全天候策略遇上ETF 打造稳健投资新方案

Core Viewpoint - The increasing availability of passive investment tools in the domestic market is making ETF-based multi-asset FOF products a popular choice among investors, enhancing asset allocation efficiency and allowing managers to focus on the assets themselves [1] Group 1: FOF Investment Strategy - The FOF investment system is based on a localized all-weather strategy, supplemented by three enhancement strategies: equity and bond position management, style and sector rotation, and alternative asset investment, aiming to provide long-term stable returns for investors [1][2] - The FOF product aims to help investors achieve sustainable profit, with a strong emphasis on risk management and a focus on low volatility and steady returns [2] Group 2: All-Weather Strategy - The classic all-weather strategy is adapted to local conditions, incorporating multiple macroeconomic indicators such as credit cycles and overseas economic growth to optimize asset allocation through risk parity methods [3][4] - The all-weather strategy serves as the foundation for constructing asset portfolios that meet stable risk-return needs across different market environments [3] Group 3: Tactical Enhancement Strategies - Equity and bond position management involves monitoring market conditions to adjust portfolio allocations, helping to avoid significant deviations from targets [4] - Style rotation is prioritized over sector rotation to enhance rotation success rates, with quantitative methods used for adjustments [4] - The inclusion of alternative assets like gold and QDII is crucial for diversifying the portfolio and reducing volatility, especially in extreme market conditions [4] Group 4: Focus on Drawdown Control - The selection of broad-based ETFs and sector-specific ETFs is strategically differentiated, with broad-based ETFs acting as indicators for potential weaknesses in underlying sectors [5] - Strict standards are applied to the selection of underlying assets in the FOF, ensuring a balanced portfolio and minimizing concentrated exposure to specific risks [6] - Emphasis is placed on controlling maximum drawdown, which is considered more challenging than managing volatility, highlighting the risk management capabilities of the fund manager [6]