Core Viewpoint - TPG Inc. is enhancing its credit platform and insurance-focused asset management through a strategic partnership with Jackson Financial, which is expected to significantly increase its asset management capabilities for insurers [2][3][6]. Group 1: Strategic Partnership - TPG has formed a strategic partnership with Jackson Financial to expand its credit platform and enhance its insurance-focused asset management business [2][6]. - The partnership will initially deploy at least $12 billion on behalf of Jackson Financial, with potential growth to manage up to $20 billion [3][6]. - TPG will make a $500 million minority investment in Jackson, acquiring a 6.5% stake in the insurer, leveraging Jackson's expertise in annuity products [4]. Group 2: Financial Performance - TPG's current stock price is $65.97, reflecting a decrease of approximately 5.30% [5][6]. - The stock has fluctuated between a low of $65.81 and a high of $69.51 today, with a market capitalization of approximately $25.29 billion [5]. - Over the past year, TPG's stock reached a high of $70.38 and a low of $37.52 [5]. Group 3: Market Analysis - Wolfe Research set a price target of $80 for TPG, suggesting a potential upside of 19.87% from its current stock price of $66.74 [1]. - TPG's competitors include major asset management firms like Blackstone and KKR, indicating a competitive landscape in the alternative asset management sector [1].

Core Insights - The concept of "free lunch" in investment refers to achieving higher returns without taking on additional risk, which is often overlooked in asset management [1] - Diversification, particularly through non-correlated assets, has been a key development in asset management over the past 30 years [1] Group 1: Low-Rate Environment and Multi-Asset Strategies - In the current low-interest-rate environment, investors are seeking alternatives to traditional bank products that yield around 1% [2] - Multi-asset strategies, particularly low-volatility Funds of Funds (FOF), have emerged as a prominent category, offering better risk-return profiles by incorporating low-correlated assets [2] - Investors with low-risk preferences prioritize limiting maximum drawdown to -1.5% and achieving positive returns within a few months [2] Group 2: Multi-Asset FOF Development - The market is increasingly accepting multi-asset strategies, with 64% of low-volatility FOFs employing this approach as of November 30, 2025 [4] - The total scale of public FOFs surpassed 233.9 billion yuan, with over 10 billion yuan added in 2025 alone [4] Group 3: Manager Selection and Performance - The success of multi-asset strategies relies heavily on the active management capabilities of fund managers, emphasizing the importance of selecting the right managers [5] - A systematic "identification" process for fund managers includes evaluating their investment philosophy, stable processes, and performance metrics [6][7] - The FOF team at Wanji Fund employs a dual approach, focusing on both asset allocation and the selection of fund managers to achieve superior returns [5][6] Group 4: Research-Driven Approach - The Wanji Fund FOF team operates on a research-driven model, integrating both fund manager research and fundamental analysis to maximize information value [9] - The team covers a wide range of sectors, ensuring comprehensive research and analysis to inform investment decisions [9][10] - The internal research system allows for detailed tracking of fund managers and industry trends, enhancing the team's ability to make informed asset allocation decisions [9][10] Group 5: New Product Launch - The Wanji Qitai Stable Three-Month Holding Period FOF is set to launch, aiming to provide stable returns through diversified asset allocation [13] - This product is part of a collaboration with China Construction Bank and is designed to navigate the challenges of the low-interest-rate environment [13]

Core Viewpoint - The article emphasizes the importance of diversification in asset allocation as a means to achieve higher returns without taking on additional risk, highlighting the concept of "free lunch" in investment strategies [1][2]. Group 1: Multi-Asset Strategies - In the current low-interest-rate environment, investors are seeking alternatives to traditional bank products, leading to the rise of low-volatility multi-asset Funds of Funds (FOFs) [2][3]. - Multi-asset FOFs incorporate a variety of low-correlation assets, aiming to optimize risk-return characteristics while controlling maximum drawdown [2][3]. - The article suggests that multi-asset FOFs are among the closest tools to achieving the ideal balance of risk and return, which is perceived as the "free lunch" in investing [2]. Group 2: Investment Goals and Product Features - For low-risk investors, traditional stock-bond allocations do not meet all their needs, as they prioritize limiting maximum drawdown to -1.5% and achieving positive returns within a few months [3]. - The upcoming Wanjiatai Stable Three-Month Holding Period FOF expands asset categories beyond just stocks and bonds to include low-volatility dividends, bonds, S&P 500, and gold, enhancing the risk-return profile [3][4]. - Historical data shows that over the past 10 years, the annualized returns for low-volatility dividends, S&P 500, and gold were 9.08%, 12.91%, and 16.36% respectively [3]. Group 3: Market Acceptance and Growth - The multi-asset strategy is gaining acceptance in the market, with 64% of low-volatility FOFs adopting this approach as of November 30, 2025 [4]. - The total scale of public FOFs surpassed 233.9 billion yuan, with an increase of over 100 billion yuan in the year [4]. Group 4: Manager Selection and Research - The effectiveness of multi-asset strategies relies on the active management capabilities of fund managers, emphasizing the importance of selecting the right underlying managers to realize returns [6][7]. - A systematic approach to selecting fund managers involves evaluating their investment philosophy, process, diligence, and performance [8]. - The Wanjiatai FOF team employs a research-driven model that integrates both fund manager research and fundamental analysis, ensuring comprehensive coverage of investment opportunities [11][12]. Group 5: Team Structure and Collaboration - The Wanjiatai FOF team is characterized by a dual focus on fund manager research and fundamental analysis, with team members responsible for both micro and macro-level research [12][13]. - The team has developed a robust internal research system that allows for efficient sharing of insights and data, enhancing decision-making capabilities [12][13]. - The collaboration between team members, such as the joint management of the Wanjiatai FOF by Ren Zheng and He Jiayi, aims to leverage their respective strengths in strategy and asset selection [17].

摩根大通预计，2026年第四季度金价有望升至每盎司5055美元，并可能进一步上探至每盎司6000美元。 该行全球大宗商品策略主管娜塔莎·卡涅娃表示，各国官方储备和投资者配置黄金的长期趋势非常明 显。 《福布斯》杂志网站刊文指出，美国挑起的全球性贸易摩擦、为规避美元贬值而兴起的"去美元化"交 易、私人投资者及加密货币基金对黄金需求增加，以及各国央行持续购金，共同构成金价上行的重要动 力。 路透社日前报道，美元指数自2025年年初以来已下跌9%，或将创下8年来最差年度表现。市场普遍预 计，受美联储新任主席可能偏向鸽派货币政策立场影响，美元将进一步走弱，从而降低美元计价资产对 投资者的吸引力。 多家国际金融机构近日发布报告预期，未来利用黄金对冲美元计价资产风险的趋势将持续，2026年黄金 价格或进一步上涨。 资产管理企业施罗德公司分析师帕特里克·布伦纳在一份报告中指出，美国正面临"政策不确定性、财政 脆弱性，以及投资者对美国国债和美元长期角色日益加深的疑虑"。在此背景下，黄金凭借避险属性及 与传统资产的低相关性，已成为投资者资产配置多元化的优先选择。 高盛集团预计，到2026年底，黄金价格将升至约每盎司4900美元 ...

多家国际金融机构近日发布报告预期，未来利用黄金对冲美元计价资产风险的趋势将持续，2026年黄金 价格或进一步上涨。 《福布斯》杂志网站刊文指出，美国挑起的全球性贸易摩擦、为规避美元贬值而兴起的"去美元化"交 易、私人投资者及加密货币基金对黄金需求增加，以及各国央行持续购金，共同构成金价上行的重要动 力。 路透社日前报道，美元指数自2025年年初以来已下跌9%，或将创下8年来最差年度表现。市场普遍预 计，受美联储新任主席可能偏向鸽派货币政策立场影响，美元将进一步走弱，从而降低美元计价资产对 投资者的吸引力。 (责任编辑：朱赫) 资产管理企业施罗德公司分析师帕特里克·布伦纳在一份报告中指出，美国正面临"政策不确定性、财政 脆弱性，以及投资者对美国国债和美元长期角色日益加深的疑虑"。在此背景下，黄金凭借避险属性及 与传统资产的低相关性，已成为投资者资产配置多元化的优先选择。 高盛集团预计，到2026年底，黄金价格将升至约每盎司4900美元。该机构认为，各国央行购金需求呈现 结构性强劲态势，美联储降息带来周期性支撑，将共同推动金价上涨。 摩根大通预计，2026年第四季度金价有望升至每盎司5055美元，并可能进一步上探 ...

《福布斯》杂志网站刊文指出，美国挑起的全球性贸易摩擦、为规避美元贬值而兴起的"去美元化"交 易、私人投资者及加密货币基金对黄金需求增加，以及各国央行持续购金，共同构成金价上行的重要动 力。 路透社日前报道，美元指数自2025年年初以来已下跌9%，或将创下8年来最差年度表现。市场普遍预 计，受美联储新任主席可能偏向鸽派货币政策立场影响，美元将进一步走弱，从而降低美元计价资产对 投资者的吸引力。 责编:陶纪燕 | 审核:李震 | 监审:古筝 新华社北京12月25日电 多家国际金融机构近日发布报告预期，未来利用黄金对冲美元计价资产风险的 趋势将持续，2026年黄金价格或进一步上涨。 资产管理企业施罗德公司分析师帕特里克·布伦纳在一份报告中指出，美国正面临"政策不确定性、财政 脆弱性，以及投资者对美国国债和美元长期角色日益加深的疑虑"。在此背景下，黄金凭借避险属性及 与传统资产的低相关性，已成为投资者资产配置多元化的优先选择。 高盛集团预计，到2026年底，黄金价格将升至约每盎司4900美元。该机构认为，各国央行购金需求呈现 结构性强劲态势，美联储降息带来周期性支撑，将共同推动金价上涨。 摩根大通预计，2026年第四 ...

《福布斯》杂志网站刊文指出，美国挑起的全球性贸易摩擦、为规避美元贬值而兴起的"去美元化"交 易、私人投资者及加密货币基金对黄金需求增加，以及各国央行持续购金，共同构成金价上行的重要动 力。 路透社日前报道，美元指数自2025年年初以来已下跌9%，或将创下8年来最差年度表现。市场普遍预 计，受美联储新任主席可能偏向鸽派货币政策立场影响，美元将进一步走弱，从而降低美元计价资产对 投资者的吸引力。（完） 高盛集团预计，到2026年底，黄金价格将升至约每盎司4900美元。该机构认为，各国央行购金需求呈现 结构性强劲态势，美联储降息带来周期性支撑，将共同推动金价上涨。 摩根大通预计，2026年第四季度金价有望升至每盎司5055美元，并可能进一步上探至每盎司6000美元。 该行全球大宗商品策略主管娜塔莎·卡涅娃表示，各国官方储备和投资者配置黄金的长期趋势非常明 显。 新华社北京12月25日电 多家国际金融机构近日发布报告预期，未来利用黄金对冲美元计价资产风险的 趋势将持续，2026年黄金价格或进一步上涨。 资产管理企业施罗德公司分析师帕特里克·布伦纳在一份报告中指出，美国正面临"政策不确定性、财政 脆弱性，以及投资者对美 ...

作为美国国债的前两大海外持有国，日本和中国的持仓动向呈现出清晰的分化：日本连续第十个月增持美债，持有额增加107亿美元，达到1.2万亿美元， 创下2022年7月以来的新高；而中国则减持118亿美元，将持仓量降至6887亿美元，创下2008年以来的最低纪录。 关键数据 美国财政部的最新数据揭示了一个充满细节的全球资本流向图。日本的美债持仓已连续十个月增长，今年累计增持1385亿美元，较上年末增长13%。 中国则在10月份减持118亿美元美债，这是继9月减持5亿美元后的连续第二个月减持。自2013年持美债规模达到逾1.3万亿美元的峰值以来，中国一直在逐 步减少美债持有量。 日本持有的美国国债悄然突破1.2万亿美元大关，而中国持仓则降至十七年来最低的6887亿美元，两大海外债主正在向世界展示截然不同的资产配置逻 辑。 英国作为第二大美债持有国，10月增持132亿美元，持债规模达到8779亿美元。英国今年超越中国，成为美国第二大海外"债主"。 北京时间12月19日清晨，美国财政部公布了2025年10月的国际资本流动报告，揭开了一个耐人寻味的局面：海外持有的美国国债总额在10月份小幅下降58 亿美元至9.24万亿美元。 ...

当前，资本市场机遇与挑战并存，高净值人群对专业财富管理服务的需求持续攀升。在此背景下，国信证券于2025年10月正式推出"国信财富百川计划 ——'洞见α'金牛私募下午茶全国系列活动"。活动自启动以来，在短短两个月内，活动足迹遍布上海、广州、深圳、杭州、武汉、天津、成都等20多座城 市，携手工、农、中、建、交等多家银行，成功举办逾60场深度交流盛宴，吸引了数千名高净值客户积极参与。 图片来源：国信证券 百川汇海：覆盖全国的财富智慧版图 "洞见α"系列活动旨在顺应资本市场回稳向好的趋势，响应投资者对专业投资见解的迫切需求。 活动以轻松开放的"下午茶"形式，营造出沉浸式、互动化的交流场景。每一场活动，都是国信证券织就的财富服务网络中的重要一环，确保将前沿的投资 视角与专业的资产配置理念，精准、及时地传递至客户。 预计到2026年2月，该系列活动总场次将突破100场，持续拓展活动影响力。 群星璀璨：与"金牛"同行，洞见投资真谛 明星私募阵容的加持，让每场活动都成为一场投研智慧的盛宴。 活动特邀多位斩获"私募金牛奖"的明星私募基金管理人担任分享嘉宾——金牛奖被誉为私募行业的"奥斯卡"，获奖者往往具备扎实的投研实力与稳健 ...

今年新兴市场货币整体表现不俗：摩根士丹利资本国际新兴市场货币指数7月创下历史新高，年内涨幅已超6%，有望迎来2017年以来的最佳 年度成绩。接受路透社采访的交易员、基金经理和分析师大多预计，这一良好态势在明年也将延续。 MSCI新兴市场货币指数上涨 匈牙利福林向来是小众的新兴市场货币，但自美国总统特朗普今年1月就职以来，其交易量已增长超一倍。在特朗普宣布全面的"解放日"进口 关税政策后，交易员对这一货币的关注度更是持续攀升。 在日均交易量近10万亿美元的全球外汇市场中，交易员、策略师及对冲基金均表示，此番交易量增长绝非短期偶然现象。 今年以来，匈牙利福林兑美元汇率已升值约20%，有望创下近25年来的最佳年度表现，同时跻身2025年表现最佳的新兴市场货币之列。 此次新兴市场货币走强，源于美元波动加剧且持续走软。这一态势促使投资者重新考量自身的美元资产敞口，且开始质疑长期以来对美元走 向与地位的固有认知。与此同时，投资者在推进资产配置多元化、减少对美国资产依赖的过程中，押注南非、匈牙利等多个发展中国家的货 币价值将进一步提升。 摩根大通新兴市场固定收益策略研究主管乔尼·古尔登（Jonny Goulden）称："我 ...