兴证全球宋华：不靠择时的FOF，如何做出超额收益？

Core Viewpoint - The investment strategy employed by the company is not focused on undervalued investments or opportunistic arbitrage, but rather on systematic execution of strategies that most investors can implement [2][6][15]. Investment Strategy - The investment approach is characterized by a bottom-up selection of funds, categorizing them into different risk-return profiles akin to a "football formation" [2]. - The team emphasizes strict adherence to client-defined risk exposures, ensuring that equity positions remain within agreed limits to avoid tracking error [3][13]. - The company does not rely on market timing but instead utilizes a low-correlation multi-asset and multi-strategy approach to enhance the stability of excess returns [3][14]. Product Design - Absolute return products are designed with a focus on asset allocation, strategy alpha, and disciplined rebalancing to control volatility while enhancing the holding experience [3][21]. - The company differentiates between public FOFs, which serve as long-term savings tools for ordinary investors, and private accounts that cater to specific client needs with more flexible strategies [12][11]. Risk Management - The company aims to optimize risk-return characteristics through systematic research in arbitrage strategies, focusing on high win rates and favorable odds [3][19]. - The allocation to arbitrage strategies varies based on market conditions, with higher allocations during favorable scenarios while maintaining strict control over exposure to avoid excessive tracking error [17][19]. Market Outlook - The company adopts a gradual operational approach, remaining neutral in market sentiment and focusing on alpha generation rather than making large market predictions [29][30]. - The emphasis is placed on the stability of fund managers' styles and the sustainability of excess returns, rather than on expressing market views through investment choices [27][30].