FOF基金再现小“爆款”年内募集规模增超4倍

Core Viewpoint - The FOF (Fund of Funds) market has seen significant growth in 2023, with a notable increase in both the number and scale of newly established funds, driven by a favorable stock market environment and diverse asset allocation strategies [1][2][6]. Group 1: FOF Market Growth - In 2023, the total scale of FOFs surpassed 200 billion yuan, with 17 funds raising over 1 billion yuan each [1][2]. - The number of newly established FOFs exceeded 60, significantly higher than the 35 established in the entirety of 2024, with total fundraising exceeding 56 billion yuan, marking an increase of over 400% compared to 2024 [2][3]. - Notable FOFs include the 富国智悦稳健90天持有FOF, which raised 17.93 billion yuan, and the 华泰柏瑞盈泰稳健3个月持有FOF, which raised 55.77 billion yuan [2][3]. Group 2: Diversification and Asset Allocation - FOFs have expanded their investment scope from primarily active funds to include passive index funds and REITs, reflecting a trend towards multi-asset allocation [4][5]. - As of the end of Q3, the most favored index funds by FOFs included gold ETFs and bond ETFs, with significant increases in holdings compared to previous quarters [4][5]. - The top ten index funds held by FOFs are predominantly bond ETFs, indicating a strategic focus on fixed-income assets [5]. Group 3: Performance and Challenges - Despite the growth, FOFs still represent a small portion of the overall fund market, which exceeds 36 trillion yuan, with over 60% of FOFs having a scale of less than 200 million yuan [7][8]. - The performance of some FOFs has been underwhelming, leading to a high rate of fund closures, with 72 FOFs liquidated since 2017, 31 of which occurred in 2025 [7]. - Challenges include a lack of investor understanding of FOF structures, concerns over dual fee mechanisms, and a need for improved investment quality and research capabilities [7][8].