On October 22nd, the China Securities Investment Fund Industry Association will soon release the exposure draft of the benchmark rules for public fund performance comparison. A number of managers, mainly top fund companies, have reported a number of indexes to be used as performance comparison benchmarks, covering broad-based, industry, style and other types. However, the overall attitude of regulators is more cautious about the number of indexes entering the actual benchmark database.
Cryptocurrency liquidity funds have underperformed in 2025 so far, losing up to 70%. Multiple investors have revealed this to me (such data is usually only shared internally and among limited partners). After a difficult 2025 Quarter 1, liquidity fund investors are currently focusing on a small number of high-end investors.