华富基金严律： 全天候策略遇上ETF 打造稳健投资新方案

Core Viewpoint - The increasing variety 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 asset management [1] Group 1: Investment Strategy - The FOF investment system is based on a localized all-weather strategy, supplemented by three enhancement strategies: asset allocation management, style and sector rotation, and alternative asset investment, aiming to provide long-term stable returns for investors [1][4] - The FOF product is designed to help investors achieve sustainable profit, with a strong emphasis on risk management and a focus on providing a stable holding experience rather than high volatility [2][3] Group 2: Asset Management Techniques - The strategy emphasizes "rule-based" management over "human-based" management, aiming to reduce uncertainty and improve performance stability through a scientific investment system [3] - A diversified asset allocation approach is adopted to mitigate portfolio volatility, with a focus on effective beta management as the core source of returns [3] Group 3: Enhanced Tactical Strategies - The three enhancement strategies include: 1. Equity and bond position management, utilizing a satellite monitoring system to adjust the portfolio based on economic fundamentals and market sentiment [5] 2. Style and sector rotation, prioritizing style rotation over sector rotation to improve rotation success rates [5][6] 3. Investment in alternative assets like gold and QDII to reduce portfolio volatility by introducing assets with lower correlation to domestic markets [6] Group 4: Risk Control and Portfolio Management - The selection of broad-based ETFs and sector-specific thematic ETFs is strategically differentiated, with broad-based ETFs serving as indicators for potential weaknesses in sub-sectors [7] - Strict standards are applied to the selection of underlying assets for the FOF, ensuring a balanced portfolio and minimizing concentrated exposure to specific risks [7] - Emphasis is placed on controlling maximum drawdown, as it reflects the manager's risk control capabilities more effectively than volatility alone [7]