当FOF迈入多元资产配置2.0时代

Core Insights - In uncertain markets, investors are increasingly seeking stable investment options that provide reasonable returns, leading to a surge in FOF (Fund of Funds) funds, which saw a net increase of 17.9 billion yuan in Q1 2023, the highest since 2022 [1] - The launch of the Dongfanghong Yingfeng Stable 6-Month Holding Mixed FOF aims to provide a one-stop asset allocation solution through global asset allocation and diversified income sources [1][14] - The FOF strategy emphasizes a multi-asset allocation framework, reducing reliance on single assets and mitigating risks associated with specific asset volatility [2] Investment Strategy - The FOF approach is based on the "Investment Holy Grail" theory by Ray Dalio, advocating for a well-constructed portfolio with 10-15 low-correlation return streams to lower dependency on single assets [2] - The FOF funds have increasingly included various asset types, such as stocks, bonds, commodities, QDII, and REITs, creating a comprehensive asset allocation framework [2] - Chen Wenyang, the fund manager, leverages extensive experience across domestic and international markets to create cross-asset, cross-market, and cross-strategy portfolios [3] Performance Metrics - The Dongfanghong Yihe Stable Pension Two-Year FOF, managed by Chen Wenyang, has shown strong performance, ranking 2nd out of 54 in its category over three years, with a net value growth rate of 10.30% compared to a benchmark of 4.06% [10][15] - The fund's maximum drawdown was only 3.92%, indicating a stable upward trend in net value [10] - The fund's performance metrics demonstrate a consistent ability to outperform benchmarks, with a past year net value growth rate of 7.27% against a benchmark of 4.79% [10] Fund Management Philosophy - Chen Wenyang emphasizes the importance of both "depth" and "breadth" in asset allocation, ensuring a balance between diverse asset classes and in-depth analysis of fund managers' capabilities [6] - The internal structure includes a "basic fund pool" and a "selected fund pool" to identify high-potential funds through rigorous quantitative and qualitative assessments [6] - The focus is on creating a multi-asset portfolio that consistently generates excess returns, requiring deep research capabilities and macroeconomic judgment from fund managers [6] Client Engagement - The FOF team has shifted from traditional client service models to a more engaging approach, providing regular insights and educational content to help investors understand FOF investments [13] - The team aims to build long-term trust with investors through personalized service and clear communication of investment strategies [13][14] - The ultimate goal is to ensure that investors can navigate market fluctuations with confidence and achieve steady returns over time [9][14]