Core Viewpoint - The article highlights the expertise of Chen Wenyang, a fund manager at Dongfanghong Asset Management, in multi-asset allocation through FOF (Fund of Funds) strategies, aiming for long-term stable performance while navigating market fluctuations [1][2][14]. Group 1: Investment Strategy - Chen Wenyang emphasizes the importance of multi-asset allocation as a foundation for FOF investment management, advocating for diversification to achieve a higher risk-return ratio [7][12]. - The FOF team at Dongfanghong employs a comprehensive process for strategy design, asset selection, and fund management, leveraging team collaboration to enhance research capabilities [2][12]. - Chen's approach involves identifying assets with high odds and reasonable win rates, focusing on those with upward trends to optimize returns [11][9]. Group 2: Performance Metrics - The "Dongfanghong Yihe Stable Pension Two-Year FOF" managed by Chen has ranked 5th out of 25 and 8th out of 61 in its category for five-year and three-year returns, respectively, showcasing its competitive performance [3][15]. - The fund's performance metrics indicate a net value growth rate of 4.26% in 2020, 3.40% in 2021, and a recovery of 6.57% in 2024, reflecting its resilience through various market conditions [15][16]. Group 3: Asset Allocation Insights - Chen's strategy includes a mix of domestic and international assets, such as overseas bond funds and gold ETFs, to enhance risk-return profiles [9][10]. - The FOF's top holdings as of Q3 2025 include multiple gold ETFs and S&P 500 ETFs, indicating a strategic focus on global asset diversification [10][9]. Group 4: Fund Management Philosophy - The article underscores the significance of a robust investment philosophy, where Chen prioritizes stable returns over high-risk, high-reward strategies, particularly in fixed-income fund selection [13][11]. - The FOF team utilizes both quantitative and qualitative research methods to evaluate fund managers, ensuring a thorough understanding of their investment logic and consistency [12][13].

Core Viewpoint - The market's preference for low-volatility products remains unchanged even after a year since 924, with investors shifting between various asset classes. The CSI 300 index saw a decline after two consecutive years of over 25% gains, while the China Bond Index achieved an 8.83% return in 2024, the best since 2018. Investors are seeking low-volatility, stable products amidst high volatility in equity assets and low yields in bonds [1][3]. Multi-Asset FOF Fund Highlights - The recent launch of the multi-asset fund by Jiao Yin Schroder focuses on low-volatility products, aiming to provide a stable holding experience through diversified asset allocation [3][4]. - The multi-asset team at Jiao Yin Schroder emphasizes a user-centric approach to portfolio construction, aiming to reduce volatility and improve long-term holding experiences for investors [5][6]. Differentiation of the Multi-Asset Team - The Jiao Yin Schroder multi-asset team distinguishes itself by focusing on risk-return stability rather than chasing high returns, prioritizing the reduction of portfolio volatility [5][6]. - The team employs a quantitative framework for product management, ensuring consistent quality control across different market conditions [6][20]. User Experience Enhancement - The increasing macroeconomic volatility has shifted investor demand towards diversified financial products, as traditional stock and bond mixes struggle to provide stable returns [9][11]. - The Jiao Yin Schroder multi-asset fund incorporates a range of asset classes, including domestic bonds, equities, gold, and overseas equities, to achieve true diversification and mitigate risks [9][11]. Benefits of Multi-Asset Allocation - Multi-asset allocation is viewed as a "free lunch" in investing, as adding low-correlated assets can significantly reduce portfolio volatility without sacrificing returns [11][24]. - The fund aims for a smoother return distribution over time, allowing investors to achieve consistent returns regardless of market timing [24][25]. Strategic Asset Allocation - The fund's core asset allocation includes domestic bonds and equities, with additional allocations to gold and overseas assets to optimize risk-return characteristics [26][28]. - The maximum allocation to risk assets is capped at 25%, ensuring a balanced approach to diversification and risk management [29]. Risk Management Framework - A comprehensive risk management system is in place, involving pre-emptive management, real-time monitoring, and post-event adjustments to maintain the fund's risk budget [19][43]. - The team emphasizes disciplined investment practices, with a structured approach to adjusting asset allocations based on market conditions and risk assessments [20][44]. Team Collaboration and Expertise - The multi-asset team benefits from a collaborative environment, leveraging quantitative analysis and in-depth research to enhance investment decisions [46][47]. - The team's established systems for assessing asset volatility and product performance contribute to their competitive advantage in the multi-asset space [47][48].

Core Viewpoint - The article emphasizes that diversified asset allocation and refined fund selection are key to building a long-term viable FOF (Fund of Funds) portfolio [2][6]. Asset Allocation and Fund Selection - Increasingly, investors are recognizing diversified asset allocation in FOFs as a superior "fixed income plus" strategy, offering better risk-return ratios compared to traditional stock-bond combinations [2]. - Zhao Zhiyuan, General Manager of ICBC Credit Suisse FOF Investment Department, highlights that each FOF has its own risk-return objectives, necessitating tailored asset allocation plans [3][10]. - The strategic asset allocation for the ICBC Value Steady 6-Month Holding Mixed (FOF) product is set at 80% bonds and 20% risk assets, with further diversification within the risk assets into A-share funds, low-volatility dividends, overseas US stocks, and commodities like gold [4][15]. Dynamic Management - Zhao emphasizes the importance of dynamic management based on market changes, citing an example where adjustments were made following tariff policy changes that led to market fluctuations [4][11]. Fund Selection Process - The fund selection process focuses on distinguishing between skill and luck in investment performance, utilizing quantitative analysis and qualitative research to identify stable fund managers [5][18]. - The internal culture at ICBC Credit Suisse promotes trust and sharing among research teams, enhancing the decision-making process [5][20]. FOF Investment Framework - The FOF investment framework is built on managing uncertainty through diversified asset allocation, aiming to create resilient portfolios that can adapt to various market conditions [10][9]. - The FOF team consists of 12 members with diverse backgrounds, emphasizing collaboration and knowledge sharing to enhance investment strategies [21][20]. Future Outlook - The article discusses two main growth opportunities for FOF products: personal pension Y shares and wealth management as a substitute for traditional financial products [25][26]. - Personal pension funds are highlighted for their potential to allocate higher equity assets, providing better long-term returns as the domestic capital market develops [27]. - The article concludes with a market outlook, suggesting that while short-term volatility may persist, a medium-term upward trend is anticipated, driven by policy support and corporate earnings recovery [30][34].

Core Viewpoint - The FOF (Fund of Funds) investment strategy should focus on both multi-asset allocation to provide stable returns and the selection of fund managers to achieve excess market returns. The FOF team at Wanji Fund employs a dual approach of fundamental research and manager selection to create a comprehensive investment system [1]. Group 1: FOF Investment Strategy - The FOF investment team utilizes a three-tiered alpha source: top-level asset allocation, middle-level industry fundamental research, and bottom-level excellent manager research [1][2]. - The macro-level analysis employs an economic six-cycle model based on monetary, credit, and growth indicators to assess different economic phases and their impact on asset performance [1][29]. - The team emphasizes the importance of understanding different fund products (ingredients) and client needs (cuisines) to create tailored investment solutions [1][6]. Group 2: Research and Analysis Framework - The mid-level research involves a closed-loop system of industry chain research, sell-side analyst communication, and interviews with industry fund managers to identify investment opportunities [2][24]. - The FOF team conducts thorough due diligence on various sectors, including innovative pharmaceuticals and AI, to strategically position their fund products [2][24]. - The investment framework includes dynamic adjustments based on macro and mid-level insights, ensuring a diversified and responsive fund composition [2][21]. Group 3: Product Offerings - Wanji Fund has developed a robust multi-asset FOF tailored for bank wealth management and institutional investors, focusing on stable returns while controlling drawdowns [3][32]. - The product lineup includes four main strategies: "Fixed Income+" strategy, value-oriented FOF, balanced growth FOF, and a mixed-asset retirement FOF, each with distinct risk-return profiles [3][4][12]. - The "Balanced Growth" FOF achieved a 34.01% return over the past year, while the retirement FOF recorded a 10.17% return, showcasing the effectiveness of their investment strategies [4][12]. Group 4: Manager Selection and Classification - The manager selection process is based on four criteria: mature investment philosophy, stable investment process, diligent attitude, and strong performance [19]. - The FOF team categorizes equity funds into three main types: balanced funds, industry-specific funds, and quantitative/index funds, allowing for targeted research and investment strategies [17][18]. - Each fund manager is limited to a maximum holding of 3% in the portfolio to ensure diversification and mitigate risks associated with individual performance [8][22]. Group 5: Economic Cycle and Asset Allocation - The economic six-cycle model helps the team understand asset performance variations across different economic phases, guiding their investment strategies [26][29]. - In the current credit expansion phase, the team has significantly overweighted growth-style funds, particularly in technology and innovation sectors [31]. - The FOF products are designed to cover a wide range of asset classes, providing better stability compared to traditional stock-bond mixes, thus meeting the diverse needs of clients [32][34].

Core Viewpoint - An excellent FOF (Fund of Funds) team is responsible for multi-asset allocation to provide users with all-weather returns and to select fund managers to achieve excess market returns [3][10]. Group 1: FOF Investment Framework - FOF investment requires three levels of understanding: 1) understanding investment goals, 2) understanding matching assets or strategies, and 3) understanding suitable managers [1][13]. - The FOF investment framework consists of fundamental research, manager research, and dynamic portfolio balancing [18][21]. Group 2: Alpha Sources - There are three layers of alpha sources in FOF investment: top-level asset allocation, middle-level industry fundamental research, and bottom-level excellent manager research [3][21]. - The macro level employs an economic cycle model based on monetary, credit, and growth indicators to assess asset performance across different economic cycles [3][38]. Group 3: Manager Selection - The selection of fund managers is critical, with a focus on their investment philosophy, stable investment processes, diligence, and performance [26]. - The company tracks over 900 funds out of more than 5000 available, categorizing them based on investment style and industry focus [24]. Group 4: Portfolio Construction - The portfolio construction strategy involves a diversified approach, with no single manager holding more than 3% of the portfolio [5][12]. - The company has developed a robust multi-asset FOF that aims for better returns than traditional stock-bond mixes by utilizing low correlation between assets [5][43]. Group 5: Specific FOF Products - The company manages four types of FOF products: 1) "Fixed Income+" strategy, 2) Value style FOF, 3) Balanced style FOF, and 4) Pension-oriented FOF [6][7]. - The "Balanced Style FOF" achieved a return of 34.01% over the past year, while the "Pension-oriented FOF" achieved a return of 10.17% [6][7]. Group 6: Economic Cycle Analysis - The economic cycle model divides the economy into six phases: credit expansion, economic recovery, monetary tapering, credit tapering, economic slowdown, and monetary expansion [35][38]. - Different asset classes perform variably across these cycles, with equities performing well during credit expansion and economic recovery phases [38][40]. Group 7: Customization for Institutional Investors - The company offers customized FOF products to meet the needs of bank wealth management subsidiaries and institutional investors, focusing on stable strategies and all-weather asset allocation [43][46]. - The multi-asset FOF covers various asset classes, including A-shares, overseas equities, gold, commodities, and bonds, providing a more stable alternative to traditional strategies [43][46].

Core Viewpoint - The article discusses the rapid development of Fund of Funds (FOF) in China, highlighting its advantages in providing investors with diversified exposure to private equity funds at a lower investment threshold, especially during market volatility [2][4]. FOF Market Development - The FOF market in China has grown significantly since the launch of the first public FOF product in 2017, with the number of FOF funds reaching 517 and a total scale exceeding 160 billion yuan by the end of Q2 2023 [2]. - The performance of various types of FOF funds has been notably influenced by the volatility of the A-share market over the past three years, with lower equity allocations generally leading to better performance [4]. Performance Analysis - In the context of recent market fluctuations due to U.S.-China trade tensions, the upcoming 富国智悦稳健 90-day holding period FOF is positioned as a potential investment choice for risk-averse investors [4]. - The偏债混 FOF has shown superior performance compared to traditional equity funds, with a focus on high-quality pure bond funds to achieve stable returns while controlling risk [7][8]. Investment Strategy - The 富国智悦稳健 FOF aims to exceed the returns of pure bond fund indices by employing a strategy that includes a mix of high-grade credit bonds and a focus on stable income through coupon payments [9][11]. - The fund manager emphasizes a "middle-short duration + high-grade credit bonds + coupon strategy" to mitigate interest rate and credit risks while ensuring stable cash flow [9][11]. Multi-Asset Approach - The fund incorporates a diversified asset allocation strategy, including a small percentage of A-share equities (5%-30%), gold (≤10%), and cross-border assets (≤20%) to enhance risk diversification and achieve steady growth [14]. - The article references the successful multi-asset investment strategy employed by Harvard University, which balances stable returns with growth through technology and safe-haven assets [15]. Fund Manager Expertise - The fund manager, 张子炎, has extensive experience in multi-asset investment and has developed a robust selection process for identifying high-quality funds, focusing on liquidity, risk control, and stable returns [18][20]. - The selection criteria for equity funds prioritize high win rates and consistent outperformance against benchmarks, ensuring a resilient investment strategy [21].

Group 1: Market Overview - The current capital market is undergoing unprecedented changes and challenges, prompting investors to focus on optimizing asset allocation through professional research and analysis [1] - The Hong Kong stock market has experienced fluctuations primarily driven by short-term investor sentiment rather than long-term investment decisions [5][6] - Despite recent adjustments, the Hong Kong market remains attractive due to its valuation advantages and strong linkage with the mainland economy [6][8] Group 2: Investment Strategies - Investment decisions should focus on companies' long-term financial performance and strategic competitiveness rather than short-term market fluctuations [7] - The investment philosophy emphasizes a balanced approach between growth and value, with a focus on sustainable long-term returns [11][15] - The "FOF 2.0" era is characterized by a shift from selecting individual fund managers to a more systematic, diversified asset allocation strategy [14][15] Group 3: Sector Insights - Key sectors for investment in the Hong Kong market include high-end manufacturing, innovative pharmaceuticals, and AI-related technologies, with a particular focus on companies with global competitiveness [11][12][24] - The North Exchange market is highlighted for its unique advantages, including small market capitalization and specialization in innovative sectors, which provide high growth potential [22][24] Group 4: Performance Metrics - The North Exchange 50 Index has shown a year-to-date increase of over 45%, with certain funds achieving returns exceeding 110% [22][23] - The investment strategy in the North Exchange focuses on balancing growth and defensive positions, with a significant portion of the portfolio allocated to manufacturing [24][25] Group 5: Future Outlook - The outlook for the North Exchange remains optimistic, with expectations of continued growth and the introduction of more quality companies [26][27] - Future investment strategies will focus on innovation, consumer trends, dividend-paying stocks, and sectors poised for recovery [27]

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - The fund manager Zhang Chuan of PuYin AnSheng Fund adopts a "Risk Management + Asset Allocation" investment strategy, aiming for "indexing traditional investments and systematizing active investments" to build a diversified asset allocation strategy that meets market trends. With an absolute - return orientation, the strategy focuses on tracking the performance benchmark and maintaining product positioning, offering a clear and transparent investment portfolio [2][17]. - The FOF products managed by Zhang Chuan have characteristics such as a good balance between risk and return, quick recovery from drawdowns, and a high - quality holding experience. The performance benchmarks of these products have moderate risk and return, and the products themselves show stronger returns on this basis [2][21]. - The portfolio structure of the representative funds combines diversified equilibrium with flexible allocation. The equity part is highly diversified, and the bond part uses a combination of active selection and passive flexible allocation to build a FOF product with advantages in sub - assets [2][30]. Summary According to the Directory 1. PuYin AnSheng Zhang Chuan: Creating a New Idea for FOF Investment from an Asset Allocation Perspective 1.1 Fund Manager's Basic Information - Zhang Chuan holds a master's degree in mathematics from Xi'an Jiaotong University, with 13 years of research experience in the securities and finance industry, including 6 years in financial engineering research and 7 years in asset allocation and FOF/MOM investment management. He currently manages three products with a total scale of 1.305 billion yuan [2][5]. 1.2 Performance Characteristics of the Products Managed by the Fund Manager - The risk - return performance of the wealth management product managed by Zhang Chuan from 2023/1/3 to 2024/8/31 was stronger than the average of comparable fixed - income + products, with relatively strong risk control [7]. - After applying the new strategy in February 2025, the net value of the products was ahead of the comparable benchmark, and the cumulative return of Yihe from 25/2/28 to 25/9/19 reached 4.95%, with an outstanding excess return [11]. 1.3 Fund Manager's Investment Framework - The investment framework consists of "risk management" and "asset allocation". Risk management emphasizes "weak - side thinking", focusing on controlling risks rather than predicting returns. Asset allocation involves diversified allocation based on risk control, without extreme operations on specific sectors or styles, and emphasizes tracking the benchmark [2][17]. 2. Return - Risk Characteristics - The performance benchmarks of Yihe and Jiahe have characteristics of moderate risk, moderate return, and quick recovery from drawdowns. The products show stronger returns on this basis, with an annualized tracking error similar to passive index products and significant excess returns [21][26]. - In April 2025, during market fluctuations, multi - asset allocation helped the products quickly recover their net values. The performance of the two products is consistent with the fund manager's investment concept, and the performance characteristics are sustainable [26][27]. 3. Portfolio Structure of Representative Funds 3.1 Equity Investment - The equity investment of the products is highly diversified, including multi - regional equity assets such as overseas and domestic index funds. There are also a small number of active equity positions to diversify income sources from an alpha perspective [32][33]. - The static equity fund portfolio simulation shows that the products' multi - asset allocation is successful, with a fast recovery speed during market fluctuations and relatively superior equity returns [36]. 3.2 Bond Investment - The bond investment strategy emphasizes identifying funds and managers to select alpha - generating funds, mainly in active pure - bond funds. Based on different risk settings, the products flexibly adjust the allocation ratio of other bond assets, especially bond index funds [38]. - The two products pay attention to the balanced allocation of bond types, with a relatively balanced allocation of credit bonds and interest - rate bonds to prevent excessive risk exposure [42].

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - The report focuses on Pu Yin An Sheng's fund manager Zhang Chuan, who has 13 years of securities and finance industry research experience, including 7 years in asset allocation and FOF/MOM investment management. His investment strategy combines "risk management + asset allocation", aiming for "indexing traditional investments and systematizing active investments" to provide clear - benchmarked and transparent investment portfolios [4][9]. - The products managed by Zhang Chuan, such as Pu Yin An Sheng Yi He and Jia He, show characteristics of both return - cost ratio and quick recovery from drawdowns, offering a high - quality holding experience. The investment framework is highly consistent with the product performance, and the product performance characteristics are sustainable [24][34]. - The holding structure of the representative funds features a combination of diversified equilibrium and flexible allocation. The equity investment is highly diversified, and the bond investment combines active selection and passive flexible allocation to build a relatively balanced bond portfolio [38][40][46]. Summary by Directory 1. Pu Yin An Sheng Zhang Chuan: Creating a New FOF Investment Approach from an Asset Allocation Perspective 1.1 Fund Manager's Basic Information: A FOF Manager with Seven Years of Asset Allocation Experience - Zhang Chuan holds a master's degree in mathematics from Xi'an Jiaotong University, with 13 years of securities and finance industry research experience. He currently manages three products with a total scale of 1.305 billion yuan [4][9]. 1.2 Performance Characteristics of the Products Managed by the Fund Manager - When Zhang Chuan managed the 2021 China Merchants Bank Wealth Management Zhaozhi Hongrui Balanced Allocation Daily Open No. 3 product, its risk - return performance was stronger than the average of comparable fixed - income + products from 2023/1/3 to 2024/8/31, especially in risk control [11]. - After taking over public - offering FOFs, Zhang Chuan combined his asset allocation ideas with "indexing and systematizing" investments. After the product strategy adjustment on 2025/2/28, the net value of the products was ahead of the comparable benchmarks, with outstanding excess returns. For example, from 2025/2/28 to 2025/9/19, the cumulative return of Yi He reached 4.95%, while the comparable index return was 1.00% [16]. 1.3 Fund Manager's Investment Framework: FOF Investment under "Risk Management + Asset Allocation" - The investment framework consists of "risk management" and "asset allocation". Risk management emphasizes "weak - side thinking", focusing on risk control rather than return prediction. Asset allocation involves diversified allocation based on risk anchoring, avoiding extreme operations and emphasizing benchmark tracking [22]. - The fund manager has made comprehensive strategic changes to the two managed products, aiming for absolute returns and a good holding experience in the medium - to - long term and anchoring the strategic benchmark in the short - to - medium term, while not focusing on relative peer rankings [22]. 2. Return - Risk Characteristics: High Holding Experience with Both Return - Cost Ratio and Quick Drawdown Recovery - After the strategy and benchmark adjustment, Pu Yin An Sheng Yi He and Jia He products show characteristics consistent with the early layout. The performance benchmark of Yi He has an 18% equity position, and Jia He has a 10% equity position [24][27]. - Jia He maintains a moderate maximum drawdown (within 1% since adjustment), with obvious return performance. The performance benchmark has the characteristics of moderate risk and return, and the product has a strong tracking ability and an excess return of 1.00% [27]. - Yi He's performance is more affected by market fluctuations due to its higher equity position. However, multi - asset allocation can effectively disperse risks, and it has a short drawdown recovery time. Since the adjustment, the annualized tracking error is 1.38%, and there is an excess return of 1.42% [28][33]. 3. Holding Structure of Representative Funds: Building a FOF Portfolio with Dominant Sub - Assets through Diversified Equilibrium and Flexible Allocation 3.1 Equity Investment: Overseas Multi - Asset Diversified Allocation and Flexible Allocation of Domestic Equity Indexes - The equity investment of the products is highly diversified, actively investing in domestic broad - based indexes and overseas multiple assets such as Hong Kong stocks and foreign indexes. The two products have common characteristics in multi - regional equity asset allocation, reflecting the importance of multi - asset allocation [40]. - The two funds also have a small amount of active equity positions (about 1% each), which are mainly invested in a few products to diversify return sources from an alpha perspective [41]. - The static equity fund holding simulation shows that the performance characteristics of the equity simulation portfolio are consistent with the funds, indicating the success of multi - asset allocation [44]. 3.2 Bond Investment: Active Selection + Passive Flexibility to Build a Relatively Balanced Bond Portfolio - The bond investment strategy emphasizes a model for identifying funds and fund managers, with a focus on selecting alpha - generating funds, mainly reflected in the bond fund segment. The manager makes similar key allocations in some heavy - position active pure - bond funds and flexibly adjusts the allocation ratio of other bond assets based on different risk settings [46]. - The two funds pay attention to the balanced allocation of bond types. The heavy - position active pure - bond products are mainly credit bonds with some interest - rate bonds, and most passive bond funds are mainly allocated to interest - rate bonds, presenting a relatively balanced bond - type allocation [51].

Core Viewpoint - The GuoXin Quantitative Team has made significant research contributions over the past year, focusing on various investment strategies and market trends, showcasing their effectiveness and potential for investment opportunities [1]. Team Overview - The GuoXin Quantitative Team consists of 7 members specializing in areas such as active quantitative stock selection, index enhancement, factor research, FOF investment, fund research, industry rotation, asset allocation, Hong Kong stock investment, and CTA strategies [1]. Research Highlights - The team has produced a selection of research reports that cover a wide range of investment strategies, including: - Active quantitative stock selection strategies - Factor-based stock selection and index enhancement strategies - Market trend analysis and research on hot sectors - FOF and fund research series [1][8][10]. Performance Metrics - The "Super Expectation Selected Portfolio" has achieved an annualized return of 36.04% since 2010, outperforming the CSI 500 Index by 32.90% [11][12]. - The "Growth Steady Portfolio" has maintained an annualized return of 41.15% since 2012, exceeding the CSI 500 Index by 34.84% [14][16]. - The "Brokerage Golden Stock Performance Enhancement Portfolio" has delivered an annualized return of 21.78%, consistently ranking in the top 30% of active equity funds since 2018 [19][21]. Strategy Insights - The "Small Cap Selected Portfolio" has generated an annualized return of 39.22% since 2014, outperforming the CSI 2000 Index by 28.66% [25][27]. - The "Stable Selected Portfolio" has achieved an annualized return of 26.18% since 2012, with a lower maximum drawdown compared to the CSI Dividend Total Return Index [30][32]. - The "Multi-Strategy Enhanced Portfolio" has recorded an annualized return of 23.43% since 2013, with a significant information ratio of 2.60 [34]. Sector Rotation Strategies - The "Key Moment Leading Sheep Strategy" has identified strong momentum effects in the A-share market, achieving an annualized return of 25.29% since 2013, outperforming the CSI All Index by 19.65% [39][40].