用ETF做多元配置，富国这只FOF基金如何“以不变应万变”？

Core Viewpoint - The article emphasizes the increasing popularity of multi-asset allocation strategies, particularly in the context of low volatility investments, as investors seek higher premiums for lower volatility assets amid market fluctuations [2]. Group 1: FOF Market Trends - 2025 is projected to be the "FOF Year," with issuance volumes nearing 2021 highs after three years of decline, particularly in Q4 with 42 new products and a fundraising scale of 45.2 billion [4]. - Among the new FOF products, 12 directly include "multi-asset allocation" in their names, indicating a significant trend towards diversified investment strategies [4]. - Low-volatility FOFs have shown outstanding performance, with bond-type FOFs and fixed-income + FOFs leading in issuance scale [4][5]. Group 2: Investment Strategy and Market Context - The launch of the "Fuguo Hengxin 3-Month Holding Period Mixed (ETF-FOF)" reflects a strategic response to the low-interest-rate environment, targeting low volatility through a diversified asset allocation [6][8]. - The article highlights that 50 trillion in fixed deposits are set to mature this year, alongside a structural interest rate cut by the central bank, indicating a shift towards a low-interest-rate era [7]. - Multi-asset allocation is presented as a solution for investors seeking stability and risk management in a low-yield environment, as single assets struggle to hedge against various risks [8][9]. Group 3: Performance Metrics and Investment Strategies - The performance benchmark for the "Fuguo Hengxin 3-Month Holding Period Mixed (ETF-FOF)" includes a mix of indices, with 50% allocated to the China Bond Composite Index, ensuring a clear and reasonable performance target [12][14]. - The strategy involves using bonds for stability while enhancing returns through A-shares, Hong Kong stocks, and gold, aiming for a high cost-performance ratio [15][16]. - The investment approach includes duration timing for bonds, sector rotation for A-shares, and Smart Beta strategies for Hong Kong stocks, optimizing risk contributions across the portfolio [20]. Group 4: ETF-FOF Product Advantages - The "Fuguo Hengxin 3-Month Holding Period Mixed (ETF-FOF)" utilizes ETFs to provide a one-stop investment solution, characterized by lower fees, higher efficiency, and better risk diversification compared to traditional FOFs [23]. - The product is managed by an experienced team with a strong background in FOF management and ETF investment, enhancing its competitive edge in the market [24][30]. - The article notes that Fuguo's extensive ETF offerings and collaborative team structure contribute to the product's robust investment strategy [29].