Core Viewpoint - Asset allocation is crucial for investment returns, as demonstrated by David Swensen's management of Yale's endowment fund, which grew from $1.3 billion to over $40 billion over 35 years, achieving an annualized return of 13.9% from 1998 to 2018, outperforming 90% of peers [1] Group 1: Market Context - As of November 26, the CSI 300 index has only increased by 19.46% over the past decade, indicating that single assets struggle to provide stable returns in a complex environment [1] - The public fund industry is seeing growth in multi-asset strategies, with "fixed income +" funds and public fund of funds (FOF) experiencing quarter-on-quarter increases of 30.63% and 20.35% respectively by the end of Q3 [1] Group 2: Team and Strategy - The team led by Yu Lei at Yinhua Fund is recognized for its platform-level investment research capabilities, focusing on asset allocation and multi-strategy alpha generation [2][4] - The multi-asset investment team has expanded to over 50 members, managing diverse products including pensions, FOFs, and "fixed income +" strategies [5] Group 3: Investment Philosophy - Yu Lei emphasizes that asset allocation is essential for survival in today's capital markets, advocating for structural diversification to mitigate risks [6] - The "fixed income +" product line is designed to meet varying risk-return profiles, combining the defensive nature of insurance investments with the agility of public funds [6] Group 4: Platform and Research Capabilities - The investment decision-making process at Yinhua is supported by a systematic framework that integrates data analysis, discipline, and cyclical understanding [9] - The team culture promotes collaboration and shared insights, enhancing the flow of investment ideas and research outcomes [11] Group 5: Risk Management - Yinhua's multi-asset team employs a comprehensive risk management system that includes monitoring portfolio risks and setting strict return and drawdown targets for different product categories [16][17] - The team focuses on maintaining a balance between risk and return, with specific strategies for low, medium, and high volatility "fixed income +" products [17] Group 6: AI Integration - Yinhua has developed an AI-driven platform that enhances investment research and decision-making processes, allowing for efficient data processing and improved decision-making outcomes [13][14] - The AI system aids in identifying investment signals and refining the team's focus on high-potential opportunities [14]