浦银安盛基金张川： 以风险管理为锚 践行多资产配置

Core Viewpoint - The article emphasizes the shift in FOF (Fund of Funds) strategies from a bottom-up selection approach to a top-down asset allocation strategy, focusing on risk management and multi-asset diversification to achieve stable returns in a low-interest-rate environment [1][2]. Group 1: Multi-Asset Strategy - The FOF team led by Zhang Chuan is actively implementing multi-asset allocation strategies, which are essential for managing risks and generating stable returns for investors [1][2]. - The current client base for public FOFs primarily consists of individual investors who prioritize continuous profitability and a positive holding experience [2]. - The domestic passive investment growth provides a solid foundation for executing multi-asset strategies, with various index investment tools available across different asset classes [3]. Group 2: Risk Management Framework - Zhang and his team have transitioned the FOF business focus from selecting fund managers and products to constructing a systematic multi-asset allocation framework [4]. - A comprehensive risk monitoring system has been established, which breaks down the portfolio's daily returns and risks into three levels: primary assets, secondary styles, and tertiary strategies [4]. - The primary assets include categories like A-shares, Hong Kong stocks, U.S. stocks, domestic bonds, and commodities, while secondary styles further dissect these assets into specific strategies [4]. Group 3: Investment Process - The investment process involves qualitative analysis of underlying asset logic, future opportunities, win rates, and odds, followed by quantitative methods to analyze hedging effects among multiple assets [5]. - Tactical adjustments are made to the portfolio to enhance returns, with ongoing attribution analysis to evaluate performance and inform future investment decisions [6]. Group 4: Market Outlook - The team maintains a relatively positive outlook on A-shares, Hong Kong stocks, overseas equities, and commodities, while holding a cautious view on fixed-income assets [7]. - In the context of potential interest rate cuts by the Federal Reserve, U.S. stocks may enter a consolidation phase, while gold is expected to benefit from the rate cuts and geopolitical tensions, serving as a stabilizer in multi-asset portfolios [8].