Core Viewpoint - The article emphasizes the importance of long-term stability in pension investments, highlighting the need for a balanced approach to asset allocation to withstand market volatility and achieve steady growth over time [1][2][3]. Group 1: Investment Philosophy - The fundamental principle of pension investment is to ensure "long-term cannot lose," which requires a focus on multi-asset allocation to reduce volatility and enhance the holding experience [2][3]. - Pension investments should be planned with a long-term perspective, typically over 5 to 10 years, balancing long-term returns with short-term fluctuations [2][3]. - The investment framework involves in-depth research on the historical performance of various asset classes and their underlying drivers to identify sustainable investment opportunities [2][3]. Group 2: Asset Allocation Strategy - Approximately 50% of the portfolio is allocated to bond assets as a base, with smaller allocations to gold and equities, allowing for flexibility based on market conditions [3][4]. - Emphasis is placed on controlling volatility within the investment framework, adhering to a risk parity approach between stocks and bonds, and avoiding participation in bubble assets [3][4]. - The strategy aims to diversify risk by combining different asset classes that perform differently in various market environments [3][4]. Group 3: Fund Selection Criteria - The selection of funds is based on three main criteria: the fund manager's experience through market cycles, clarity of the fund's return sources, and recent performance evaluated through quantitative models [4][5]. - A focus on funds with stable long-term performance and clear revenue sources is prioritized, while avoiding strategies that dilute investment effectiveness [4][5]. - The investment philosophy emphasizes the importance of proven methodologies over a mix of various strategies, which can lead to inefficiencies [4][5]. Group 4: Equity Investment Approach - The equity investment strategy has evolved from a purely mathematical approach to incorporating market realities, recognizing the influence of market sentiment on short-term price movements [5][6]. - The focus is on identifying "cleanly valued" assets driven by fundamentals rather than market emotions, often found in mature and less popular industries [5][6]. - The investment approach avoids high-difficulty scenarios, concentrating on sectors and companies that are well understood and have stable cash flows [5][6]. Group 5: Team and Platform Support - The success of the pension FOF management is supported by a diverse team with expertise in quantitative analysis, macro research, and fund evaluation, creating a collaborative advantage [7][8]. - The team structure allows for specialized roles, ensuring comprehensive research and analysis for effective asset allocation [7][8]. - The platform's competitive edge includes a robust fixed-income team and a wide range of index products, which help reduce costs and enhance investment strategies [8][9].