机构动向 | 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, exceeding the total issuance of the previous three years combined [1][2]. Group 1: FOF Issuance Growth - As of December 12, 2023, 78 FOFs have been established this year, with a total issuance of 800.36 billion yuan, compared to only over 100 billion yuan from 35 FOFs in 2024 [2]. - The issuance scale in 2023 has already surpassed the combined total from 2022 to 2024 [2]. - Several FOFs have emerged as "blockbuster" products, with multiple FOFs exceeding 5 billion yuan in issuance, including the Dongfanghong Yingfeng Stable Allocation FOF at 65.73 billion yuan and the Fuguo Yinghe Zhenxuan FOF at 60.01 billion yuan [2]. Group 2: Performance and Strategy - The increase in FOF popularity is attributed to their multi-asset allocation strategies, which have led to stable net asset values and attracted significant capital inflows [3]. - Major banks are increasingly focusing on FOF products, collaborating with fund companies to create FOF selection pools, such as the TREE Changying Plan by China Merchants Bank, which emphasizes clear return and drawdown targets [3]. - Analysts note that the decline in interest rates has increased market acceptance of multi-asset allocation strategies, driving demand for FOFs [3]. Group 3: New Product Launches - New FOF products continue to be reported, with 10 new FOFs submitted in December 2023, featuring keywords like "multi-asset" and "stable" [4]. - The multi-asset allocation approach of FOFs is reflected in their performance benchmarks, which often include various asset classes [4]. - FOFs are seen as a new type of low-volatility "fixed income plus" product, appealing to investors amid the current volatile market conditions [4]. Group 4: Index Funds as Underlying Assets - Some FOFs are choosing index funds as their underlying assets, which offer transparency, flexibility, and risk diversification [5]. - However, industry-themed index funds may expose investors to high volatility risks due to reliance on single-factor exposure [5]. - FOFs provide dual advantages of diversified investment and asset allocation, potentially smoothing net asset value fluctuations and improving investor experience [5].