Core Insights - The rapid growth of Bosera Fund's FOF (Fund of Funds) is attributed to solid performance, with the "Zhenxuan Chuhui" fund reaching a scale of 7.741 billion yuan by June 2025, up from 247 million yuan at the end of 2024, reflecting a demand for low-volatility investment products [2][3] - The FOF team has demonstrated strong asset judgment capabilities, successfully navigating market volatility and capitalizing on opportunities in AI, technology, and convertible bonds [3][4] Performance Metrics - The "Zhenxuan Chuhui" FOF has achieved an 8.33% cumulative return since its inception on September 27, 2023, outperforming its benchmark of 5.61% [3] - In the past year, it ranked first among similar products, showcasing the team's effective investment strategies [3] Market Context - The public FOF industry reversed a three-year trend of scale contraction, growing by over 30 billion yuan (25%) by the end of 2025 [4] - The demand for low-volatility, stable growth products is expected to surge, especially as traditional fixed-income yields decline [4][12] Investment Strategy - The FOF team employs a strategy of "bond foundation + convertible bond features + multi-asset enhancement," focusing on the long-term investment value of Chinese assets while also considering global asset allocation [3][4] - The team emphasizes a dynamic asset allocation approach, adapting to market conditions and utilizing a "three-dimensional" investment strategy [5][6] Risk Management - The team has developed a robust risk management framework, including strict risk budgeting, high-frequency stress testing, and extreme scenario simulations to protect investor interests [7][8] - These risk control measures have proven effective in mitigating extreme market conditions and maintaining portfolio stability [7][8] Team Expertise - The FOF team has a well-established research and investment framework, characterized by a comprehensive understanding of capital markets and a focus on diverse asset classes and investment styles [4][9] - The team's experience and adaptability have led to successful navigation of various market challenges over the years [9][10] Future Outlook - The FOF/MOM (Multi-Manager) model is expected to address key challenges in the asset management industry, with significant growth potential in the low-interest-rate environment [11][12] - The model's ability to leverage external investment capabilities and mitigate systemic risks positions it well for future expansion, potentially reaching a trillion-yuan scale in the domestic market [11][12]
博时基金张存相：公募FOF承接低波增值理财需求 奔赴万亿市场星辰大海
Zhong Guo Zheng Quan Bao·2025-08-11 02:27