● 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]

Core Insights - The forum "Investment for Good" focused on ESG investment, asset management for university foundations, and asset allocation strategies, highlighting the importance of collaboration between asset management institutions and university foundations [1][2][3] Group 1: ESG Investment - ESG investment is recognized as a crucial force for promoting economic, environmental, and social development, representing both an innovative investment philosophy and a deep exploration of future development models [2] - The establishment of a comprehensive ESG product system in fixed income and the creation of multi-asset strategies reflect the growing emphasis on ESG products in the asset management industry [2] Group 2: University Foundations - University foundations are characterized by long-term investment horizons, public attributes, and liquidity requirements, necessitating a strategic approach to asset management [2][3] - The shift towards "asset allocation + entrusted management" signifies a professionalization journey for university foundations, emphasizing the need for strategic support and a fault-tolerant mechanism [2] Group 3: Investment Strategies - The discussion highlighted the need for university foundations to transition from direct investments to enhanced external cooperation and resource sharing, as well as from single asset investments to diversified allocations [4] - The importance of systematic decision-making over experiential judgment in investment strategies was emphasized, aiming to improve professional management capabilities [4] Group 4: Market Insights - Multi-asset allocation is viewed as an effective strategy to navigate high-volatility markets, with a focus on controlling portfolio volatility and optimizing risk-return profiles [4][5] - The current equity market environment is driven by declining risk-free rates, enhancing the attractiveness of equity assets compared to bonds, despite some concerns about localized bubbles in certain sectors [5]

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].

Core Viewpoint - The rise of index-based products in the wealth management sector is driven by the need for transparency, diversification, and adaptability in a low-interest-rate environment, enhancing investor trust and participation in capital markets [1][4][5]. Group 1: Index Product Development - Financial institutions like交银理财 and 招银理财 are launching various index products, including multi-strategy asset allocation indices, to optimize investment configurations and provide clearer selection paths for investors [1][2]. - The total scale of index products in the fund industry has surpassed 5 trillion yuan, indicating rapid growth and adoption of index-based investment strategies [1]. Group 2: Benefits of Indexation - Index-based benchmarks allow for dynamic adjustments based on the investment scope, improving clarity on returns and volatility for investors, thus reducing discrepancies between expected and actual performance [2][4]. - The introduction of index products is seen as a response to the low-interest-rate environment, enabling wealth management firms to seek enhanced returns while managing risks through diversified asset allocation [2][5]. Group 3: Market Trends and Regulatory Support - Regulatory bodies are encouraging long-term capital market participation, with initiatives like the 2025 action plan aimed at optimizing the index investment ecosystem, presenting new opportunities for index-based investment in the banking wealth management sector [4][6]. - The characteristics of index products, such as transparency, low fees, and diversified investments, are gaining recognition in the market, aligning with investor demands for clearer understanding and lower costs [4][6]. Group 4: Investor Guidance - Investors are advised to choose index products based on their risk tolerance and investment goals, with recommendations to consider asset correlation and historical performance metrics when selecting indices [7][8]. - The trend towards indexation is reshaping the industry, emphasizing the importance of understanding personal risk profiles and adapting investment strategies accordingly [8].

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]

Core Insights - The public fund of funds (FOF) has experienced significant growth, with its scale increasing nearly ninefold since its inception eight years ago, reaching a total management scale of 1650.62 billion yuan as of the second quarter of this year [4][2][1] - The development of public FOFs is driven by various factors, including regulatory support, the commitment of leading institutions, and favorable market conditions during the A-share bull market from 2019 to 2021 [4][5][2] - The average net value growth rate of public FOFs since inception is 12.3%, with nearly 90% of products achieving positive returns, highlighting their investment performance [7][6] Growth and Development - The number and diversity of public FOF products have significantly increased, catering to various risk appetites and investment needs, including ordinary FOFs and targeted retirement FOFs [2][4] - The FOF market has evolved through different phases, including initial rapid growth, market corrections, and subsequent recovery, leading to a more mature understanding of FOFs among managers, sales institutions, and investors [4][2] Investment Performance - The performance of public FOFs has been commendable, with some products achieving returns exceeding 120% since inception [7][6] - The success of FOFs is attributed to strategic and tactical asset allocation, as well as the selection of underlying funds, which are becoming increasingly sophisticated [7][11] Future Outlook - The future of public FOFs appears promising, with ample room for growth in the context of multi-asset allocation trends and increasing investor demand for diversified investment solutions [10][11] - Industry experts emphasize the need for enhanced research capabilities and product services to maintain competitive advantages, particularly in delivering long-term stable performance [10][11] Product Innovation - Recent years have seen the emergence of innovative FOF products, such as FOF-LOF and ETF-FOF, which are expected to gain popularity due to their diversified asset allocation capabilities [19][20] - The expansion of the investment scope for FOFs to include various asset classes, such as commodities and REITs, is aimed at improving risk diversification and enhancing overall returns [15][14] Challenges in Pension FOFs - Despite the potential of pension FOFs as a key component of the personal pension system, challenges such as slow growth, product homogeneity, and low investor awareness persist [21][22] - Industry stakeholders advocate for improved product competitiveness and market recognition, alongside learning from international experiences to enhance the effectiveness of pension FOFs [21][22] Recommendations for Development - Experts suggest that the industry should focus on optimizing institutional design, extending assessment periods, and enriching asset allocation tools to better meet investor needs [28][27] - There is a call for increased investor education and tailored asset allocation recommendations to enhance the appeal and understanding of pension FOFs among the general public [25][24]

Core Viewpoint - The article discusses the transformation of the public fund industry towards a high-quality development model, emphasizing the need for a comprehensive overhaul of the investment research system, termed "industrialization" by the company [1][2]. Group 1: Industrialization Strategy - The core of the "industrialization" strategy is to shift from reliance on individual fund managers to a team-based, systematic organizational capability, aiming for more sustainable and stable investment performance [1][2]. - The company has established four major production lines: equities, bonds, multi-assets, and quantitative strategies, focusing on three action directions: specialization, industrialization, and digital intelligence [2][5]. Group 2: Specialization and Team Collaboration - Specialization is seen as the foundation of the system, requiring research personnel to deeply engage in specific sub-sectors to develop superior market insights [3]. - The company has formed a dedicated technology team consisting of 13 fund managers and 12 researchers, each focusing on different sub-sectors to build a competitive advantage in the industry [3]. Group 3: Industrialization Process - The industrialization process aims to address communication issues among investment management professionals by implementing a "Five Elements Model" to unify internal research frameworks and investment processes, significantly improving decision-making efficiency [3][4]. - The adoption of standardized processes has led to a high acceptance rate of stock recommendations, with an average of two out of three recommendations being adopted by fund managers [3]. Group 4: Digital Intelligence Transformation - The company is integrating AI and large models into its investment research processes, which has contributed significantly to its performance, particularly in its top-ranked convertible bond fund [4]. - The long-term vision includes creating a new ecosystem of human-machine collaboration, leveraging modern technological advancements to transform fund management [4]. Group 5: Multi-Asset Strategy - Multi-asset allocation is becoming a core competency for asset management, with the company establishing an industrialized process that breaks down strategy development into design, production, assembly, and testing phases [5]. - The design phase focuses on customized asset allocation and risk budgeting, while the production phase consolidates research efforts across various asset classes [5]. Group 6: Future Investment Trends - The company anticipates significant investment opportunities in the domestic hardware sector, following a trend of replicating overseas hardware and software cycles [6]. - The bond market outlook suggests a continuation of the low-interest-rate environment, with long-end yields approaching levels that present marginal allocation value [6].

Core Viewpoint - The article emphasizes the importance of multi-asset public funds in the current volatile capital market, highlighting the success of the Huaan Yingrui Stable Preferred Fund as a benchmark in multi-asset investment strategies [1][2]. Multi-Asset Strategy - Huaan Yingrui Stable Preferred Fund employs a multi-asset strategy that combines risk parity and diverse asset classes to optimize returns while controlling risk [2][3]. - The fund's approach includes a risk parity model that dynamically adjusts asset weights based on their volatility, ensuring equal risk contribution from stocks, bonds, and commodities [2][3]. Asset Matrix Construction - The fund covers eight asset categories, including A-shares, pure bonds, overseas equities, commodities, and REITs, allowing it to find yield opportunities in various macroeconomic environments [3]. - A monthly rebalancing mechanism is in place to maintain risk balance, adjusting asset allocations based on price movements and market conditions [3]. Research and Team Expertise - Huaan Fund leverages its comprehensive product offerings and internal resources to enhance the efficiency of the FOF's asset allocation [4]. - The FOF team, led by multi-asset allocation expert Lu Jingchang, focuses on strategic and tactical asset allocation to improve risk-return profiles [5]. Performance Metrics - As of June 30, 2023, the Huaan Yingrui Stable Preferred Fund achieved a return of 5.59% since its inception on May 19, 2023, outperforming its benchmark of 5.19% and the peer index of 3.32% [3].