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Core Viewpoint - Index funds are becoming increasingly favored by public FOF (Fund of Funds) managers as they shift away from actively managed equity funds, primarily due to the predictable and researchable nature of index products [2][6]. Group 1: Performance of FOFs - As of July 23, the top seven performing public FOFs have all achieved returns exceeding 18% this year, with the highest return reaching approximately 22% [3]. - The top-performing FOFs have significantly reduced their holdings in actively managed equity products, with the core positions primarily consisting of index funds [4]. Group 2: Investment Strategy Changes - The investment strategy of FOFs has undergone a major shift, with a notable preference for index funds over active equity products, as evidenced by the holdings of the top-performing FOFs [4][5]. - For instance, the Guotai Fund's Guotai Preferred Navigation FOF has a core holding of nine funds, with 66.2% of its portfolio in index products, and only a minimal allocation to an active equity fund [4]. Group 3: Predictability and Research Efficiency - The stability, transparency, and predictability of index funds are key reasons for their growing preference among FOFs, as they require less research time compared to actively managed funds [6][7]. - FOF managers emphasize the importance of historical performance and the predictability of fund holdings, which are more easily observed in index products [7]. Group 4: Market Opportunities - FOFs are also capitalizing on opportunities in sectors experiencing significant downturns, focusing on index funds and ETFs to capture potential rebounds [8][9]. - The strategy includes maintaining a high equity position while diversifying across various sectors, such as military and non-bank financials, to enhance overall portfolio returns [9].