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HEAD-TO-HEAD: China Merchants versus Penghua
FSA compares two China onshore fixed income products: the CMF Industrial Bond A Fund and the Penghua Industrial Bond Fund.
Fees
The fees for the funds are both at the median level in the “Normal Bond” category. The CMF fund charges a management fee of 0.7% per annum and a custodian fee of 0.2% per annum; the Penghua product charges an annual management fee of 0.6% and a custodian fee of 0.2%.
The total expense ratios of the CMF fund and Penghua fund in 2020 were 0.92% and 0.83% respectively, with both sitting in the middle quintile among their peers, according to Wu.
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