FOF发行创新高！多策略FOF为什么值得关注？

Core Viewpoint - The issuance of new FOF (Fund of Funds) shares reached 78.581 billion units by December 10, 2025, surpassing the total of the past three years, with multi-strategy FOFs gaining significant popularity due to their diversified asset allocation strategies aimed at controlling drawdowns while seeking certain returns [1][16]. Group 1: FOF Market Performance - Over 90% of FOFs in the market had a positive annual net asset value growth rate, with an average of 11.69% as of November 28, 2025 [4][19]. - Multi-strategy FOFs exhibited a one-year Calmar ratio of 2.54, outperforming other FOFs which had a Calmar ratio of 2.41, indicating better risk-return efficiency [4][19]. - The performance of various FOF categories in terms of Calmar ratio is as follows: - Equity FOF: 1.34 - Equity Hybrid FOF: 2.08 - Bond Hybrid FOF: 3.17 - Balanced Hybrid FOF: 2.35 - Bond Fund FOF: 3.66 [5][20]. Group 2: Silver Hua Fund Performance - The Silver Hua Fund (FOF) achieved a return of 3.34% since its inception, while its benchmark return was -0.69%, highlighting its resilience in a challenging market environment [6][20]. - The fund adopts a long-term absolute return mindset, focusing on a multi-asset strategy that includes stocks, bonds, commodities, and QDII, aiming for high win rates and low to medium volatility [9][21]. Group 3: Market Trends and Strategies - The continuous decline in domestic interest rates has led to a convergence of returns on low-risk assets, increasing investor demand for diversified income sources, which FOFs can effectively meet [14][26]. - In light of the complex and variable market conditions anticipated for 2026, experts emphasize the need for enhanced risk awareness and preparation for uncertainties, suggesting that multi-asset and multi-strategy FOF investments may be an effective way to improve investment success rates [15][26].