Core Viewpoint - The article discusses the increasing maturity of index-based investment in the domestic market and the launch of the ETF-FOF strategy by Xingzheng Global Fund, aimed at utilizing index tools for multi-asset allocation strategies [1][2]. Group 1: ETF-FOF Strategy Launch - Xingzheng Global Fund's multi-asset allocation department has initiated the ETF-FOF strategy, managed by experienced FOF fund manager Liu Xiao and index investment expert Liu Shuiqing [1]. - The performance benchmark for the new ETF-FOF product is a composite of various indices, including the CSI A500 Index (60%), MSCI World Index (15%), China Bond Composite Index (15%), Hang Seng Index (5%), and Shanghai Gold Exchange Au99.99 spot contract closing price (5%) [2]. - The strategy aims to create a more diversified asset portfolio compared to traditional stock-bond combinations, especially given the low returns on bonds and cash assets [2]. Group 2: Active Management and Investment Approach - The team plans to utilize index tools to express market factor views while also taking advantage of pricing discrepancies in extreme market conditions [3]. - In the overseas equity investment segment, the team will focus on basic tracking and capitalize on arbitrage opportunities due to QDII investment quota limitations [3]. - The selection of ETF products will prioritize the capabilities of the index management teams behind them, focusing on tracking error, liquidity, and fee ratios [3]. Group 3: Market Position and Future Direction - The ETF-FOF product is not new in the public fund industry, but the team aims to revitalize the strategy by focusing on multi-asset allocation rather than solely on sector rotation [4]. - Xingzheng Global Fund's multi-asset allocation department has over five years of FOF investment management experience, and the team is committed to providing a one-stop solution for fund product selection [5]. - The future direction for FOF development includes expanding the range of asset classes and continuously improving tracking and return enhancement based on established performance benchmarks [5].
提供多资产视角下的ETF投资解决方案
Zhong Guo Zheng Quan Bao·2025-08-24 20:10