创五年最佳！九成FOF业绩飘红

Core Viewpoint - Publicly offered Fund of Funds (FOF) has achieved its best performance in five years, primarily due to heavy investments in equity funds, especially in the pharmaceutical and technology sectors, reversing a four-year performance slump [1][3][4]. Group 1: Performance Metrics - As of August 17, 2023, 29 publicly offered FOFs have recorded annual returns exceeding 20%, with the best-performing FOF achieving a return of 34.28% [3]. - Over 95% of FOF products have turned positive in annual returns, marking a significant recovery from the previous years where the highest annual return was only 0.29% in 2022 [3][4]. - The top three FOFs in performance are from Guotai Fund, with returns of 34.28%, 31.27%, and 28.92% respectively [3]. Group 2: Investment Strategy Shift - FOFs have shifted their investment strategy from conservative bond funds to more aggressive equity funds, focusing on high-volatility stock funds [5][6]. - The leading FOFs predominantly hold equity funds, with the top-performing FOF, Guotai Youxuan Lihang, investing heavily in stock-based ETFs, including rare earth and Hong Kong innovative drug ETFs [6][7]. - The trend indicates a broader market shift towards aggressive investment strategies, with many FOFs now prioritizing technology and healthcare stocks [7][10]. Group 3: Market Dynamics - The recovery of FOFs is seen as a potential second growth curve for large fund companies, with an increase in total FOFs to 518 and a management scale of 1564.42 billion yuan as of Q2 2025 [4]. - The shift towards equity funds is crucial for retaining clients and ensuring the survival of FOF products, as those heavily invested in bond funds face significant challenges [9][10]. - Recent trends show that FOFs focusing on high-yield equity funds, particularly those with significant holdings in technology and Hong Kong stocks, are more likely to attract and retain investors [7][10].