Public funds' first batch of performance benchmark adjustments may kick off at the end of April, with regulatory guidance on three red lines.

From multiple public funds, it was learned that the first batch of fund performance benchmark adjustments will begin at the end of April. Earlier this year, the China Securities Regulatory Commission issued the "Guidelines for Comparing Performance Benchmarks of Publicly Offered Securities Investment Funds," which will be implemented starting March 1, 2026. Existing products must complete adjustments within a one-year transition period. After multiple rounds of adjustments and regulatory communication, details such as the pace and focus of the adjustment of the existing fund performance benchmark have emerged. This adjustment of existing product performance benchmarks is not a "one-size-fits-all" centralized push, but follows the principle of "smooth start, step-by-step implementation." Industry insiders say that there are expected to be four rounds of concentrated adjustment windows throughout the year, possibly scheduled at the end of April, mid-June, mid-August, and mid-October. Among them, the first batch of fund companies participating in the adjustment is not large, with mainly individual top institutions and small to medium-sized actively managed equity funds taking the lead. Each company has certain similarities in product selection, prioritizing mature operations, stable performance, and products with relatively small adjustments to benchmarks.