万家基金任峥：如何做好FOF投资的天时地利人和

Core Viewpoint - The FOF (Fund of Funds) investment strategy should focus on both multi-asset allocation to provide stable returns and the selection of fund managers to achieve excess market returns. The FOF team at Wanji Fund employs a dual approach of fundamental research and manager selection to create a comprehensive investment system [1]. Group 1: FOF Investment Strategy - The FOF investment team utilizes a three-tiered alpha source: top-level asset allocation, middle-level industry fundamental research, and bottom-level excellent manager research [1][2]. - The macro-level analysis employs an economic six-cycle model based on monetary, credit, and growth indicators to assess different economic phases and their impact on asset performance [1][29]. - The team emphasizes the importance of understanding different fund products (ingredients) and client needs (cuisines) to create tailored investment solutions [1][6]. Group 2: Research and Analysis Framework - The mid-level research involves a closed-loop system of industry chain research, sell-side analyst communication, and interviews with industry fund managers to identify investment opportunities [2][24]. - The FOF team conducts thorough due diligence on various sectors, including innovative pharmaceuticals and AI, to strategically position their fund products [2][24]. - The investment framework includes dynamic adjustments based on macro and mid-level insights, ensuring a diversified and responsive fund composition [2][21]. Group 3: Product Offerings - Wanji Fund has developed a robust multi-asset FOF tailored for bank wealth management and institutional investors, focusing on stable returns while controlling drawdowns [3][32]. - The product lineup includes four main strategies: "Fixed Income+" strategy, value-oriented FOF, balanced growth FOF, and a mixed-asset retirement FOF, each with distinct risk-return profiles [3][4][12]. - The "Balanced Growth" FOF achieved a 34.01% return over the past year, while the retirement FOF recorded a 10.17% return, showcasing the effectiveness of their investment strategies [4][12]. Group 4: Manager Selection and Classification - The manager selection process is based on four criteria: mature investment philosophy, stable investment process, diligent attitude, and strong performance [19]. - The FOF team categorizes equity funds into three main types: balanced funds, industry-specific funds, and quantitative/index funds, allowing for targeted research and investment strategies [17][18]. - Each fund manager is limited to a maximum holding of 3% in the portfolio to ensure diversification and mitigate risks associated with individual performance [8][22]. Group 5: Economic Cycle and Asset Allocation - The economic six-cycle model helps the team understand asset performance variations across different economic phases, guiding their investment strategies [26][29]. - In the current credit expansion phase, the team has significantly overweighted growth-style funds, particularly in technology and innovation sectors [31]. - The FOF products are designed to cover a wide range of asset classes, providing better stability compared to traditional stock-bond mixes, thus meeting the diverse needs of clients [32][34].