FOF规模还可以再大一点吗

Core Insights - The concerns of investors regarding the performance decline of funds as their scale increases are valid, but for Fund of Funds (FOF), these concerns can be alleviated due to the vast underlying assets and management capabilities [2][3][4] Group 1: FOF Scale Capacity - FOFs have a larger scale capacity compared to single funds, as they primarily invest in other funds and can also directly invest in stocks and bonds, providing a broader range of investable asset classes [3] - As of October 31, 2025, the market has approximately 13,400 public funds with a total scale of 36 trillion, managed by over 4,000 fund managers, which supports the scalability of FOFs [2][3] Group 2: Transaction Impact and Costs - The anticipated growth in scale will not significantly restrict the performance of FOFs; for instance, a 50 billion FOF would only require 4 billion in bond funds, representing 0.38% of the non-cash fixed income funds [4] - FOFs can execute trades with lower impact costs due to their ability to buy and sell funds easily, thus avoiding liquidity discounts and reducing transaction costs [4][5] Group 3: Dynamic Growth of Public Funds - The development of public funds is expected to further enhance the capacity of FOFs; as of October 31, 2025, public FOFs account for only 0.59% of the total public fund market, compared to nearly 11% in the U.S. [5] - The growth of public funds over the past two decades has laid a solid foundation for the strategies and scale capacity of FOFs, allowing them to leverage the expertise of skilled fund managers [5]