基金“专业买手”持仓策略分化

Core Insights - The public FOF (Fund of Funds) has found its rhythm in the first half of the year, achieving an average return of 3.39% year-to-date as of June 30, with less than 2% of funds showing negative returns [1] - Fund managers are optimistic about the equity market for the second half of the year, focusing on uncovering potential opportunities, although strategies are diverging [1] Performance and Scale Growth - In Q2, public FOFs benefited from rising equity asset prices, with stock FOFs yielding the highest average return of 2.02%, down from 2.7% in Q1; the best-performing sub-type was the equity pension target FOF at 2.86% [2] - Mixed FOFs saw an increase in average returns to 1.81% from 1.43% in Q1, while bond FOFs had the lowest returns at 0.93%, down from 0.19% in Q1 [2] - As of the end of Q2, the total number of FOFs reached 518, with a total management scale of 156.44 billion yuan, an increase of 13.51 billion yuan or 9.45% from Q1 [3] Diversified Holding Strategies - After modest gains in the first half, FOFs are adjusting their strategies for the second half; some managers are opting for a more defensive approach [4] - The proportion of pure bond funds held by FOFs increased significantly from 30.75% in Q1 to 36.8% in Q2, while the share of pure index stock funds decreased from 7.53% to 6.16% [4] - Fund managers are also exploring specific sectors for opportunities, with a notable shift in allocations towards Hong Kong and A-shares, while reducing exposure to U.S. stocks [4]