公募FOF持仓曝光：重仓ETF渐成趋势

Core Insights - ETFs are becoming a significant focus for equity FOFs, with many top-performing FOFs heavily investing in ETF products [1][2][3] Group 1: Performance of Equity FOFs - The top-performing FOF, Guotai Preferred Navigation One-Year Holding FOF, reported a return rate of 68% year-to-date, outperforming the second-best FOF by approximately 10 percentage points [2] - This FOF's top ten holdings included 8 ETFs, covering sectors such as gold, new energy vehicle batteries, rare earths, and innovative pharmaceuticals [2] - Other high-performing equity FOFs also showed a strong preference for ETFs, with the top ten holdings of Bohai Huijin Preferred Progress Six-Month Holding FOF, ICBC Smart Progress One-Year FOF, and CCB Intelligent Selection Three-Month Holding FOF including 9, 10, and 10 ETFs respectively [3][4] Group 2: Market Trends and Strategies - The trend of increasing ETF allocations among equity FOFs is evident, with managers actively increasing their holdings in ETFs related to sectors with growth potential, such as new energy and technology [7] - The rise in ETF popularity is attributed to the advantages of index investing, including lower management fees and high transparency, which help FOFs reduce overall investment costs and improve efficiency [7] - Despite strong performance, some equity FOFs did not attract significant net subscriptions, indicating a potential disconnect between performance and investor interest [8] Group 3: Market Expansion and Challenges - The public FOF market is expanding, with 515 FOF products and a total scale of 187.7 billion yuan as of September, reflecting a growth of approximately 5% since June [9] - The emergence of multi-asset allocation FOFs, which aim to diversify investments across low-correlated assets, has contributed to this growth [9] - Multi-asset strategies present new challenges for research teams, requiring expertise across various markets and the ability to manage risks associated with different asset types [10]