鹏华郑科FOF四季报配置思路：聚焦优质品种，着力挖掘超额收益

Core Insights - The issuance of FOF funds in 2025 reached 89, with a total fundraising scale of 84.529 billion yuan, marking a nearly sevenfold increase compared to the same period in 2024, accounting for 7.02% of the total fundraising scale of public funds for the year [1] - The growth of public FOFs is attributed to their ability to effectively control drawdowns and enhance return stability through diversified asset allocation, leading to increased market recognition and investor interest [1] - Looking ahead to 2026, public FOFs are expected to have significant development potential driven by factors such as "wealth management migration," "pension demand," and "tool upgrades," positioning them as a core product in asset allocation systems [1] Company Insights - Penghua Fund, an early mover in asset allocation business, has garnered market attention for its FOF products, led by Zheng Ke, who has 21 years of experience in the securities industry, focusing on large capital FOF/MOM investment management for 18 years [1] - Zheng Ke's investment research team employs in-depth research and systematic evaluation to construct portfolios of high-quality funds with clear styles and sustainable performance, aiming to reduce the blind spots and information asymmetry risks for individual investors [1] Performance Insights - In the latest 2025 FOF quarterly report, Zheng Ke outlined a cautious strategy of reducing equity allocation in response to market consolidation and external disturbances, focusing on identifying high-quality assets for excess returns while lowering expectations for beta returns [2] - The performance of two FOFs managed by Zheng Ke in late 2023 showed impressive results, with net value growth rates for various share classes significantly outperforming their respective benchmarks over different time frames [2] - The report highlighted that the investment community is increasingly demanding higher "gold content" from products, emphasizing clear allocation logic, stable research teams, and sustainable performance amid the rapid expansion of public FOFs [3]