FOF基金总规模首破1500亿元！收益分化逐渐加剧，债券、黄金配置或成避险主线

Core Viewpoint - The public FOF (Fund of Funds) market has seen its total scale grow for the first time in three years, reaching 151.08 billion yuan by the end of Q1 2025, with a quarterly growth rate of 13.5% [3][5]. Group 1: Market Performance - As of May 18, 2025, the total scale of public FOF reached 159.85 billion yuan, continuing the growth trend [3]. - In Q1 2025, the average return of 288 personal pension FOF Y-share products was 1%, with some products exceeding 5% [7]. - The average increase for stock FOFs in Q1 was 2.70%, indicating strong performance across various FOF products [7]. Group 2: Factors Driving Growth - The recovery of the equity market has significantly contributed to the performance of FOF products [6]. - The implementation of personal pension systems since 2022 has highlighted the vast market potential and policy support for personal pensions, further attracting investor interest [7]. Group 3: Performance Disparity - Despite a strong start in Q1, performance disparities among FOF funds increased in April, with a difference of 11 percentage points between the best and worst performers [10]. - In April 2025, about one-quarter of FOF funds achieved positive returns, with only one fund, Minsheng Jianyin Kangning Stable Pension One-Year A, showing a return greater than 1% [11]. Group 4: Concentration of Assets - The concentration of underlying assets in FOFs has increased, leading to significant performance disparities, particularly among funds managed by the same manager [18][21]. - Five FOF funds with losses exceeding 4% in April were all managed by the same manager, indicating a risk associated with concentrated holdings in specific sectors like new energy and semiconductors [18][21]. Group 5: Future Outlook - As of mid-May 2025, 51 new FOFs have been established, raising a total of 23.03 billion yuan, reflecting growing investor recognition of FOFs [24]. - The performance differentiation among FOFs is expected to continue, necessitating thorough research and selection by investors to identify funds with high-quality underlying assets [24].