多资产配置受追捧 FOF年内发行规模突破800亿元

Core Viewpoint - The FOF (Fund of Funds) market has seen significant growth in 2023, with issuance surpassing 80 billion yuan, indicating a strong preference for multi-asset allocation strategies among investors [2][3]. Group 1: FOF Market Growth - As of December 12, 2023, 78 FOFs have been established this year, with a total issuance of 800.36 billion yuan, exceeding the combined issuance from 2022 to 2024 [3]. - Notable FOFs have emerged, with several exceeding 5 billion yuan in issuance, including Dongfanghong Yingfeng and Fuguo Yinghe, which raised 65.73 billion yuan and 60.01 billion yuan respectively [3][4]. - The rapid growth of FOFs is attributed to their multi-asset allocation strategies, which have attracted significant capital inflows due to stable net asset values [4]. Group 2: Investment Strategies and Trends - The increasing popularity of FOFs is linked to a decline in interest rates and a growing acceptance of multi-asset allocation strategies, which aim to achieve "fixed income plus" returns [4]. - The TREE Changying Plan by China Merchants Bank emphasizes products with clear return and drawdown targets, reflecting a shift towards more structured investment approaches [4]. - New FOF products continue to be reported, with a focus on keywords like "multi-asset" and "stable," indicating a trend towards diversified investment strategies [5]. Group 3: Performance and Investor Sentiment - FOFs are seen as a viable alternative to traditional bank wealth management products and pure bond funds, offering dual advantages of diversified investment and asset allocation [6]. - The use of index funds as underlying assets in some FOFs provides transparency and flexibility, although there are concerns about high volatility associated with single-factor exposure in thematic index funds [6]. - The multi-asset allocation approach of FOFs has gained traction among investors, particularly in the context of fluctuating stock and bond markets, enhancing the appeal of these products [5][6].