Core Viewpoint - The article discusses the challenges faced by investors in the capital market from 2022 to 2024, highlighting the emotional rollercoaster of investing and the need for a stable investment philosophy, exemplified by fund manager Yuan Hang's approach with the new floating management fee product, Penghua Win-Win Future [1][10]. Group 1: Investor Pain Points - Pain Point 1: Investors often chase hot themes but fail to outperform the market, leading to disappointment when the market corrects [2]. - Pain Point 2: Frequent management changes in funds undermine the promise of "long-termism," with many investors experiencing shifts in investment style after a manager departs [5]. - Pain Point 3: Investors worry about high portfolio volatility and the risk of managers chasing trends, which contradicts their initial investment goals [8]. Group 2: Yuan Hang's Investment Philosophy - Yuan Hang is characterized as a steady and disciplined fund manager who focuses on high-quality companies with economic moats, maintaining a long holding period and low turnover rate [3][5]. - His investment style is balanced between value and growth, primarily investing in large-cap growth stocks, and he has achieved a cumulative net value growth rate of 218.30% from 2015 to 2024 in the Penghua Advanced Manufacturing Fund [3][4]. - Yuan Hang emphasizes the power of compounding and the importance of long-term holding to minimize transaction costs and maximize returns, adhering to a philosophy of not engaging in investments that are not well understood [7]. Group 3: Innovative Product Design - The new floating management fee product, Penghua Win-Win Future, aligns the interests of fund managers with those of investors by adjusting management fees based on performance relative to a set benchmark [7][10]. - This product design encourages a focus on absolute returns and risk control, reducing the likelihood of chasing trends and ensuring that management fees are tied to actual investor returns [9][10]. - Yuan Hang's approach, reinforced by this innovative fee structure, aims to create a transparent and mutually beneficial long-term partnership between fund managers and investors [11].