“基金买手”持仓曝光！两大板块成“心头好”

Core Viewpoint - The article highlights the increasing reliance of Funds of Funds (FOFs) on index-based tools, particularly ETFs, for asset allocation, reflecting a trend towards diversification and tool-based management in the current market environment [2][5]. Group 1: FOF Holdings Characteristics - In the first half of the year, FOFs have shown a pronounced preference for index-based tools, with a significant concentration in technology and commodity-themed ETFs [2][3]. - Specific ETFs such as the Huaxia Hang Seng Technology ETF and the Huaan Gold ETF have been widely held by multiple FOFs, indicating a trend towards diversified investment strategies [3][4]. - The Huaan Gold ETF has emerged as the most held fund by FOFs, being included in 228 FOF portfolios, showcasing its broad appeal [3]. Group 2: Performance and Strategy - Recent performance of FOFs has been strong, with many products achieving notable returns attributed to their investments in technology, commodities, and healthcare-themed ETFs [3][4]. - The shift towards equity and commodity ETFs is seen as a natural response to market conditions and reflects the evolution of FOF products [5]. - The use of ETFs allows FOFs to quickly adjust their portfolios in response to market volatility, enhancing their ability to capture opportunities and manage risks effectively [5][7]. Group 3: Investment Logic and Trends - The investment logic of FOFs is transitioning from a "timing-driven" approach to a "multi-factor balanced" strategy, recognizing the cyclical nature of asset performance [6]. - FOFs are increasingly utilizing ETFs to achieve a balance between growth-oriented sectors and risk-hedging through commodity investments, thereby reducing overall portfolio volatility [7]. - The trend of leveraging ETFs for flexible asset allocation is becoming a significant characteristic of FOF operations, aligning with international investment practices [5][7].