Core Viewpoint - The article emphasizes the investment framework of Tang Jun, a FOF fund manager, focusing on a "configuration-first" approach to achieve stable and high-risk-adjusted returns for investors [2][3]. Group 1: Investment Philosophy - "Configuration-first" means establishing a personal allocation framework and viewpoint before selecting fund managers or products that align with these views [3]. - The ability to have an independent and objective analysis framework is crucial for making allocation decisions [5]. - A strict and scientific risk budgeting framework is necessary to ensure long-term asset allocation success [5]. Group 2: Tactical Asset Allocation - Tactical asset allocation is based on analyzing expected differences in asset prices, which may not solely depend on fundamentals [10]. - An example of tactical allocation was provided, where long-duration bond funds were reduced due to overheated market expectations and weakening fundamentals [12]. Group 3: Asset Classes and Return Streams - Different asset classes such as stocks, bonds, gold, and commodities are viewed as distinct return streams, especially when they exhibit low correlation [9]. - The importance of identifying and separating different return streams, including strategies within the same asset class, is highlighted [9]. Group 4: Gold Allocation - The consistent allocation to gold since the product's inception is attributed to macroeconomic factors, particularly the declining status of the US dollar as a reserve currency [13]. Group 5: ETF Utilization - ETFs are preferred for equity holdings due to their ability to efficiently reflect style configurations and enhance capital utilization [14]. Group 6: Active Fund Selection - The selection of active funds focuses on stable styles and the ability to generate alpha after removing style beta [15]. - The process of stripping away style beta is essential for accurately assessing a fund manager's alpha contribution [16]. Group 7: Future Aspirations - The goal is to create a stable, high-risk-adjusted return fund similar to the all-weather strategy of Bridgewater Associates [18].