万家基金任峥：如何做好FOF投资的天时地利人和

Core Viewpoint - An excellent FOF (Fund of Funds) team is responsible for multi-asset allocation to provide users with all-weather returns and to select fund managers to achieve excess market returns [3][10]. Group 1: FOF Investment Framework - FOF investment requires three levels of understanding: 1) understanding investment goals, 2) understanding matching assets or strategies, and 3) understanding suitable managers [1][13]. - The FOF investment framework consists of fundamental research, manager research, and dynamic portfolio balancing [18][21]. Group 2: Alpha Sources - There are three layers of alpha sources in FOF investment: top-level asset allocation, middle-level industry fundamental research, and bottom-level excellent manager research [3][21]. - The macro level employs an economic cycle model based on monetary, credit, and growth indicators to assess asset performance across different economic cycles [3][38]. Group 3: Manager Selection - The selection of fund managers is critical, with a focus on their investment philosophy, stable investment processes, diligence, and performance [26]. - The company tracks over 900 funds out of more than 5000 available, categorizing them based on investment style and industry focus [24]. Group 4: Portfolio Construction - The portfolio construction strategy involves a diversified approach, with no single manager holding more than 3% of the portfolio [5][12]. - The company has developed a robust multi-asset FOF that aims for better returns than traditional stock-bond mixes by utilizing low correlation between assets [5][43]. Group 5: Specific FOF Products - The company manages four types of FOF products: 1) "Fixed Income+" strategy, 2) Value style FOF, 3) Balanced style FOF, and 4) Pension-oriented FOF [6][7]. - The "Balanced Style FOF" achieved a return of 34.01% over the past year, while the "Pension-oriented FOF" achieved a return of 10.17% [6][7]. Group 6: Economic Cycle Analysis - The economic cycle model divides the economy into six phases: credit expansion, economic recovery, monetary tapering, credit tapering, economic slowdown, and monetary expansion [35][38]. - Different asset classes perform variably across these cycles, with equities performing well during credit expansion and economic recovery phases [38][40]. Group 7: Customization for Institutional Investors - The company offers customized FOF products to meet the needs of bank wealth management subsidiaries and institutional investors, focusing on stable strategies and all-weather asset allocation [43][46]. - The multi-asset FOF covers various asset classes, including A-shares, overseas equities, gold, commodities, and bonds, providing a more stable alternative to traditional strategies [43][46].