Core Viewpoint - The market's preference for low-volatility products remains unchanged even after a year since 924, with investors shifting between various asset classes. The CSI 300 index saw a decline after two consecutive years of over 25% gains, while the China Bond Index achieved an 8.83% return in 2024, the best since 2018. Investors are seeking low-volatility, stable products amidst high volatility in equity assets and low yields in bonds [1][3]. Multi-Asset FOF Fund Highlights - The recent launch of the multi-asset fund by Jiao Yin Schroder focuses on low-volatility products, aiming to provide a stable holding experience through diversified asset allocation [3][4]. - The multi-asset team at Jiao Yin Schroder emphasizes a user-centric approach to portfolio construction, aiming to reduce volatility and improve long-term holding experiences for investors [5][6]. Differentiation of the Multi-Asset Team - The Jiao Yin Schroder multi-asset team distinguishes itself by focusing on risk-return stability rather than chasing high returns, prioritizing the reduction of portfolio volatility [5][6]. - The team employs a quantitative framework for product management, ensuring consistent quality control across different market conditions [6][20]. User Experience Enhancement - The increasing macroeconomic volatility has shifted investor demand towards diversified financial products, as traditional stock and bond mixes struggle to provide stable returns [9][11]. - The Jiao Yin Schroder multi-asset fund incorporates a range of asset classes, including domestic bonds, equities, gold, and overseas equities, to achieve true diversification and mitigate risks [9][11]. Benefits of Multi-Asset Allocation - Multi-asset allocation is viewed as a "free lunch" in investing, as adding low-correlated assets can significantly reduce portfolio volatility without sacrificing returns [11][24]. - The fund aims for a smoother return distribution over time, allowing investors to achieve consistent returns regardless of market timing [24][25]. Strategic Asset Allocation - The fund's core asset allocation includes domestic bonds and equities, with additional allocations to gold and overseas assets to optimize risk-return characteristics [26][28]. - The maximum allocation to risk assets is capped at 25%, ensuring a balanced approach to diversification and risk management [29]. Risk Management Framework - A comprehensive risk management system is in place, involving pre-emptive management, real-time monitoring, and post-event adjustments to maintain the fund's risk budget [19][43]. - The team emphasizes disciplined investment practices, with a structured approach to adjusting asset allocations based on market conditions and risk assessments [20][44]. Team Collaboration and Expertise - The multi-asset team benefits from a collaborative environment, leveraging quantitative analysis and in-depth research to enhance investment decisions [46][47]. - The team's established systems for assessing asset volatility and product performance contribute to their competitive advantage in the multi-asset space [47][48].