlight fund managers with strong long-term performance and guiding investors to focus on long-term value. Follow·

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AI Summary & Key Points

Summary

With the formal implementation of the 'Guidelines No. 2 on Content and Format of Information Disclosure for Publicly Offered Securities Investment Funds – Content and Format of Periodic Reports,' the Q2 2026 report became the first batch of fund periodic reports to disclose under the new rule. Wind data shows that as of July 14, 72 public mutual funds have disclosed their Q2 reports, of which the 14 funds that have been in existence for at least ten years all disclosed ten-year performance, and nine of them have net value growth rates exceeding 300%. Industry insiders point out that incorporating seven- and ten-year performance into quarterly reports essentially shifts the fund evaluation coordinate system, helping truly cycle‑navigating fund managers stand out, pushing long‑term investment from concept to an observable, explicit metric, while also installing a systemic 'shock absorber' for short‑term speculation, compelling fund companies to shift from a size‑oriented approach to a holder‑return orientation and from chasing hot trends to staying within their circle of competence. From the investor perspective, one should combine maximum drawdown, volatility, excess returns, and the proportion of profitable holders, among other multi‑dimensional metrics, to comprehensively assess long‑term performance, and also pay attention to fund manager tenure stability, investment style consistency, holding concentration, and turnover rate. Industry observers believe that long‑term performance disclosure will prompt the public fund industry to re‑examine the relationship between 'funds making money' and 'investors making money,' driving the sector toward greater emphasis on the long term, returns, and holder experience.

Main Points

* 1. The new rule requiring disclosure of seven‑ and ten‑year performance represents a shift in the fund evaluation coordinate system.

It helps highlight fund managers with strong long‑term performance and pushes the long‑term investment concept into an observable, explicit metric.

* 2. Long‑term performance disclosure compels fund companies to shift from a size‑oriented approach to a holder‑return orientation.

It tests the research system, fund manager stability, risk control, and holder experience through a longer‑term evaluation mechanism.

* 3. Investors should assess long‑term performance using multiple dimensions, not just returns.

One should consider maximum drawdown, volatility, excess returns, the proportion of profitable holders, and fund manager tenure stability, among other factors.

* 4. Long‑term performance disclosure will prompt the industry to re‑examine the relationship between 'funds making money' and 'investors making money'.

It drives the public fund industry toward greater emphasis on the long term, returns, and holder experience, fostering a healthier ecosystem.

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随着《公开募集证券投资基金信息披露内容与格式准则第2号——定期报告的内容与格式》正式实施，2026年二季报成为新规落地后的首批基金定期报告。部分成立时间较长的公募基金首次在季报中披露过去七年、十年的业绩表现。

Wind数据显示，截至7月14日，已有72只公募基金披露二季报，成立时间较长的基金均披露了五年及以上维度的长期业绩（基金合同生效未满五年的，披露自基金合同生效以来业绩）。其中，平安睿享文娱混合A、红土创新新兴产业混合A、平安策略先锋混合、长城中小盘混合A、融通转型三动力灵活配置混合A等14只成立满十年的基金，均披露了过去十年的业绩表现，上述产品中有9只净值增长率超过300%。

南开大学金融学教授田利辉对《证券日报》记者表示，此次将七年、十年期业绩纳入季报，本质上是基金评价坐标的迁移，有助于让真正穿越周期的基金管理人浮现，推动长期投资从理念倡导转化为可观测、可比较的显性指标。同时，有助于为短期博弈设置制度“减振器”，倒逼基金公司从“规模导向”转向“持有人回报导向”，从“追逐热点”转向“坚守能力圈”。

深圳市排排网基金销售有限责任公司公募产品运营曾方芳表示，长期业绩披露将推动行业从“比短期净值”转向“比长期价值创造”。对投资者而言，有助于其从盲目追逐短期热点和阶段性冠军，转向寻找具备长期陪伴能力和持续回报能力的管理人。

对基金管理人而言，长期业绩公开披露，意味着投研体系、基金经理稳定性、风险控制能力和持有人体验都将受到更长期维度的检验。

富达基金发言人对《证券日报》记者表示，富达基金在管理上一直以3年至5年作为基金经理考核周期，并设置5年滚动奖励机制，目的都是围绕长期业绩表现而非短期收益进行考核。

从投资者角度看，晨星（中国）基金研究中心高级分析师李一鸣表示，投资者参考季报新增披露的长期业绩数据时，不宜单纯审视收益率水平，应结合最大回撤、波动率、相对业绩比较基准的超额收益、盈利持有人占比等指标综合判断。同时，需要关注基金经理任职稳定性、投资风格是否持续一致、持仓集中度与换手率等因素。

业内人士认为，长期业绩披露将促使公募基金行业重新审视“基金赚钱”与“基民赚钱”之间的关系。一方面，基金公司需要通过更稳定的投资框架和更长期的考核机制，提升产品长期回报能力；另一方面，投资者需要建立更加理性的评价方法，避免单纯以短期涨幅作为申购依据。

田利辉认为，长期业绩首次纳入季报披露体系，是公募基金行业信息披露从“结果展示”向“投资者获得感展示”延伸的重要尝试。随着季报中的长期业绩，以及年报、中期报告中的盈利投资者占比等指标逐步进入投资者视野，公募基金行业将进一步强化“重长期、重回报、重持有人体验”的发展导向。

Key Quotes

> Incorporating seven‑ and ten‑year performance into the quarterly report essentially shifts the fund evaluation coordinate system, helping truly cycle‑navigating fund managers emerge and turning long‑term investment from advocacy into an observable, comparable explicit metric.

> Long‑term performance disclosure will push the industry from comparing short‑term NAV to comparing long‑term value creation.

> When referring to the newly disclosed long‑term performance data in the quarterly report, investors should not simply look at return levels; they should comprehensively judge using maximum drawdown, volatility, excess returns relative to the performance benchmark, and the proportion of profitable holders, among other indicators.

> The inclusion of long‑term performance in the quarterly report disclosure system for the first time is an important attempt to extend public fund industry information disclosure from 'result presentation' to 'investor gain presentation'.

Tags

Public Mutual Fund

Long-Term Performance

Information Disclosure

Fund Evaluation

Investor Education

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