昨天有读者看完《一看就懂！挑选基金的十大指标》后补充，卡玛比率也是一个重要参考指标，确实如此，此前我也有多篇文章介绍。 基础筛选篇 推荐阅读： 介绍九位能涨抗跌的基金经理，最关键的是基金经理本人持有超100万份！ 近五年业绩优秀的主动基金都长啥样 夏普比率选出的十大牛基（10年期） 卡玛比率是一个非常实用且高效的"排雷"和"择优"工具。它衡量的是每承受一单位"最大回撤"，能带来多少超额回报。 其计算公式为： 卡玛比率 = 年化收益率 / 最大回撤 比率越高，说明基金的风险调整后收益越好，也就是"性价比"越高。 以下是卡玛比率的10种具体用法，从基础到高级，助你更好地筛选基金： 一、初步快速排雷 用法：将卡玛比率设为第一个筛选条件。例如，在所有同类基金中，只考虑卡玛比率大于1的基金。卡玛比率小于1，意味着你承受的回撤痛苦可能大于你获 得的收益，这类基金需要谨慎考虑。 目的：快速剔除掉那些收益与风险不匹配的"差生"。 二、同类基金对比 用法：在比较同类型、同主题的基金时（例如都是"医药主题基金"或都是"沪深300增强基金"），直接对比它们的卡玛比率。比率更高的那只，通常意味着 基金经理在控制回撤和获取收益方面做得 ...

Core Insights - The article emphasizes the importance of financial education in safeguarding financial rights and enhancing quality of life, particularly through the actions of the fund industry [1] Fund Performance and Characteristics - Fixed income securities, including government bonds and central bank bills, are the primary investment objects for funds, with a performance of 3.03% and a maximum drawdown of -0.36% for 2024 [5] - Short-term pure bond funds are characterized by low risk, with most funds allocated to short-term bonds with maturities not exceeding 3 years [5] - Long-term pure bond funds have similar investment objects to short-term pure bond funds, with a performance of 4.59% and a maximum drawdown of -0.67% for 2024 [6] Risks Associated with Bond Funds - Credit risk arises when bonds in the fund default, affecting overall returns and potentially leading to losses [8] - Interest rate risk is highlighted as a core concern, where rising market interest rates inversely affect bond prices, potentially leading to losses [7] - Liquidity risk can occur during market tightness, leading to increased short-term bond rates and potential difficulties in buying or selling bonds at favorable prices [8] Investor Considerations - Investors should align their risk tolerance and return objectives with suitable fund types, such as short-term bond funds for lower risk tolerance and longer investment horizons for those with higher risk tolerance [9] - Historical performance metrics, including annualized returns and maximum drawdown, are essential for evaluating fund performance [10] - The Calmar ratio, which measures risk-adjusted returns, is a useful metric for assessing fund performance relative to risk [11] Fund Management and Team - The experience and historical performance of fund managers are critical, with a focus on those with extensive experience and a proven track record [12] - The strength of the research and risk management teams is also important, particularly for large fixed income fund companies with robust systems [12] Fund Holdings and Credit Risk Assessment - Regular reports should be reviewed to assess the top five bond holdings and their credit ratings, prioritizing funds with a high proportion of high-rated bonds to mitigate credit risk [13] Fund Size Considerations - It is advisable to consider funds of moderate size to avoid issues related to small fund sizes, such as the risk of liquidation [14]

Core Insights - The bond market is currently in a low-yield, high-volatility state, contrasting with the previous year's high-yield, high-volatility environment. This shift suggests frequent "mispricing" opportunities, prompting investors to adopt a "low position + high win rate" strategy for defensive counterattacks and to capitalize on oversold rebound opportunities [1][10][21]. Group 1: Market Conditions - Since the beginning of 2025, the 10-year government bond yield has shown significant volatility, rising from approximately 1.60% at the start of the year to around 1.78% by August 20, with a peak close to 1.90%. The rolling standard deviation indicates that the yield's volatility has increased, with a median of about 0.03%, higher than the median of 0.028% from 2021 to 2024 [10][11]. - The performance of bond funds has declined in 2025, with the median annualized return for medium to long-term pure bond funds at 0.83%, significantly lower than the 3.98%, 2.36%, 3.47%, and 4.58% returns from 2021 to 2024. Short-term pure bond funds also reflect a similar trend, with a median return of 1.41% [11][12]. Group 2: Fund Evaluation - The Calmar ratio is deemed more reflective of true risk compared to the Sharpe ratio, although both should be used in conjunction. The Sharpe ratio is more suitable for short and pure bond funds with lower volatility and drawdown, while the Calmar ratio is better for long bond funds and secondary bond funds that exhibit higher volatility and deeper drawdowns [2][16]. - In 2025, investors are advised to prioritize the Calmar ratio alongside the Sharpe ratio to better select bond funds, as the low-yield, high-volatility environment increases the demand for fund managers' ability to control drawdowns [19][20]. Group 3: Investment Strategy Adjustments - The bond market is still in a headwind phase, with the trend for bullish positions delayed. Despite rising interest rates and a steepening curve reducing bullish sentiment, the high volatility presents frequent "mispricing" opportunities. Investors are encouraged to maintain a "high-grade, short-duration, high-liquidity" base to better control drawdowns while selectively participating in long and ultra-long bonds after significant declines [3][21][22]. - The strategy should focus on quick trades and timely profit-taking, as the current market conditions do not favor long-term bullish positions. Historical data indicates that after significant declines, the 10-year government bond typically experiences a short-term rebound [22][24].

Core Insights - The performance of ordinary equity funds in the first half of 2025 shows significant differentiation, with pharmaceutical-themed funds demonstrating a comparative advantage in both returns and risk control [1][2] - The Calmar Ratio indicates a stark contrast in investor experience, with pharmaceutical funds dominating the top rankings [1][2] Performance of Pharmaceutical Funds - The top 10 pharmaceutical funds achieved an average return of 52.75%, with Huaan Pharmaceutical Biotechnology A leading at 65.03% [2] - These funds exhibited effective drawdown control, with maximum drawdowns ranging from -9.90% to -15.82%, outperforming the industry average [2] - Huaan Pharmaceutical Biotechnology A has a Calmar Ratio of 14.60, indicating a significant risk-return advantage, while Zhongyin Health A and Fuguo Pharmaceutical Innovation A also showed strong performance with Calmar Ratios of 13.38 and 11.08, respectively [2][4] Underperformance of Technology and Low-Carbon Funds - Funds focused on technology and low-carbon themes displayed a mismatch between returns and risks, characterized by low returns and high drawdowns [2][4] - The bottom 10 funds had an average return of only 3.04% with maximum drawdowns reaching -30.77% [2][3] Comparison of Fund Performance - The worst-performing fund, Invesco Great Wall Quality Growth A, had a Calmar Ratio of 0.22, with a maximum drawdown of -30.77% for a mere 3.21% return [3][4] - The average Calmar Ratio of the bottom three funds was 0.24, indicating significant risk control shortcomings [4] Defensive Characteristics of Pharmaceutical Sector - The defensive nature of the pharmaceutical sector, supported by essential consumption and policy backing, provides a natural buffer against market volatility [4] - High Calmar Ratio pharmaceutical funds tend to have smaller asset sizes (1-10 billion), allowing for more flexible adjustments, while larger funds like Invesco Great Wall Research Select A (31.77 billion) face strategic implementation constraints [4] Importance of Risk-Adjusted Metrics - The data from the first half of 2025 emphasizes that solely pursuing high returns may obscure potential risks [5] - Investors are advised to focus on risk-adjusted return metrics like the Calmar Ratio, particularly for funds with returns below 5% but drawdowns exceeding 20% [5]

Group 1 - The core concept emphasizes the importance of foundational knowledge in investment and fund selection, suggesting that solid fundamentals are crucial for successful investing [2] - The article introduces the Kappa ratio, which compares annualized returns to maximum drawdown, indicating that a higher ratio signifies better returns while controlling for maximum drawdown, particularly relevant for fixed income plus products [3] Group 2 - The article promotes a special event for fund holders, offering prizes and incentives, which may enhance engagement and attract more investors [5]

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]