回归资产配置本源 八岁FOF变革重生

Core Insights - The FOF industry in China has evolved through stages of exploration, rapid expansion, adjustment, and transformation, with a focus on multi-asset allocation strategies becoming a new consensus in the industry [1][4][7] Group 1: Growth and Expansion - The ETF market has experienced explosive growth over the past two years, leading to significant expansion in the ETF-FOF segment, with the scale of ETF holdings in FOFs increasing from 13.4 billion to 14.3 billion yuan [1] - As of September 14, 2023, 19 ETF-FOF products have been reported this year, with 13 of those reported in the second half of the year alone [1] - Fund companies are actively launching multiple ETF-FOF products, exemplified by Ping An Fund's recent submissions [1] Group 2: Industry Trends - ETF-FOF products represent a shift from simple fund selection to comprehensive asset allocation solutions, requiring fund managers to adapt their skills towards multi-asset allocation and timing [2] - The renaming of departments within fund companies, such as the rebranding of the FOF investment department to a multi-asset allocation department, reflects an upgrade in investment philosophy [2] Group 3: Historical Context - The FOF industry is relatively young, with the regulatory framework established in 2016, leading to the first FOF approvals in September 2017 [3] - The rapid growth of the FOF market occurred between 2020 and 2021, with the total market size increasing from less than 50 billion to over 200 billion yuan [3] Group 4: Recovery and Future Outlook - After a significant decline in 2022, the FOF industry has begun to recover, with total FOF assets increasing from 143.7 billion yuan at the end of last year to 177.3 billion yuan by mid-2023 [4] - The demand for multi-asset allocation strategies has surged, with several FOF products experiencing substantial growth in scale, indicating a strong investment appetite [6] - Industry experts suggest that future FOF products should focus on diversifying into assets like gold, overseas markets, REITs, and commodities to meet long-term stable return needs [7]