“专业买手” 持仓曝光！

Core Viewpoint - The latest disclosures of public fund of funds (FOF) reveal a strong preference for bond funds and ETFs, indicating a strategic focus on stable income and passive investment strategies in the current market environment [1][3][10]. Group 1: FOF Holdings - As of the end of Q4 2025, bond funds dominate the FOF holdings, with 40 out of the top 50 funds being bond-related [3][4]. - The top five funds held by FOFs include Hai Fu Tong Zhong Zheng Short Bond ETF with a market value exceeding 5.98 billion yuan, followed by Guotai Li Xiang Short and Medium-term Bond C and Fu Guo State-owned Enterprise Bond C, each with over 1.7 billion yuan [3][4]. - The total market value of the top 50 funds held by FOFs reflects a significant investment in passive index products, highlighting a shift towards index-based strategies [3][10]. Group 2: Fund Increases - The most increased fund in Q4 2025 was Hai Fu Tong Zhong Zheng Short Bond ETF, which saw an increase of 2.69 billion yuan, bringing its total market value to 5.98 billion yuan [8][9]. - Other notable increases include Guotai Li Xiang Short and Medium-term Bond C, which was increased by 1.14 billion yuan, and several other funds with increases exceeding 600 million yuan [8][9]. - The trend of increasing holdings in bond funds suggests a cautious approach by FOF managers in the current economic climate [10]. Group 3: Manager Insights - FOF managers express confidence in the A-share market, with a focus on sectors such as technology, resources, and non-bank financials for future growth [10][11]. - Specific strategies include investing in precious metals and rare earths, as well as exploring opportunities in the tourism sector, indicating a diversified approach to asset allocation [10][11]. - The emphasis on long-term asset allocation strategies reflects a commitment to maintaining positions in high-value sectors while adapting to market conditions [10][11].