Core Viewpoint - The article discusses the disparity between the fund's net value growth rate and the weighted average net value profit rate, emphasizing the importance of aligning investor returns with fund performance to regain trust in the fund industry [3][4]. Group 1: Fund Performance Metrics - The net value growth rates and weighted average net value profit rates for the fund managed by Jiang Cheng are presented, showing significant variations over the years, with the highest growth rate of 41.78% in 2020 and a negative growth of -7.18% in 2023 [4][13]. - Jiang Cheng's fund, Zhongtai Xingyuan Flexible Allocation Mixed A, achieved a net value growth rate of 168.24% since its inception, significantly outperforming the benchmark growth rate of 21.73% [5][13]. Group 2: Risk Management and Investment Philosophy - Jiang Cheng's investment strategy focuses on conservative investment, which has resulted in a maximum drawdown of only 17.18% for his fund, compared to a maximum drawdown of 45.60% for the CSI 300 index [5][6]. - The article highlights the importance of low volatility in investments, which helps investors maintain their positions and avoid panic selling during market fluctuations [7][11]. Group 3: Investor Communication and Engagement - Jiang Cheng emphasizes the need for frequent communication with investors to build trust and reduce information asymmetry, which includes writing investment notes and participating in live Q&A sessions [10][11]. - The article notes that the average holding period for investors in Jiang Cheng's fund is 782 days, indicating a high level of investor patience and commitment [11].

Core Viewpoint - The article discusses the disparity between fund performance and investor returns, emphasizing the importance of aligning the two to regain investor trust in the fund industry [2][4]. Fund Performance Metrics - The article highlights two key performance indicators: "Fund Share Net Value Growth Rate" and "Weighted Average Net Value Profit Rate," which reflect the fund's profitability and overall investor returns, respectively [1][2]. - Data from the fund's performance reports shows fluctuations in these metrics over the years, with the fund share net value growth rate reaching 168.24% since inception, significantly outperforming the benchmark growth rate of 21.73% [3][8]. Fund Manager's Approach - Fund manager Jiang Cheng focuses on creating stable returns for investors, achieving a maximum drawdown of only 17.18% compared to the 45.60% drawdown of the CSI 300 index [4][5]. - Jiang emphasizes a conservative investment strategy, prioritizing low volatility and steady returns over short-term performance rankings [5][6]. Investor Communication - Jiang maintains high-frequency communication with investors, contributing investment notes and participating in live Q&A sessions to build trust and reduce information asymmetry [6][7]. - The average holding period for investors in Jiang's fund is approximately 782 days, indicating a higher level of investor patience and commitment [7]. Historical Performance Data - The fund's historical performance data shows varying net value growth rates from 2019 to 2025, with notable highs in 2019 (32.00%) and 2020 (41.78%), and a low in 2023 (-7.18%) [3][8]. - The introduction of a new share class (C shares) in July 2021 has also shown competitive performance, with a net value growth rate of 30.80% since inception [7][8].