对话富达基金赵强：富达FOF的背后不是一个团队在“战斗”

Core Insights - Public FOF products are expected to become a prominent category in the fund industry by 2025, driven by their inherent "diversified investment" and "asset allocation" capabilities [1] - The market is increasingly recognizing that stable product positioning and clear allocation logic, managed by experienced teams, make FOF products appealing as "one-stop" investment options for the general public [1] - However, there is a growing awareness that high-quality FOF products are scarce, and exceptional FOF managers are rare [1] Group 1: FOF Management and Team Structure - Zhao Qiang, head of the Multi-Asset Department at Fidelity, emphasizes that FOF management involves not just the fund manager's decisions but also teamwork and the support of a robust research system [2][3] - Fidelity's FOF management is supported by a comprehensive financial technology system that provides real-time strategy performance, risk alerts, and AI investment tools for portfolio optimization [2] - Fidelity China has developed the "NEMO" system to assist fund managers in managing investment processes from strategic to tactical allocation [2] Group 2: Investment Philosophy and Framework - Zhao Qiang's investment philosophy is influenced by his education at the University of Chicago, where he learned from Nobel laureates, shaping his views on quantitative and active investing [5] - He emphasizes the importance of accumulating a "framework" through practical experience, which helps in refining investment principles and response patterns [7] - Zhao Qiang's early experiences with Go have also influenced his approach to problem-solving and investment challenges, reinforcing the idea that difficulties often have systematic solutions [8] Group 3: Investment Strategy and Market Insights - Zhao Qiang initially focused on cash flow-related assets, prioritizing investments in markets and products with strong cash flow, such as high-yield overseas bonds and high-dividend stocks in Hong Kong [9] - After joining Fidelity, he recognized the importance of a balanced approach to FOF management, moving away from aggressive strategies that do not align with the product's design philosophy [9] - The FOF products are ultimately driven by asset allocation thinking, tailored to meet client wealth management needs [10] Group 4: Fidelity's Competitive Advantages - Fidelity's long-term strategic investments and commitment to its non-public company structure allow for sustained focus on long-term goals, which is rare in the industry [14] - The company places significant emphasis on human resources, fostering global team collaboration and integration to enhance strategic asset allocation [14] - Fidelity's investment systems, such as NEMO, facilitate collaboration among research teams, enabling effective portfolio construction and optimization [15] Group 5: Decision-Making Process in FOF Management - Fidelity employs a dual decision-making approach in FOF management, integrating both quantitative systems and subjective team insights to achieve balanced investment strategies [17] - Each asset allocation decision involves multiple layers of analysis, ensuring that both quantitative and qualitative perspectives are considered [17] - This structured approach minimizes emotional decision-making among research personnel, maintaining product integrity and optimizing performance [18] Group 6: New Product Launch and Market Positioning - The "Fidelity Renyuan Conservative Pension FOF" is notable for being the first pension FOF in the market to include overseas market indices in its benchmark [19] - Historical backtesting indicates that incorporating global assets like gold and overseas indices improves both returns and drawdowns compared to traditional asset mixes [19] - As a leading global player in pension investment, Fidelity's new FOF product is expected to attract significant interest regarding its performance and net value trajectory [20]