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 has made ETF-based multi-asset FOF products a popular choice among investors, enhancing asset allocation efficiency and allowing managers to focus on asset management [1][2]. Group 1: Investment Strategy - The FOF investment system is built 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][2][5]. - The FOF product is designed to help investors achieve sustainable profit, particularly for personal pension funds, emphasizing risk management and a focus on low volatility and steady returns [2][4]. Group 2: Asset Management Techniques - The strategy incorporates a classic all-weather approach, adapted to local conditions, which includes constructing macro scenarios based on economic growth and inflation, and optimizing asset allocation through risk parity [5][6]. - 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 [6]. 2. Style rotation prioritized over sector rotation, with a focus on quantitative scoring to improve rotation success rates [6]. 3. Investment in alternative assets like gold and QDII to reduce portfolio volatility by diversifying with assets that have lower correlation to domestic markets [6]. Group 3: Risk Management - Emphasis is placed on controlling portfolio drawdown, with a focus on the maximum drawdown as a key indicator of risk management capability, as it reflects the management of unexpected risks [7]. - The selection of underlying assets for the FOF is rigorous, akin to clinical testing for pharmaceuticals, to maintain overall portfolio balance and minimize concentrated exposure to specific risks [7]. Group 4: New Product Launch - The new product, Huafu Chunxin Stable 3-Month Holding Period Mixed (ETF-FOF), managed by the investment department head, will officially launch on January 26, aiming to provide a long-term stable holding experience through the all-weather+ asset allocation strategy while strictly controlling drawdown [8].