Assessing the investment manager¡¯s performance

Indicators for assessing the investment manager¡¯s performance include both, qualitative and quantitative indicators.

To qualitative indicators belongs whether the investment manager builds an independent performance assessment system for the occupational annuity fund under management as stated in relevant provisions; whether investment management operations are conducted strictly according to the investment clauses provided in the investment management contract and whether accounting and evaluation results are checked with the custodian on a regular basis. Further criteria are whether the risk reserve fund of the occupational annuity fund is put by as regulated; whether investment operation reports are regularly submitted to the trustee and the relevant regulatory authorities; whether property accounting documents, accounting books, annual financial accounting reports and investment records of the occupational annuity fund are maintained strictly according to national provisions.

Quantitative indicators are such as the occupational annuity fund¡¯s asset allocation proportion, NAV growth rate, the discrepancy rate arising out of a performance comparison benchmark, adjusted fund performance, a comparative analysis of risk values, performance attribution analysis, and performance sustainability.