FOF发行回暖，成资产配置“压舱石”！第一创业景殿英最新发声

Core Viewpoint - The FOF market is experiencing a significant recovery after three years of decline, with both scale and market attention rebounding in 2023 [1][5]. Group 1: Market Recovery and Demand - The FOF market has seen its issuance scale exceed the levels of the first three quarters of the year, with the total market size surpassing 200 billion yuan in the current quarter [5]. - The demand for FOF products is driven by investors seeking stable returns and risk diversification in a low-interest-rate and high-volatility environment [2][5]. Group 2: Competitive Advantages of Securities Firms - Securities firms exhibit unique competitive advantages in the FOF space, including strong investment research capabilities, diverse investment experience, and the ability to collaborate effectively between front and back office operations [5][6]. - The FOF team at First Capital has been established since 2016 and has developed a strong track record in the private equity sector, focusing on investment research, customer service, and IT system support [6]. Group 3: Investment Philosophy Evolution - The investment philosophy of the FOF team has evolved through three stages over the past nine years, focusing initially on evaluating managers, then on diversifying assets and strategies, and finally on enhancing allocation and timing capabilities [9]. - The team emphasizes the importance of understanding the sustainability and explainability of returns when selecting fund managers, rather than solely relying on historical performance [8]. Group 4: Focus on Quantitative Strategies - Quantitative strategies are becoming a key area of focus for FOF products, with the team highlighting their potential for stable returns and high risk-return ratios [10][11]. - Despite concerns about strategy homogenization and diminishing excess returns, the team believes that enhancing the asset allocation capabilities of the FOF can mitigate these challenges [11].