A股结构性行情纵深发展 FOF基金提供新解题思路

Core Viewpoint - The A-share market has shown significant structural trends this year, leading to increased interest in FOF products, particularly those aimed at stable asset appreciation, as investors face challenges in timing, selection, and allocation [1] Group 1: FOF Product Overview - FOF products offer a wide range of asset selection, allowing for effective risk hedging through low correlation among different assets, thereby smoothing portfolio volatility and enhancing the investment experience [1] - The ICBC Value Stable 6-Month Holding Mixed (FOF) fund focuses on global asset allocation, diversifying investments across equities, commodities, and bonds to mitigate risk [2][3] - The fund maintains an equity position of around 20% since its inception, reflecting its "fixed income +" strategy aimed at achieving stable returns while controlling volatility [1][2] Group 2: Performance Metrics - As of September 30, the ICBC Value Stable 6-Month Holding Mixed (FOF) fund achieved a year-to-date return of 7.19%, significantly outperforming its benchmark of 2.11% [2] - The fund ranks favorably among its peers over various time frames, including 8th out of 69 in the past year and 6th out of 32 over three years [2] Group 3: Dynamic Adjustment Strategy - The fund exhibits flexible dynamic adjustment capabilities, frequently altering its internal structure while maintaining a stable overall equity position [3] - Adjustments include reducing small-cap fund exposure and increasing allocations to value and overseas QDII funds, as well as adapting to market fluctuations by reallocating to A-shares and Hong Kong stocks [3] Group 4: Investment Strategy and Management - The fund employs a "core + satellite" strategy, with over 80% of its top ten holdings in stable core positions, primarily in pure bond products and external bond QDII funds [4] - The successful performance of the fund is attributed to the collaboration of fund managers and a robust FOF research system, focusing on absolute returns and risk management [4][5] Group 5: Historical Performance Data - The ICBC Value Stable 6-Month Holding Mixed (FOF) fund has shown varying net value growth rates from 2022 to 2024, with rates of -1.34%, -1.72%, and 4.95% respectively, compared to benchmark returns of 0.71%, 3.23%, and 8.30% [6]