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]

景顺长城基金江虹：力求低波FOF 稳健收益 如何实现低波向上的净值曲线？江虹表示，在低波产品的管理中，控制最大回撤是第一优先级，其次是 将年化波动率锚定在较低水平。在此基础上，追求基金资产稳健增值 谈及新产品景顺长城安恒增益三个月持有FOF，江虹表示，将在求稳的基础上进行多元配置，丰富收益 来源。据悉，景顺长城安恒增益三个月持有FOF的固收资产中枢为90%，权益资产等资产类型中枢为 10%，同时将资产扩展到QDII基金、商品基金、REITs等。 采取"战略+战术"配置策略 在资产配置上，江虹表示，组合采取"战略+战术"的策略。战略配置是基于宏观经济周期、货币周期变 化情况的深度研究，综合各类资产的长期收益率、历史波动率、资产之间的相关性等指标，确定不同资 产比例，以保证组合的风险收益；战术配置则是围绕战略目标，根据短期市场环境、经济变化进行灵活 调整。 这种配置策略对基金经理和团队的要求较高。江虹拥有丰富的FOF、投顾组合管理经验，长期关注宏 观、海外资产等，对中观行业配置有着深刻理解，擅长用量化方法找到优势行业。 ◎记者 何漪 从保险精算、保险资管投资到公募FOF和投顾的管理，景顺长城养老及资产配置部基金经 ...