多只FOF，2025年收益超50%！

Core Viewpoint - In 2025, the FOF (Fund of Funds) category has regained market attention due to improved equity market conditions, with significant returns achieved by some products [1]. Performance Overview - The average annual return of FOFs in 2025 exceeded 10%, with overall performance remaining stable. Several FOF products reported total returns exceeding 50%, demonstrating notable yield elasticity during the recovery phase of equity markets [2]. - As of December 31, 2025, the median return of top-performing FOFs was 12.89%, with an arithmetic average of 11.83%. Five products achieved total returns over 50%, with Guotai Youxuan Lihang leading at 66.14% annual return [3]. Investment Strategy - High-performing FOFs typically exhibit clear thematic orientations rather than averaging their investments. Some products concentrated on distinctive index funds to amplify specific asset performance, benefiting from strong trends in precious metals [4]. - Other successful FOFs focused on actively managed equity funds, particularly those aligned with internal research capabilities. For instance, E Fund Advantage Return emphasized technology sector funds, reflecting a strategy to achieve excess returns through active management [4]. Market Environment - The overall performance improvement of FOF products in 2025 is closely linked to the recovery of the equity market. As the equity market stabilized, the net asset value of equity funds provided direct support for FOFs' underlying assets [5]. - FOFs' relative advantages lie in their "combinatorial" and "secondary screening" characteristics, allowing for risk diversification and smoother net value curves. FOF managers continuously track and adjust based on fund manager capabilities and strategy adaptability, enhancing their performance in varying market conditions [5][6].