第一， 什么叫"免费的午餐"？在金融学理论中，风险和收益在绝大多数环境下是匹配的，要获得收益就需要承担风险。但是，"免费的午 餐"正是不承担额外风险的前提下，能获得更高的收益。这一块额外的收益就是"免费的午餐"。 当无风险收益率来到1%的时代后，越来越多投资者希望找到更好的理财替代。但是，对于低风险偏好的投资者来说，传统的股债二元配置， 无法满足他们所有的需求。A股天然波动较大，一旦股票仓位占比提升，会影响整个产品的风险特征。对于低风险的投资者来说，他们相比收 益率有两个更重要的投资目标： 1）最大回撤尽量在-1.5%以内；2）获得正收益的时间等待不能太久，最好持有几个月就能赚钱。 导读：现代投资组合之父哈里·马科维茨有一句名言："资产配置多元化是投资唯一免费的午餐"。这句话深刻影响了资产管理行业的产品发 展。但是这句话的含义中，有两个被许多人忽视的关键点。 第二， 什么是"资产配置多元化"？早年许多人会提到，分散化是免费午餐。 事实上马科维茨的原话是"非相关性"分散化。假设一个组合买了 几十个股票，但这些股票都来自某一个行业或者由一种因子驱动，就没有实现分散化。非相关性的分散化，成为了过去30年资产管理发展 ...

Core Viewpoint - The performance of FOF products has significantly improved in 2023, with an average annual return of 14.29% for 477 FOFs established for over six months as of October 31 [1] Group 1: Market Performance - As of the end of Q3, the total scale of FOFs in the market reached 187.147 billion, an increase of 57 billion compared to the end of last year [1] - The recovery in the equity market and the gradual restoration of investor confidence have contributed to the positive performance of FOF products [1] Group 2: Investment Strategy - The newly issued FOF by Invesco Great Wall adopts a "fixed income + multi-asset" strategy, aiming to enhance returns while controlling overall volatility [1] - The proposed fund manager, Jiang Hong, emphasizes a "stability first, then diversification" approach in asset allocation [1] Group 3: Performance Metrics - Jiang Hong's low-volatility FOF, Invesco Great Wall Conservative Pension, achieved a net value growth rate of 7.89% since inception, outperforming the pure bond fund index at 3.69% [2] - The maximum drawdown of this product was -0.88%, better than the performance benchmark of -1.39% and significantly superior to the bond FOF index at -2.91%, demonstrating strong drawdown control [2] Group 4: Market Outlook - Jiang Hong maintains a relatively positive outlook on the equity market, expecting a primarily structural market and emphasizing the importance of fundamental analysis [2] - Key investment areas include technology, high-dividend stocks, and pharmaceuticals, while in the bond market, leveraging strategies are encouraged to enhance returns amid a loose funding environment [2]

Core Insights - The demand for low-volatility products is increasing as investors seek stable returns in the current market environment [1][4] - The management of low-volatility funds prioritizes controlling maximum drawdown and anchoring annual volatility at low levels to achieve steady asset appreciation [1][2] Group 1: Low-Volatility Product Management - The primary focus in managing low-volatility products is to control maximum drawdown, followed by anchoring annual volatility at lower levels [1][2] - The low-volatility fund managed by the company has achieved a net value growth rate of 6.82% since March 20, 2024, with a maximum drawdown of only 0.88% as of August 12 [1] Group 2: Investment Strategy - The company designs low-volatility fund of funds (FOF) products targeting investors with high safety requirements and a pursuit of stable returns [2] - The investment strategy includes a focus on clear underlying assets, primarily investing in pure bond funds and using ETFs for equity assets [2] Group 3: Asset Allocation Strategy - The asset allocation strategy combines both strategic and tactical approaches, with strategic allocation based on macroeconomic and monetary cycle research [3] - Tactical allocation allows for flexible adjustments based on short-term market conditions and economic changes [3] Group 4: Market Outlook - The company anticipates improving corporate earnings and favorable investment opportunities in A-shares, supported by fiscal and monetary policies [4] - The Hong Kong stock market is expected to perform well due to policy support and accelerated technological development [4] - The company highlights the importance of core technology and profitable leading enterprises, as well as the potential for value sectors to experience a rebound [4] Group 5: Bond Market Insights - In the context of steady economic recovery and manageable inflation pressures, the risk of significant interest rate hikes is limited, leading to a range-bound pattern in long-term bond yields [5] - The financing environment for urban investment and real estate sectors is supported by policies, with mid-to-high-grade credit spreads expected to continue narrowing [5]