低波基金回报差领跑“黑马”揭秘，投资者回报提升路径何寻？中国公募基金的投资者回报差研究-当幻想撞上现实 第三章

Core Viewpoints - Investors should carefully assess their risk tolerance when selecting funds, opting for those that align with their risk preferences, have experienced research teams, stable investment strategies, and robust risk control [2][3] - It is essential for investors to move beyond a single focus on returns and to construct diversified portfolios with funds that have different risk-return characteristics to mitigate risks during market volatility [2][3] - Emphasizing a long-term holding strategy can help investors avoid short-term timing and emotional decisions, leveraging time to smooth out market fluctuations and reduce the investor return gap [2][3] Summary by Sections Low Volatility Debt Products - Conservative mixed funds have an investor return gap of -0.86%, and fixed income funds have a gap of -0.62%, significantly better than the -2.65% gap of actively managed equity funds [3][23] - The lower investor return gap in debt products is attributed to their defensive nature and lower volatility, which helps reduce short-term trading impulses among investors [6][23] Passive Broad-based Products - Broad-based passive funds stand out with a positive investor return gap of 2.81%, particularly due to significant inflows from institutional investors during market lows, which did not participate in previous downturns [3][9] - The influx of funds during low market phases, especially from state-backed entities like Central Huijin, has contributed to the positive investor return gap in broad-based ETFs [9][10] Improving Investor Returns - To enhance investor returns, a collaborative ecosystem between demand and supply sides is necessary, focusing on rational decision-making and systematic fund selection frameworks [17][18] - Investors should clarify their risk preferences to ensure alignment with their investment choices, reducing decision-making errors due to risk mismatches [18] - Long lock-up periods in certain funds, such as pension target FOFs, have shown better investor return gaps, as they help mitigate frequent redemptions during market volatility [19][20]