兴证全球宋华：不靠择时的FOF，如何做出超额收益？

Core Viewpoint - The investment strategy employed by the company is not focused on undervalued investments or opportunistic arbitrage, but rather on systematic execution of strategies that most investors can implement [2][5]. Investment Strategy - The investment approach is characterized by a bottom-up selection of funds, categorizing them into different risk-return profiles, akin to a football formation, to create a balanced portfolio that adapts to market changes without over-relying on market timing [2][3]. - The team emphasizes strict adherence to client-defined risk exposures, ensuring that equity positions remain within agreed limits to avoid excessive tracking errors [3][9]. - The company aims to enhance the stability of excess returns through a low-correlation multi-asset and multi-strategy approach, particularly in the context of arbitrage strategies [3][10]. Product Design - Absolute return products are designed with a focus on asset allocation, strategy alpha, and disciplined rebalancing to control volatility while enhancing the holding experience without sacrificing long-term returns [3][18]. - Public FOFs are primarily aimed at ordinary investors as long-term savings tools, while separate accounts are more flexible and tailored to meet specific client needs over shorter time frames [8][9]. Market Outlook - The company adopts a gradual operational approach, remaining cautious during market highs and more aggressive during lows, while focusing on generating alpha in intermediate market conditions [24][25]. - The investment philosophy does not rely on making large market predictions but instead emphasizes systematic methods and the stability of fund managers' performance [24][25].