开思基金： 致力于为投资者创造可持续长期回报

Core Insights - The phenomenon of "funds making money while investors do not" is prevalent in both domestic and international markets, indicating a significant issue of return erosion [2][3][4] Group 1: Fund Industry Overview - As of July 2025, the net asset value of public funds in China reached 35.08 trillion yuan, while the scale of existing private funds hit 20.68 trillion yuan, both marking historical highs [1] - The issue of "funds making money while investors do not" has negatively impacted investor satisfaction and the reputation of the industry [2][4] Group 2: Causes of Return Erosion - Return erosion is fundamentally due to the significant gap between time-weighted returns and capital-weighted returns, with the former reflecting the fund's performance since inception and the latter influenced by investor behavior [4] - Two main factors contribute to return erosion: mismatched timing between fund management scale and investment capability, and poor investment timing or investor behavior, particularly during market peaks [4][5] Group 3: Solutions and Best Practices - Fund managers are ultimately responsible for addressing return erosion, and establishing independent institutions to oversee and reflect issues is crucial [6] - Implementing annual subscription limits to control growth rates and ensuring that new investors' returns align with earlier time-weighted returns is recommended [6][8] - Enhancing transparency by disclosing key performance metrics such as time-weighted returns and capital-weighted returns is essential for building investor trust [9] Group 4: Company Strategy - The company emphasizes the importance of prioritizing investor interests over rapid scale expansion, aligning internal values across departments to ensure sustainable growth [8][9] - The company recognizes the need for a balanced approach to scale growth and long-term development, focusing on delivering sustainable returns to investors [9]