Group 1 - The global capital markets in 2025 are characterized by uncertainty due to fluctuating interest rates from the Federal Reserve and geopolitical risks, leading to increased volatility in equity and bond markets [1] - Asset allocation is becoming the primary strategy for investors to cope with market uncertainties, as the risk resilience of single assets is declining [1][2] - The volatility of single asset investments has been significant, with the maximum drawdown of the Wind All A Index exceeding 29% and the QDII fund index over 17% in the past three years [2] Group 2 - Liu Xin emphasizes four core principles for asset allocation: understandable expected returns, controllable volatility, transparent structure, and executable long-term investment [3] - FOF (Fund of Funds) products are gaining traction in China as a new investment tool, allowing for diversified and optimized asset allocation through the selection of various funds [4][5] - The advantages of FOF investments include strategy complementarity, risk management through diversification, and professional management by experienced teams [5] Group 3 - There are two prevailing views on FOF products: one focuses on concentrated allocations for short-term excess returns, while the other aims for long-term stable returns [6] - Liu Xin advocates for the latter approach, emphasizing the need for public funds to expand their scale and provide a stable investment experience for a broader audience [6][7] - The future layout of FOF products will focus on absolute return goals and diversified allocation to meet investors' needs for steady growth [6][7] Group 4 - Liu Xin defines investment risk as comprising volatility and value loss, distinguishing between market sentiment-driven price fluctuations and fundamental deterioration [8] - The investment strategy should focus on long-term probability rather than short-term market predictions, with successful investments relying on proper asset allocation [8] - Liu Xin believes that the transparency and reliability of fund product returns are crucial for investor confidence and long-term holding [9] Group 5 - Current market conditions favor Chinese assets, with A-shares at historical low valuations and an upward trend, while U.S. assets are at high valuations with potential risks [9]
民生加银基金刘欣： 探讨资产配置变革与FOF突围之道
Zhong Guo Zheng Quan Bao·2025-07-20 20:17