资产配置趣谈集｜聚焦中国市场，服务长期配置：鹏华基金FOF投资框架的方法论构建

Core Insights - The article emphasizes the importance of establishing a diversified asset allocation system tailored to the characteristics of the Chinese market, which is crucial for the transformation and upgrading of the public fund industry [1] - Penghua Fund has developed a "localized + professional" asset allocation framework that integrates an understanding of China's macroeconomic operations, market structure, and investor preferences with international methodologies [1] Group 1: Market Understanding - Penghua Fund's Chief Asset Allocation Officer, Zheng Ke, highlights significant differences between China's capital markets and overseas markets, such as direct policy impacts and greater market sentiment volatility [2] - The firm adopts the philosophy of "everything is cyclical," recognizing that economic, industry, and asset price movements follow their own rhythms and patterns [2] - The "fractal cycle analysis framework" developed by Zheng Ke's team allows for dynamic tracking of various cycles, enabling them to identify strategic resource assets like coal and gold for investment during the 2022-2024 period [2] Group 2: Industry Trends and Opportunities - Penghua Fund places a strong emphasis on timing in asset allocation, particularly in the context of rapid industry rotation influenced by policy and capital flows [3] - The firm focuses on technology-driven sectors in response to national strategies promoting innovation, aiming to capture investment opportunities arising from industrial upgrades and policy benefits [3] - A diverse range of FOF products is constructed to cater to different risk tolerances and return expectations of investors, enhancing the adaptability and professionalism of asset allocation services [3] Group 3: Performance and Methodology - The performance of two representative FOF products managed by Zheng Ke's team has been impressive, with annualized returns of 14.88% and 14.52% respectively, as of July 10, 2025 [4] - Penghua Fund employs a systematic manager selection mechanism using ODD and IDD tools to evaluate fund managers across multiple dimensions, ensuring selected funds are not only high-performing but also sustainable in the long term [4] - The firm maintains a comprehensive "factor library" and "tool pool" to quickly match the most suitable asset combinations in varying market conditions, significantly improving investment efficiency [4] Group 4: Team Composition - The investment research team at Penghua Fund is characterized by diverse backgrounds and clear division of labor, enhancing decision-making accuracy and adaptability to market changes [5][6] - Zheng Ke leads a team with extensive experience in FOF/MOM investments, with members specializing in various aspects of asset allocation and risk control [5][6] Conclusion - The value of FOF business is increasingly recognized in the asset management industry, with Penghua Fund exploring a professional, systematic, and sustainable development path [6] - The firm aims to optimize multi-asset portfolio management mechanisms and strengthen client-oriented investment strategies, contributing to a high-quality development model for FOF in the Chinese context [6]