防守还是出击？“基金买手”四季度这样干

Core Insights - The FOF (Fund of Funds) managers are divided on whether to adopt a defensive or aggressive strategy in the fourth quarter after a year of market fluctuations, with some reporting significant returns [1] Group 1: Performance Overview - As of September 30, 2025, the average return of all public FOF products in the market over the past year was 19.04%, with all achieving positive returns [1] - Notable performers include Guotai Youxuan Lihang One-Year Holding Mixed FOF and E Fund Advantage Lihang Six-Month Holding Mixed FOF, with net value growth rates exceeding 60%, at 66.65% and 60.83% respectively [1] - Nearly ten products reported net value growth rates over 50%, indicating strong performance in a structural market [1] Group 2: Investment Strategies - FOFs that performed well typically timed their investments correctly and took bold positions, such as Guotai Youxuan Lihang One-Year Holding FOF, which had nearly 30% of its top ten holdings in rare earth ETFs [1] - E Fund Advantage Lihang Six-Month Holding Mixed FOF had a top ten holdings concentration of 65.96%, primarily in E Fund products, emphasizing a focus on technology growth [2] Group 3: Manager Insights - Manager Deng Da of China Europe Yingxuan Stable Six-Month Holding FOF opted for a conservative approach, analyzing asset risk-return characteristics to maintain stability [3] - Deng highlighted that large-cap technology stocks in the A-share market have a lower risk-return ratio compared to similar U.S. and Japanese stocks, while domestic blue-chip stocks present better risk-return characteristics [3] - Manager Liu Jian of Tongtai Youxuan Three-Month Holding FOF expressed a balanced yet proactive strategy, focusing on macroeconomic clarity and the importance of technology sectors [5] Group 4: Portfolio Composition - The top ten holdings of China Europe Yingxuan Stable Six-Month Holding FOF are all bond funds, with the largest being Hai Fuyitong Zhongzheng Short Bond ETF at 14.59% [5] - Tongtai Youxuan Three-Month Holding FOF showed a significant shift in its portfolio, with the top two holdings being Fu Guo Zhongzheng Hong Kong Stock Connect Internet ETF and Huaan Chuangban 50 ETF, indicating a more aggressive stance [6]