景顺长城基金江虹：低波FOF产品净值曲线能稳健上行非常重要

Core Viewpoint - The performance of FOF products has significantly improved in 2023, with an average annual return of 14.29% for 477 FOFs established for over six months as of October 31 [1] Group 1: Market Performance - As of the end of Q3, the total scale of FOFs in the market reached 187.147 billion, an increase of 57 billion compared to the end of last year [1] - The recovery in the equity market and the gradual restoration of investor confidence have contributed to the positive performance of FOF products [1] Group 2: Investment Strategy - The newly issued FOF by Invesco Great Wall adopts a "fixed income + multi-asset" strategy, aiming to enhance returns while controlling overall volatility [1] - The proposed fund manager, Jiang Hong, emphasizes a "stability first, then diversification" approach in asset allocation [1] Group 3: Performance Metrics - Jiang Hong's low-volatility FOF, Invesco Great Wall Conservative Pension, achieved a net value growth rate of 7.89% since inception, outperforming the pure bond fund index at 3.69% [2] - The maximum drawdown of this product was -0.88%, better than the performance benchmark of -1.39% and significantly superior to the bond FOF index at -2.91%, demonstrating strong drawdown control [2] Group 4: Market Outlook - Jiang Hong maintains a relatively positive outlook on the equity market, expecting a primarily structural market and emphasizing the importance of fundamental analysis [2] - Key investment areas include technology, high-dividend stocks, and pharmaceuticals, while in the bond market, leveraging strategies are encouraged to enhance returns amid a loose funding environment [2]