The big weekend news: the reason for last Friday's tech crash has been identified. According to the Shanghai Securities News disclosure: authorities are currently cracking down on style drift!

Recently, some fund managers have been acting dishonestly: the fund is called Value Selection, but in reality, they are buying only tech stocks. This makes the performance benchmark meaningless, and investors can't tell what style the fund truly follows.

Regulators couldn't stand it anymore and issued new rules: the performance benchmark must align with the fund's actual investment direction and cannot be arbitrarily changed.

By June 1st, nearly 200 funds need to complete adjustments to their performance comparison benchmarks, involving nearly 400 billion yuan in assets.

Rectification measures:

1) Forcibly bind the performance "reference point"

Require funds to select a performance comparison benchmark that truly reflects their investment scope and theme. For example, replacing the Shanghai-Shenzhen 300 with the CSI 800; if the stock allocation was originally very high but the benchmark showed a low stock weight, this time they will increase the stock weight so that the benchmark matches the actual holdings. This way, funds can't casually chase hot topics, because if they deviate, the benchmark will call them out.

2) Use benchmarks for evaluation, not just rankings

No longer comparing who gains the most in the entire market, but requiring "value funds to compare with value benchmarks, tech funds to compare with tech benchmarks." If a fund's style drifts—for example, a tech fund buying liquor stocks—it won't outperform its tech benchmark, making performance clearly visible. Fund managers can't act arbitrarily anymore.

3) Contractually locked, no casual changes

Once the performance comparison benchmark is set, it cannot be adjusted just because the fund manager changes or market trends shift. This is like putting a "tightening spell" on the fund, forcing it to invest honestly according to the style specified in the contract.

4) Adjust the index weights in the benchmark to make it more "fit"

For example, some flexible allocation funds have a low stock weight set in the contract, but in reality, they maintain high positions year-round. The original benchmark can't reflect the true risk. This time, they will increase the stock index weight, for example from 55% to 85%, so the benchmark aligns with actual holdings. Funds can no longer hide drift behaviors behind the excuse of being "flexible allocation."

The first batch of corrections is just the beginning. Over the next year, all non-compliant funds must be gradually adjusted. Personal estimates suggest this involves over one trillion yuan in assets.

This rectification aims to turn performance benchmarks into a "tightening spell," preventing fund managers from misrepresenting their style or chasing hot topics at will.