公募FOF2025年中观察：多家基金公司FOF产品业绩稳健攀升，精细化发展明显

Core Viewpoint - The domestic public offering of Fund of Funds (FOF) is experiencing significant growth and diversification, reflecting increasing investor recognition and confidence in these products as A-share indices stabilize and recover [1][4][17]. Group 1: Market Performance - As of the end of Q1 2025, the total scale of domestic FOF funds increased by 13.46% to 1510.8 billion yuan, with 86% of FOF funds achieving positive returns during the quarter [1]. - By June 4, 2025, the scale further grew to 1618.52 billion yuan, with leading performance from funds managed by companies like ICBC Credit Suisse, Qianhai Kaiyuan, and Penghua [4]. - The performance of various FOF products has shown stability and improvement, with a notable focus on equity and mixed-asset funds [5][6]. Group 2: Product Structure and Types - The FOF market is characterized by a diverse product structure, with mixed-asset FOFs dominating in number and asset value, accounting for 93.58% of the total [5]. - Target date FOFs and target risk FOFs are becoming increasingly important for retirement planning, catering to different investor needs [12][13]. Group 3: Investment Strategies and Manager Insights - The investment strategy of ICBC Credit Suisse's FOFs emphasizes a high allocation to equity assets, with a focus on diversification across sectors such as technology, healthcare, and commodities [12][14]. - The recent appointment of Zhou Yan as the fund manager for ICBC's FOF has continued the trend of strong performance, with a year-to-date return of 8.77% reported for the fund [7][12]. - The investment team at ICBC Credit Suisse is committed to providing tailored retirement investment solutions, with several of their products ranking highly in performance [13][18]. Group 4: Industry Trends and Future Outlook - The FOF sector is positioned as a core component of personal pension accounts, driven by policy support and market demand for long-term, secure investment options [17][19]. - The trend towards "platform-based" investment research and specialized strategies is seen as key to the FOF's competitive advantage, allowing for effective asset allocation and risk management [18][19].