China’s Fourth Batch of Mutual Fund Benchmark Adjustments Settles; 4,000 Products Now Covered

The scale is the signal: roughly 40% of active products now sit under revised benchmarks, which in practice redraws the yardstick for how a large slice of China's fund industry will be judged. That matters most for managers whose past outperformance may look different against a fairer reference, and for distributors who lean on track-record marketing. Whether the new benchmarks actually change portfolio behavior — rather than just reporting optics — is the open question, along with how concentrated the remaining adjustment batches prove to be.