| Criteria | Open-Ended Fund Investment | Discretionary Portfolio Management |
|---|---|---|
| Capital Size | Suitable for all investors, especially small capital or periodic investments. Benefits from long-term compounding. |
More suitable for investors with large capital and lump-sum investment. |
| Liquidity | No restriction on investment period. Can subscribe/redeem anytime. |
Typically 1 year or longer. Withdrawal at maturity or with prior notice. |
| Portfolio Customization | Choose fund based on risk tolerance. Pre-structured portfolio following regulations. |
Fully customized portfolio based on investor needs. Can follow VCAM models or tailored strategies. |
| Asset Volatility | Reflects market price movements immediately after execution. | VCAM actively optimizes timing for investment actions. |
| Investment Costs | Based on publicly disclosed fee schedule. | Includes management fee and performance fee. |
| Expected Returns | No guaranteed returns. Refer to historical performance. |
No guaranteed returns. Target return used for performance fee calculation. |
