浦银安盛张川：乘大船而非行小舟，打造资产配置视角下的FOF投资新思路：基金经理研究系列报告之八十三

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - The fund manager Zhang Chuan of PuYin AnSheng Fund adopts a "Risk Management + Asset Allocation" investment strategy, aiming for "indexing traditional investments and systematizing active investments" to build a diversified asset allocation strategy that meets market trends. With an absolute - return orientation, the strategy focuses on tracking the performance benchmark and maintaining product positioning, offering a clear and transparent investment portfolio [2][17]. - The FOF products managed by Zhang Chuan have characteristics such as a good balance between risk and return, quick recovery from drawdowns, and a high - quality holding experience. The performance benchmarks of these products have moderate risk and return, and the products themselves show stronger returns on this basis [2][21]. - The portfolio structure of the representative funds combines diversified equilibrium with flexible allocation. The equity part is highly diversified, and the bond part uses a combination of active selection and passive flexible allocation to build a FOF product with advantages in sub - assets [2][30]. Summary According to the Directory 1. PuYin AnSheng Zhang Chuan: Creating a New Idea for FOF Investment from an Asset Allocation Perspective 1.1 Fund Manager's Basic Information - Zhang Chuan holds a master's degree in mathematics from Xi'an Jiaotong University, with 13 years of research experience in the securities and finance industry, including 6 years in financial engineering research and 7 years in asset allocation and FOF/MOM investment management. He currently manages three products with a total scale of 1.305 billion yuan [2][5]. 1.2 Performance Characteristics of the Products Managed by the Fund Manager - The risk - return performance of the wealth management product managed by Zhang Chuan from 2023/1/3 to 2024/8/31 was stronger than the average of comparable fixed - income + products, with relatively strong risk control [7]. - After applying the new strategy in February 2025, the net value of the products was ahead of the comparable benchmark, and the cumulative return of Yihe from 25/2/28 to 25/9/19 reached 4.95%, with an outstanding excess return [11]. 1.3 Fund Manager's Investment Framework - The investment framework consists of "risk management" and "asset allocation". Risk management emphasizes "weak - side thinking", focusing on controlling risks rather than predicting returns. Asset allocation involves diversified allocation based on risk control, without extreme operations on specific sectors or styles, and emphasizes tracking the benchmark [2][17]. 2. Return - Risk Characteristics - The performance benchmarks of Yihe and Jiahe have characteristics of moderate risk, moderate return, and quick recovery from drawdowns. The products show stronger returns on this basis, with an annualized tracking error similar to passive index products and significant excess returns [21][26]. - In April 2025, during market fluctuations, multi - asset allocation helped the products quickly recover their net values. The performance of the two products is consistent with the fund manager's investment concept, and the performance characteristics are sustainable [26][27]. 3. Portfolio Structure of Representative Funds 3.1 Equity Investment - The equity investment of the products is highly diversified, including multi - regional equity assets such as overseas and domestic index funds. There are also a small number of active equity positions to diversify income sources from an alpha perspective [32][33]. - The static equity fund portfolio simulation shows that the products' multi - asset allocation is successful, with a fast recovery speed during market fluctuations and relatively superior equity returns [36]. 3.2 Bond Investment - The bond investment strategy emphasizes identifying funds and managers to select alpha - generating funds, mainly in active pure - bond funds. Based on different risk settings, the products flexibly adjust the allocation ratio of other bond assets, especially bond index funds [38]. - The two products pay attention to the balanced allocation of bond types, with a relatively balanced allocation of credit bonds and interest - rate bonds to prevent excessive risk exposure [42].