多资产FOF元年，中国增强版全天候策略的破局者现身

Core Viewpoint - The public FOF market has shown significant recovery since the end of last year, with a steady increase in scale and issuance, reflecting a shift from "yield anxiety" to "allocation awakening" among investors [1][3]. Group 1: Market Recovery - The public FOF market's scale reached over 1510 billion by the end of Q1 2025, a 13.4% increase from the previous quarter, and further grew to over 1661 billion by the end of Q2 2025, marking a 10% quarter-on-quarter increase [1]. - The investment scope of public FOFs has diversified, now including various asset classes such as commodity funds, QDII funds, Hong Kong mutual recognition funds, and public REITs [1]. Group 2: Drivers of Change - The rise of multi-asset FOFs is driven by two main factors: the decline in returns from safe assets, with the 10-year government bond yield dropping to around 1.6% and the one-year deposit rate below 1%, and the high volatility of the A-share market [4][5]. - Historical data shows that the all-weather strategy has outperformed market indices in both the US and China, with annualized returns of 8.76% and 8.98% respectively, surpassing the S&P 500 and CSI 300 indices [5]. Group 3: All-Weather Multi-Asset Strategy - The all-weather strategy focuses on adapting to various macroeconomic environments rather than relying on predictions, enhancing portfolio resilience against different asset risks [8][10]. - The strategy is structured into three modules: establishing a domestic asset "all-weather base," enhancing domestic assets through independent assets and multi-dimensional operations, and ensuring a diversified global asset allocation [12][14]. Group 4: Risk Management - The FOF has a target drawdown of 3%, with a comprehensive risk management system embedded in the portfolio construction process, ensuring a stable volatility of 4%-5% [18][19]. - Dynamic tracking mechanisms are in place to capture risk signals, adjusting positions based on asset correlations and market conditions to prevent permanent losses [20][22]. Group 5: Team Collaboration and Research Framework - The FOF team is structured into five groups focusing on macro fixed income, equity strategy, quantitative strategies, alternative assets, and overseas fund research, creating a comprehensive research network for global asset coverage [24][25]. - This collaborative approach has led to strong performance, with all FOF products under the company recording positive returns in the past year, and specific funds ranking highly within their categories [27].