薪酬新规透视 | 大摩研究管理部总监王大鹏业绩踩线仍推新基“大摩港股通多元成长” 4只产品均跑输基准超27%

新浪基金2025-12-11

专题：“业绩为王”时代来了，时隔三年公募绩效迎重大改革！近千名基金经理面临“降薪” 　　近期，基金行业薪酬体系的改革持续引发市场关注。　　根据中基协新规指引，若基金经理过去三年产品收益率低于业绩比较基准10个百分点以上且基金利润率为负，其绩效薪酬下调幅度不得低于30%。同时，新规要求基金公司对管理多只产品的基金经理，需依据基金规模、管理时长等对业绩表现进行加权考核，任职不满一年的基金不纳入评估...

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All four products of \"Morgan Stanley Hong Kong Stock Connect Diversified Growth\" underperformed the benchmark by more than 27%","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{},"content_text":"专题：“业绩为王”时代来了，时隔三年公募绩效迎重大改革！近千名基金经理面临“降薪”\n　　近期，基金行业薪酬体系的改革持续引发市场关注。\n　　根据中基协新规指引，若基金经理过去三年产品收益率低于业绩比较基准10个百分点以上且基金利润率为负，其绩效薪酬下调幅度不得低于30%。同时，新规要求基金公司对管理多只产品的基金经理，需依据基金规模、管理时长等对业绩表现进行加权考核，任职不满一年的基金不纳入评估范围。\n　　在这一新的考核框架下，各家资深基金经理的长期业绩表现正成为市场关注的焦点。摩根士丹利基金研究管理部总监、基金经理王大鹏便是其中备受关注的一位。\n　　Wind数据显示，截至12月10日，摩根士丹利基金旗下近三年有业绩记录的基金产品中，共有13只基金跑输业绩比较基准超过10个百分点。值得注意的是，由王大鹏管理的4只产品全部位列其中，且跑输幅度较为显著。\n数据来源：Wind 截止至20251210\n　　具体来看，王大鹏管理的“大摩消费领航”近三年跑输基准42.62%，期间最大回撤达45.93%；其管理规模最大的“大摩健康产业A”，规模超过17亿元，跑输基准39.58%，最大回撤44.98%；“大摩沪港深精选A”跑输基准33.23%，净值最大回撤高达54.59%；即便表现相对较好的“大摩卓越成长”，跑输基准也达到27.24%，最大回撤44.37%。\n　　分析其持仓结构，可以发现王大鹏的投资风格在旗下产品间呈现出高度的延续性，且重仓领域集中。以三季报为例，其管理的基金前十大重仓股高度重合于医药、消费及部分高端制造板块。例如，药明康德、恒瑞医药、迪西医药-U、益方生物-U等医药股在其多只产品中均为核心持仓。此外，贵州茅台、三花智控等消费与制造龙头也频繁出现在其组合中。\n　　从重仓股近三个月的表现可见一斑：其重仓的医药股普遍表现惨淡，药明康德、迪西医药-U等多只个股期间跌幅超过10%，而同期其组合中涨幅较大的三花智控等个股占比相对有限，难以抵消医药板块整体下行带来的拖累。\n　　数据来源：Wind 截止至20250930\n　　值得关注的是，在旗下多只产品长期业绩表现不佳的背景下，王大鹏仍参与管理新发产品。\n　　根据摩根士丹利基金公告，他将与公司权益投资部总监雷志勇共同管理“大摩港股通多元成长混合”基金。该基金的业绩比较基准设定为“中证港股通综合指数（人民币）收益率×80% + 中债综合全价（总值）指数收益率×15% + 人民币活期存款利率（税后）×5%”。天天基金网显示，该基金目前仍处于认购期，认购时间为2025年12月18日至2026年1月9日。\n　　数据来源：基金公告\n　　然而，无论是王大鹏管理的多只产品近三年显著跑输基准，搭档雷志勇所管理的“大摩万众创新A”近三年同样跑输业绩基准33.75%，这样的历史业绩表现，难免引发投资者对新产品未来表现的疑虑与审慎。\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：公司观察","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2590591882","isCrawlerRequest":true}