中泰资管天团 | 田宏伟：如何提高投资者体验——以养老FOF管理为例

Core Viewpoint - Enhancing investor experience in fund investments is a core task for fund investors and managers, increasingly emphasized by regulators [2] Summary by Relevant Sections Investment Performance - Focusing solely on performance results is insufficient; absolute returns significantly impact investor experience, while relative returns are less critical in a positive return environment [4] - Historical performance can obscure the volatility experienced during the investment period, making the timing of investment crucial for the overall experience [4] Risk Assessment - Various risk indicators exist, such as volatility and maximum drawdown, which reflect the fluctuations in net value; different investors perceive risk differently [7] - For investors focused on retirement products, evaluating funds based on cost-effectiveness from a risk-return perspective is recommended [7] Dimensions Affecting Investor Experience - The overall investor experience, particularly for conservative investors, should encompass several dimensions, including: - Return Dimension: Performance over different time frames (1 year, 2 years, etc.) - Risk Dimension: Volatility, correlation with the market (Beta), maximum drawdown, recovery time from maximum drawdown, daily positive return rate - Risk-Adjusted Return Dimension: Sharpe ratio, Calmar ratio, information ratio - Fund Manager Capability Dimension: Strategic allocation, industry allocation, timing ability, security selection ability - Manager Investment Service Dimension: Responsiveness, coverage, satisfaction, companionship [9][10] Case Study: Focus on Investor Experience in Retirement FOF - The "Zhongtai Furu Stable Retirement One-Year Holding FOF" was analyzed to illustrate how a retirement-targeted FOF can prioritize investor experience while achieving investment results [12] - As of April 30, 2025, the fund's net value growth rate was 5.08%, outperforming its benchmark growth rate of 4.80% and the Wande Bond Mixed FOF Index return of 4.36% [13] - The fund's daily positive return probability was 64.04%, significantly higher than the average of 51.92% for similar products, enhancing investor experience [13][14] - The fund's maximum drawdown was -1.96%, compared to -2.91% for the Wande Bond Mixed FOF Index, indicating better risk management [13][14] - The Calmar ratio for the fund was 2.49, higher than the Wande Bond Mixed FOF Index's 1.36 and the CSI 300's 0.40, demonstrating superior returns per unit of drawdown risk [14]