从“工具组合”到“进化系统”：透视南方全球精选的全球配置“道”与“术”

Core Viewpoint - The article discusses the evolution and strategic approach of the Southern Global Select Fund (QDII-FOF), emphasizing its commitment to global asset allocation and risk management in a complex macroeconomic environment [1][9]. Group 1: Investment Performance - As of Q3 2025, the net value growth rate for the A share of Southern Global Select was 4.36%, while the C share was 4.23%, demonstrating robust performance during a "Risk on" phase in global markets [2]. - In Q4 2025, despite a mixed global market environment, the A and C shares achieved growth rates of 1.65% and 1.50%, respectively, reflecting a focus on maintaining positive returns [2]. - The fund's net value growth standard deviation remained low over the past year, indicating a strong pursuit of risk-reward balance [2]. Group 2: Asset Allocation Strategy - The fund's strategy addresses common pitfalls in asset allocation, such as the "beauty contest" approach and false diversification, by focusing on the quality of assets rather than merely their performance [4]. - Southern Global Select categorizes assets into "yielding assets" (e.g., bonds and quality stocks) and "non-yielding assets" (e.g., gold and unprofitable tech companies), emphasizing the importance of stable income generation [4][5]. - The fund's approach likens portfolio construction to "house design," aiming to create a stable asset module that performs well across different macroeconomic conditions [5]. Group 3: Risk Management and Team Support - The fund has implemented a three-tier risk defense system, including VIX products during low volatility, covered call strategies in volatile markets, and low-correlation funds as buffers against market shocks [8]. - Southern Fund has established a robust international research team, one of the largest in the domestic public fund sector, covering a wide range of asset classes and employing both active and passive investment strategies [8]. - The evolution of Southern Global Select reflects a return to professionalism in asset management, focusing on long-term value through yielding assets and dynamic risk budgeting [9].