奶酪基金总经理罗艳芳： 多元配置 打造财富稳健增长工具

Core Insights - The market environment is enhancing the value of FOF (Fund of Funds) allocation strategies, with private FOF strategies rapidly increasing their share in high-net-worth client asset allocation [1][2] - The FOF strategy is expected to become a mainstream asset allocation tool in the domestic market, driven by the evolution of risk awareness and investment tools [3][4] Group 1: FOF Development and Market Potential - The demand for wealth management is shifting from "single appreciation" to "stable diversification," making FOF strategies increasingly attractive due to their multi-asset and multi-strategy advantages [2][3] - Historical support for FOF strategies includes a large fund product market, long-term capital entering the market, and improved investor awareness transitioning from "high returns" to "stable returns" [2][3] - The domestic market has a rich base asset pool, with non-monetary public fund scale exceeding 22 trillion yuan and private fund scale exceeding 12 trillion yuan [2] Group 2: FOF Strategy Framework - The FOF strategy employs a three-tier framework: macro direction setting, strategy selection, and fund selection, focusing on risk tolerance and target volatility [4][5] - The strategy allows for dynamic balance through disciplined processes, enhancing the cost-effectiveness of investment portfolios compared to purely subjective or all-weather strategies [4][5] Group 3: Risk Control Mechanism - The core of FOF risk control lies in "double diversification," which isolates and dilutes risks more effectively than traditional funds [5] - The first layer of diversification involves asset dispersion within underlying funds, while the second layer focuses on diversifying strategies and managers to mitigate "same-source risk" [5] - FOF strategies can capture economic recovery gains through equity funds, provide stable foundations with bond funds, and hedge against market downturns with CTA strategies [5] Group 4: Future Outlook - The potential for domestic FOF products is significant, with expectations for the introduction of quantitative and hedging strategies to enhance risk-return profiles [6] - The industry anticipates that FOF allocation strategies will become essential tools for investors seeking stable wealth growth [6]