多元资产配置“救场”！FOF，逆袭

Core Viewpoint - The FOF (Fund of Funds) market is expected to reach a historical record in scale, driven by a significant trend towards diversified asset allocation in public funds, expanding beyond traditional A-shares and bonds to include options like Hong Kong stocks, commodity futures, public REITs, and overseas market products [1][7]. Group 1: Expansion of FOF Investment Boundaries - The asset allocation of public funds has shifted from a focus on A-shares and domestic bonds to include a variety of new options such as Hong Kong stocks, commodity futures, public REITs, and overseas market products [2][3]. - In 2023, 82 new FOF products were launched, with over 40% incorporating gold indices as performance benchmarks, and 12 FOFs using mainstream overseas indices [2][3]. - The proportion of alternative investment funds within FOF assets has reached a historical high of 2.75% [2]. Group 2: Performance and Market Dynamics - After a period of stagnation due to poor performance, FOFs have seen a resurgence, with 13 products raising over 1 billion yuan in the fourth quarter alone, indicating a strong market demand for diversified asset allocation [1][7]. - The total fundraising for new FOFs has exceeded 80 billion yuan this year, with a significant portion occurring in the fourth quarter, suggesting a potential market size exceeding 200 billion yuan, surpassing the previous record of 222.3 billion yuan [7]. Group 3: Strategic Shifts in FOF Management - The investment logic of FOF products has evolved, focusing on diversified asset allocation to mitigate risks associated with single asset volatility, thereby enhancing product resilience and broadening income sources [9][10]. - FOF managers are increasingly prioritizing asset allocation strategies over merely selecting fund managers, reflecting a shift in the industry’s approach to FOF management [9][10]. - Many public funds are now emphasizing multi-asset strategies as a core focus, with teams dedicated to developing comprehensive multi-asset investment solutions [10].