资产基金为何有些不一样，5项原因，量化手段管理多资产是未来

Core Viewpoint - The article highlights the shift of investors towards low-volatility "fixed income +" funds amid market fluctuations, showcasing the unique investment approach of Feng Fan, a prominent fund manager at Yinhua Fund, who utilizes quantitative methods to manage multi-asset portfolios [1][3]. Group 1: Investment Strategy - Feng Fan's investment strategy is characterized by a "top-down" approach, contrasting with the prevalent "bottom-up" strategy in the domestic public fund sector, emphasizing the importance of overall portfolio management over individual asset classes [7][17]. - The tactical asset allocation principles employed by Feng focus on understanding the current macroeconomic environment rather than predicting future trends, allowing for precise asset matching based on existing information [9][11]. - A scoring system is utilized to evaluate asset selection, analyzing macroeconomic cycles and asset pricing dynamics to inform investment decisions [11][13]. Group 2: Risk Management - Feng Fan's risk management framework is divided into three phases: pre-investment, during investment, and post-investment, with specific withdrawal control lines set based on targeted annualized returns [16]. - Dynamic adjustments to the portfolio are made during the investment phase using a win-rate and odds system, while post-investment monitoring ensures adherence to risk thresholds [16]. - The emphasis on comprehensive risk management and the ability to precisely time re-entry into the market positions Feng as a key figure in the evolving landscape of investment management [17].