为什么万家FOF能穿越波动？答案藏在“研究驱动”里

Core Insights - The concept of "free lunch" in investment refers to achieving higher returns without taking on additional risk, which is often overlooked in asset management [1] - Diversification, particularly through non-correlated assets, has been a key development in asset management over the past 30 years [1] Group 1: Low-Rate Environment and Multi-Asset Strategies - In the current low-interest-rate environment, investors are seeking alternatives to traditional bank products that yield around 1% [2] - Multi-asset strategies, particularly low-volatility Funds of Funds (FOF), have emerged as a prominent category, offering better risk-return profiles by incorporating low-correlated assets [2] - Investors with low-risk preferences prioritize limiting maximum drawdown to -1.5% and achieving positive returns within a few months [2] Group 2: Multi-Asset FOF Development - The market is increasingly accepting multi-asset strategies, with 64% of low-volatility FOFs employing this approach as of November 30, 2025 [4] - The total scale of public FOFs surpassed 233.9 billion yuan, with over 10 billion yuan added in 2025 alone [4] Group 3: Manager Selection and Performance - The success of multi-asset strategies relies heavily on the active management capabilities of fund managers, emphasizing the importance of selecting the right managers [5] - A systematic "identification" process for fund managers includes evaluating their investment philosophy, stable processes, and performance metrics [6][7] - The FOF team at Wanji Fund employs a dual approach, focusing on both asset allocation and the selection of fund managers to achieve superior returns [5][6] Group 4: Research-Driven Approach - The Wanji Fund FOF team operates on a research-driven model, integrating both fund manager research and fundamental analysis to maximize information value [9] - The team covers a wide range of sectors, ensuring comprehensive research and analysis to inform investment decisions [9][10] - The internal research system allows for detailed tracking of fund managers and industry trends, enhancing the team's ability to make informed asset allocation decisions [9][10] Group 5: New Product Launch - The Wanji Qitai Stable Three-Month Holding Period FOF is set to launch, aiming to provide stable returns through diversified asset allocation [13] - This product is part of a collaboration with China Construction Bank and is designed to navigate the challenges of the low-interest-rate environment [13]