首只翻倍FOF诞生！靠的是什么？

Group 1 - The core viewpoint of the article highlights the resurgence of public FOFs (Fund of Funds) as they enter a new growth phase, driven by the performance of industry-themed funds and an increase in investor recognition, with the market size surpassing 180 billion yuan [1][3] - The first public FOF to achieve a doubling of returns, the Qianhai Kaiyuan Yuyuan FOF, was established in May 2018 and has shown a year-to-date return of 38%, with a net value of 2.29 yuan and a cumulative return of 129% since inception [2][3] - The overall FOF market has grown significantly, with 518 funds and a total management scale of 187.25 billion yuan as of the third quarter of 2025, indicating a rapid increase in product diversity and investment strategies [3] Group 2 - The success of public FOFs is attributed to a refined selection strategy that emphasizes industry-themed funds while reducing exposure to broad-based funds, aligning with market trends that favor niche sectors [4][5] - The Qianhai Kaiyuan Yuyuan FOF has allocated nearly 48% of its portfolio to resource-themed funds, which have significantly contributed to its performance, with top holdings showing returns of 81.73%, 67.27%, and 47.38% [5] - Conversely, some poorly performing FOFs have adopted a "heavy broad-light narrow" strategy, leading to substantial losses due to a lack of focus on industry themes, resulting in net values remaining below 0.75 yuan [6] Group 3 - Star fund manager Li He emphasizes a diversified asset strategy for the Qianhai Kaiyuan Yuyuan FOF, with a 30% allocation to gold, 30% to equities, and 40% to fixed income, aiming for stable returns while capturing market opportunities [7] - Li He expresses optimism for the equity market in the first quarter of next year, anticipating improved economic data and a favorable stock-bond valuation ratio, with specific allocations planned for large-cap value stocks and sectors like consumer and technology [7][8] - The potential for gold investments is highlighted, with Li noting that ongoing global fiscal deficits and economic vulnerabilities in the U.S. could support long-term gold price increases, making it a valuable component of the investment portfolio [8]