浦银安盛基金张川：以风险管理为锚，践行多资产配置

Core Insights - The article discusses the shift in investment strategies towards multi-asset allocation in a low-interest-rate environment, emphasizing the importance of risk management and systematic approaches in Fund of Funds (FOF) [1][4]. Group 1: Investment Strategy - The FOF team led by Zhang Chuan is actively implementing multi-asset allocation strategies to achieve stable returns for investors [1][2]. - Zhang emphasizes the need for a clear product positioning and strategy to meet the evolving demands of individual investors, focusing on continuous profitability and a good holding experience [2][4]. - The team aims to leverage the benefits of diversified asset allocation to mitigate risks while striving for consistent returns [2][4]. Group 2: Risk Management - A comprehensive risk monitoring system has been established, which categorizes assets into primary, secondary, and tertiary levels to analyze returns and risks systematically [4][5]. - The primary assets include various categories such as A-shares, Hong Kong stocks, U.S. stocks, domestic bonds, and commodities, while secondary and tertiary levels further refine these categories [4][5]. - The team employs a disciplined approach to ensure the sustainability and replicability of multi-asset returns through rigorous risk management practices [4][6]. Group 3: Market Outlook - The team maintains a relatively positive outlook on A-shares, Hong Kong stocks, overseas equities, and commodities, while holding a cautious stance on fixed-income assets [6][7]. - The technology growth sector, particularly driven by computing power, is identified as a key driver for market uptrends, while bond markets face uncertainty due to various short-term pressures [7]. - Gold is highlighted as a significant stabilizer in multi-asset portfolios, benefiting from potential interest rate cuts and geopolitical tensions [7].