低利率时代，持续获取稳健收益成为投资者的广泛诉求，充分发挥对冲优势的多资产配置策略应运而 生。FOF（基金中基金）作为资产组合的重要载体，正逐步从此前自下而上的"选品"时代，迈进自上而 下驾驭贝塔的资产配置时代。 浦银安盛基金FOF业务部业务主管兼基金经理张川和他所带领的FOF团队，正是积极践行多资产配置 的"弄潮儿"。日前，张川在接受中国证券报记者采访时表示，多资产组合离不开风险管理这一重要前 提，团队根据一级资产、二级分布、三级策略对风险和收益进行逐层详细拆分，通过持续动态调整，力 争为投资者创造持续稳健的收益。 以持续收益为目标 在进入公募行业之前，张川有过券商自营、企业年金、理财FOF等领域较为丰富的投资管理经验。由于 上述资金的风险偏好相对较低，张川逐步形成了风格稳健的投资方法论。加盟浦银安盛基金后，张川将 这样的方法论进一步精进和升级。 理财从业经历让张川十分注重对于客户投资需求的挖掘。对FOF客户进行画像后，张川总结发现，目前 公募FOF的客群主要是个人投资者，他们更加关注产品的持续赚钱能力和良好的持有体验。为了更好地 匹配投资者的投资诉求，张川和团队在FOF的产品定位和策略上持续打磨。 多资产 ...

● 本报记者王鹤静 以持续收益为目标 低利率时代，持续获取稳健收益成为投资者的广泛诉求，充分发挥对冲优势的多资产配置策略应运而 生。FOF(基金中基金)作为资产组合的重要载体，正逐步从此前自下而上的"选品"时代，迈进自上而下 驾驭贝塔的资产配置时代。 浦银安盛基金FOF业务部业务主管兼基金经理张川和他所带领的FOF团队，正是积极践行多资产配置 的"弄潮儿"。日前，张川在接受中国证券报记者采访时表示，多资产组合离不开风险管理这一重要前 提，团队根据一级资产、二级分布、三级策略对风险和收益进行逐层详细拆分，通过持续动态调整，力 争为投资者创造持续稳健的收益。 其中，一级资产是对大类资产按类型划分，包括A股、港股、美股、国内债券、商品等；二级风格是对 一级资产的贝塔进一步拆分，比如大盘价值、中小盘成长等；三级策略则进一步细化，例如权益资产的 代表性策略可以总结为"一守三攻"，"一守"即泛红利策略，"三攻"即大盘质量、中小微盘、科技成长策 略。 依靠这样纪律性的约束，张川告诉中国证券报记者，多资产组合收益的可持续性、可复制性、可迭代性 能够得到有力的保障。 在做好风险管理的前提下，张川和团队在底层标的选择上构建了一套 ...

● 本报记者 王鹤静 低利率时代，持续获取稳健收益成为投资者的广泛诉求，充分发挥对冲优势的多资产配置策略应运而 生。FOF（基金中基金）作为资产组合的重要载体，正逐步从此前自下而上的"选品"时代，迈进自上而 下驾驭贝塔的资产配置时代。 浦银安盛基金FOF业务部业务主管兼基金经理张川和他所带领的FOF团队，正是积极践行多资产配置 的"弄潮儿"。日前，张川在接受中国证券报记者采访时表示，多资产组合离不开风险管理这一重要前 提，团队根据一级资产、二级分布、三级策略对风险和收益进行逐层详细拆分，通过持续动态调整，力 争为投资者创造持续稳健的收益。 以持续收益为目标 在进入公募行业之前，张川有过券商自营、企业年金、理财FOF等领域较为丰富的投资管理经验。由于 上述资金的风险偏好相对较低，张川逐步形成了风格稳健的投资方法论。加盟浦银安盛基金后，张川将 这样的方法论进一步精进和升级。 为了实现这样的目标，张川和团队构建了一套完整的风险监控体系，根据一级资产、二级分布、三级策 略，对组合每天的收益和风险进行逐层详细拆分，详细跟踪各类资产的收益与风险特征是否匹配，通过 持续比较性价比，保持组合的动态优化。 其中，一级资产是对大 ...

Group 1: Market Outlook - The A-share market is currently experiencing a "slow bull" phase, with concerns about whether the market has overheated due to rapid index increases [1][3] - The core driver of the recent market rally is the improved risk-return ratio of equity assets, as bond yields have fallen below 2%, prompting investors to seek higher returns in risk assets [3][4] - There is a recognition of localized bubbles, particularly in the technology sector represented by computing power, where some stocks have seen significant short-term price increases [3][4] Group 2: Investment Strategies - The importance of multi-asset allocation is emphasized in the context of increasing market volatility and frequent style rotations [7][8] - Different investment strategies are discussed, including absolute return focus, risk parity methods, and the use of alternative assets to manage portfolio volatility [7][8][9] - A recommendation for a mixed strategy involving approximately 30% risk assets, with a focus on low-volatility stocks and quantitative selection, is presented as a long-term investment approach [10][11]

三位嘉宾在圆桌尾声都表示，高校基金规模正在扩大，需从过去的直接投资转向加强对外合作、共享资 源；在投资品种上从单一资产投资走向多元配置；在投资策略上从经验判断升级至体系化决策，高校基 金会正在提升专业管理能力，将投资和捐赠形成一个良性循环。 在"多资产投资机遇展望"圆桌讨论中，睿郡资产管理合伙人董承非、广发基金副总经理王海涛、兴银理 财创新业务部总经理叶予璋、宁泉资产投资经理曾铭伟等嘉宾认为，多资产配置是应对高波动市场的有 效方式。 董承非表示，投资组合的波动是他在投资中一直高度关注的，在投资中也通过控制仓位、衍生品工具等 平滑波动。叶予璋强调战略配置需基于风险预算与夏普比优化，曾铭伟则以可转债为例，展示"向下有 保护、向上有空间"的资产选择逻辑。针对当前A股市场，王海涛则认为价值与成长并非对立，可寻找 兼具多重优势的"学霸型"资产。 兴证全球基金党委书记、副总经理陈锦泉在致辞中聚焦高校基金会与资产管理机构的价值共创。他指 出，高校基金会承托着社会各界的善意，也肩负着推动教育进步、科研创新乃至社会发展的远大使命。 实现资产的保值增值，放大其社会价值，是对这些"善意资本"的必然要求。他介绍到，兴证全球基金与 多 ...

Group 1 - The Federal Reserve successfully lowered interest rates by 25 basis points, but the market had already priced in this reduction, leading to a mixed reaction from investors [1] - Market expectations suggest that there may be two more rate cuts by the end of the year, contingent on the Federal Reserve's actions [3] - The performance of various asset classes in September shows that gold has finally started to move after months of stagnation, while U.S. stocks continue to reach new highs [3][4] Group 2 - The rise in gold prices is primarily driven by central banks accumulating gold, indicating a potential disconnect from traditional U.S. Treasury yield pricing [4] - Despite debates about the valuation of U.S. stocks, the market is likely to absorb regular adjustments due to strong buying interest, especially given the political ties to the stock market [5][6] - Global liquidity remains abundant, providing support for various asset classes, including gold, U.S. stocks, and cryptocurrencies [6][8] Group 3 - The bond market has shown little improvement, with yields on Chinese and U.S. government bonds fluctuating, leading to a cautious outlook among investors [17] - The current investment strategy focuses on maintaining a balanced position across different asset classes to mitigate risks while seeking opportunities [20][21] - The performance of multi-asset products, particularly those with a focus on risk management and stable returns, has been favorable, demonstrating resilience during market fluctuations [22][25] Group 4 - The introduction of multi-asset strategies in wealth management is gaining traction, with a focus on low volatility and diversified returns [29][30] - Recent trends indicate an increasing emphasis on index-enhanced strategies, which aim to capture market upside while controlling downside risk [33][35] - The overall market sentiment reflects a cautious yet optimistic approach, with investors looking for strategies that can perform well in both bull and bear markets [35]

Core Insights - The event "Investment for Good" focused on ESG and charitable asset management, highlighting the importance of multi-asset investment strategies in the current economic environment [1][8]. Group 1: Market Opportunities and Asset Allocation - The current market presents a mixed picture; while the attractiveness of equities may be declining compared to last year, they still offer better value compared to low-risk returns below 2% [3][18]. - The discussion emphasized the significance of multi-asset allocation, particularly in a low inflation environment, with equities, bonds, and commodities being the most favorable asset classes [4][23]. - The concept of risk parity was highlighted as a crucial strategy for achieving stable returns while managing volatility, especially in the context of China's capital market [10][23]. Group 2: Investment Strategies and Perspectives - The panelists discussed the importance of absolute return strategies, particularly for institutional investors like university endowments, which require stable and consistent returns [6][30]. - There is a growing recognition that value and growth stocks can coexist, with some stocks fitting into both categories, suggesting a more integrated approach to stock selection [4][20]. - The need for strategic asset allocation was emphasized, with a focus on risk budgeting and the importance of diversifying across low-correlated assets to enhance overall portfolio performance [12][23]. Group 3: Challenges and Market Dynamics - The panelists expressed concerns about potential market overheating, particularly in sectors that have seen rapid price increases, indicating a cautious approach to current market conditions [19][26]. - The discussion also touched on the unique characteristics of university endowment funds, which typically have longer investment horizons and lower risk appetites compared to other funds [27][30]. - The role of ESG factors in investment decisions was highlighted, with a consensus that while ESG may not significantly enhance returns, it contributes to risk management and stability [28][30].

近日，交银理财发布了"中诚信—交银理财多元策略大类资产配置指数"。据了解，自2022年起，交银理 财稳享添福、慧选系列理财产品投资的多资产部分参照该指数方法论进行配置，以绝对收益为目标，通 过多资产分散、多策略互补，在追求合理收益的同时降低组合风险。 资深金融监管政策专家周毅钦指出，传统理财产品的业绩比较基准多采用固定单一数值，难以匹配多资 产配置的实际运作情况。而基于指数设计的业绩比较基准，可根据产品投资范围（如股、债、商品等） 动态调整权重与成分，更贴合组合实际收益表现，让投资者更清晰地了解收益来源和波动原因，更客观 地评估产品业绩是否达标，减少业绩预期与实际收益的偏差。 "在当前市场环境下，理财公司集中推出各类指数化产品，也是为了应对低利率环境，寻求收益增 厚。"周毅钦进一步指出，比如多元策略大类资产配置指数，通过多资产分散、多策略互补，助力理财 产品在追求合理收益的同时降低组合风险，从而在低利率环境中开拓收益空间。同时，也为理财资金参 与资本市场长期入市搭建有效路径。 中经记者 郝亚娟 夏欣 上海、北京报道 理财子公司掀起指数化风潮。《中国经营报》记者注意到，交银理财发布多元策略大类资产配置指数， 招 ...

Group 1 - The performance of public FOFs remains strong, with all equity FOFs achieving positive returns last week [1][3] - The market saw a rebound in the AI industry chain, contributing to a general upward trend in major indices, with the Shanghai Composite Index rising by 1.52% and the Shenzhen Component Index increasing by 2.65% [2] - Structural market conditions in A-shares show a lack of overall profit-making effect, yet public FOFs maintain high investment success rates, with the Guotai Industry Rotation A fund leading with a 4.29% increase [3] Group 2 - Recent adjustments in the A-share market have not altered the overall upward trend, allowing well-positioned public FOFs to capture opportunities in other sectors [7] - The number of newly launched public FOFs has significantly increased, with three new products starting fundraising last week, including the Guotai Fenghua three-month fund with a fundraising cap of 2 billion [7][8] - The emergence of ETF-FOF products marks an innovation in the FOF space, with several fund companies actively applying for these products, indicating a growing interest in passive index funds [8][9]

8年来，公募FOF产品数量和整体规模都显著增长，细分品类更加多元：既包括满足各类型日常理财需 求的低、中、高风险普通FOF基金，也包括目标风险、目标日期等养老FOF产品。 业内人士表示，公募FOF走过8年，规模增长、品类多元，业绩可圈可点，该类产品发展得益于多方面 因素。未来要提升投研等产品服务能力，长期投资业绩是核心。在多资产配置趋势下，我国FOF发展空 间广阔。 规模增长近9倍 （原标题：8年，增长近9倍！） 【导读】公募FOF获批八周年，规模增长近9倍 8年规模增长近9倍 公募FOF发展前景广阔 中国基金报记者 李树超 自2017年9月8日国内首批产品获批至今，公募FOF已走过8年历程。 大类资产配置理念深入人心 天相投顾数据显示，截至今年二季度末，全市场519只公募FOF管理规模为1650.62亿元，与8年前首批6 只FOF合计166亿元的发行规模相比，增长近9倍。 "中国FOF产品8年来的发展可以概括为：起点很高、充满期待、快速冲高、经历阵痛、投资革新、浴火 重生。"国泰基金多资产配置部负责人曾辉称。 曾辉认为，三方面因素推动了FOF发展初期的快速增长：一是监管部门大力引导；二是头部机构高度重 视和 ...