FOF押注窄基，上演业绩“逆袭”

Core Insights - FOF products have shown remarkable performance in 2023, with top performers achieving returns of 68%, 58.33%, and 57.47%, significantly outperforming the market average and many well-known actively managed equity funds [1][3] - The success of FOFs highlights the value of selecting funds over direct stock picking, demonstrating their unique role in asset allocation and fund selection [1] Performance Highlights - The top three FOFs in terms of performance are Guotai Youxuan Lihang, E Fund Advantage Return, and Guotai Industry Rotation, with annual returns of 68%, 58.33%, and 57.47% respectively [1][3] - The impressive returns of these FOFs have surpassed many leading actively managed equity funds [1] Investment Strategy - Leading FOFs have focused on narrow-based index funds with distinct industry characteristics, such as gold ETFs, battery ETFs, and innovative drug ETFs [3] - Guotai Youxuan Lihang's third-quarter report indicates a concentrated investment in specific narrow-based index products, while E Fund Advantage Return has diversified into sectors like information technology, high-end manufacturing, resources, and biopharmaceuticals [3] Market Outlook - FOF fund managers express intentions to continue exploring narrow-based products in promising sectors such as manufacturing, consumption, and resources [3] - Guotai Youxuan Lihang's fund manager notes that while the overall upward potential of the stock market in Q4 may be limited, there are localized opportunities, with a significant divergence between growth and cyclical sectors [3]