Core Viewpoint - The FOF (Fund of Funds) market is experiencing a dichotomy, with some products struggling to survive due to low scales while others are achieving remarkable success, indicating a profound transformation in the asset management industry [1][2]. Group 1: Market Phenomenon - Several FOFs have been liquidated due to their small scale, with over 10 FOFs facing liquidation this year alone [2]. - Conversely, there have been notable successes, such as the Morgan Stanley Yingyuan Stable Three-Month Holding Period FOF, which sold out in one day with a scale of 2.752 billion [2]. - Other successful FOFs include the Dongfanghong Yingfeng Stable Allocation Six-Month Holding Period FOF with a scale of 6.573 billion and the Fuguo Yinghe Zhenxuan Three-Month Holding Period FOF with a scale of 6.001 billion [2]. Group 2: Changing Investor Demands - The shift in FOF performance is attributed to changes in investment strategies, with a focus on multi-asset allocation aimed at stable returns and high drawdown control [3]. - The increasing availability of multi-asset allocation tools in the public fund market has provided more options for FOF investments [3]. - Investors are becoming more risk-averse, prioritizing stable asset appreciation, which is reflected in the sales channels of banks [3]. Group 3: Strategic Developments - Major banks are increasingly emphasizing FOF products, collaborating with fund companies to create FOF selection pools [4]. - The TREE Long-term Plan by China Merchants Bank exemplifies a one-stop asset allocation solution that adheres to multi-asset allocation strategies [4]. Group 4: Future Outlook - The FOF market is transitioning into a 2.0 multi-asset allocation era, with recent FOFs adopting strategies characterized by diverse asset allocation [6]. - Analysts highlight the advantage of FOFs in utilizing various sub-funds across stocks, bonds, and commodities to achieve long-term and value investments [6]. - New FOF products are increasingly incorporating "multi-asset" in their names, indicating a trend towards diversified asset allocation [6]. Group 5: Recommendations - Future FOF products should focus on returning to the essence of asset allocation by incorporating assets like gold, overseas markets, REITs, and commodities to meet the needs of retirement investment and absolute returns [7].
FOF产品缘何上演“冰与火之歌”?
Shang Hai Zheng Quan Bao·2025-08-10 13:40