工银瑞信赵志源：用多元配置FOF做理财替代

Core Viewpoint - The article emphasizes that diversified asset allocation and refined fund selection are key to building a long-term viable FOF (Fund of Funds) portfolio [2][6]. Asset Allocation and Fund Selection - Increasingly, investors are recognizing diversified asset allocation in FOFs as a superior "fixed income plus" strategy, offering better risk-return ratios compared to traditional stock-bond combinations [2]. - Zhao Zhiyuan, General Manager of ICBC Credit Suisse FOF Investment Department, highlights that each FOF has its own risk-return objectives, necessitating tailored asset allocation plans [3][10]. - The strategic asset allocation for the ICBC Value Steady 6-Month Holding Mixed (FOF) product is set at 80% bonds and 20% risk assets, with further diversification within the risk assets into A-share funds, low-volatility dividends, overseas US stocks, and commodities like gold [4][15]. Dynamic Management - Zhao emphasizes the importance of dynamic management based on market changes, citing an example where adjustments were made following tariff policy changes that led to market fluctuations [4][11]. Fund Selection Process - The fund selection process focuses on distinguishing between skill and luck in investment performance, utilizing quantitative analysis and qualitative research to identify stable fund managers [5][18]. - The internal culture at ICBC Credit Suisse promotes trust and sharing among research teams, enhancing the decision-making process [5][20]. FOF Investment Framework - The FOF investment framework is built on managing uncertainty through diversified asset allocation, aiming to create resilient portfolios that can adapt to various market conditions [10][9]. - The FOF team consists of 12 members with diverse backgrounds, emphasizing collaboration and knowledge sharing to enhance investment strategies [21][20]. Future Outlook - The article discusses two main growth opportunities for FOF products: personal pension Y shares and wealth management as a substitute for traditional financial products [25][26]. - Personal pension funds are highlighted for their potential to allocate higher equity assets, providing better long-term returns as the domestic capital market develops [27]. - The article concludes with a market outlook, suggesting that while short-term volatility may persist, a medium-term upward trend is anticipated, driven by policy support and corporate earnings recovery [30][34].