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]

Core Insights - The active equity fund industry is facing significant challenges, particularly in investor trust and experience, leading to a decline in fund sizes over the past three years [1][2][3] - Key issues include performance volatility, style drift, high fees, and insufficient investor education, which have collectively contributed to a lack of confidence among investors [2][3] - Industry stakeholders are actively seeking solutions through fee structure optimization, enhanced research capabilities, and improved post-investment services to positively impact the industry ecosystem [1][4] Investor Experience Challenges - Current active equity funds exhibit critical shortcomings in investor trust and experience, primarily due to performance volatility, style drift, and high fees [2][3] - Fund managers' excessive focus on relative rankings can hinder stable returns for investors, while a lack of timely adjustments to holdings can negatively impact fund performance [2] - The industry suffers from a lack of systematic management and reliance on individual fund manager capabilities, which can further erode investor trust [2][3] Product and Service Improvement - The fund industry is striving to enhance investor satisfaction by optimizing fee structures, strengthening research capabilities, and improving post-investment services [4] - Key measures include lowering management and custody fees to reduce investor costs and enhance actual returns [4] - Fund companies are encouraged to build robust research teams to improve decision-making accuracy and stability, thereby reducing performance volatility [4] Recommendations for Enhancing Investor Experience - Establishing a shared interest framework between fund managers and investors can enhance trust [5] - Creating an educational support system that actively communicates with clients can improve their understanding of products [5] - Implementing transparent operational mechanisms and regular disclosures can increase investor engagement in decision-making [5] Collaborative Efforts to Improve Investor Experience - Distribution channels such as banks, brokerages, and third-party platforms play a crucial role in guiding investors to make rational fund selections [7] - Collaboration between channels and fund companies can leverage customer insights and market data to better meet investor needs [7] - Utilizing digital operations and internet strategies can help reach underserved clients, encouraging more investors to participate in the market [7]