一个冬日的午后，阳光斜照进陆家嘴银叶投资的会议室。许巳阳坐在中国证券报记者对面，谈及复杂的 宏观变局与资产轮动，他的语速平稳，逻辑清晰。当被问及如何在多变的市场中保持定力时，他语气笃 定："资产管理的第一性原理永远不变，就是为客户理好财。但实现它的路径，必须持续迭代。" 这种"守正出新"的辩证思维，定义了许巳阳及其执掌的百亿级私募银叶投资。在资管行业净值化转型与 无风险收益率下行的深刻变局中，这位以宏观视野见长的首席投资官，正带领公司完成一场从"债券专 家"到"多策略配置专家"的自我进化。他以"解构者"的敏锐，深入产业毛细血管探寻先机；以"驾驭 者"的审慎，在多资产波浪间平衡风险与收益。在成立于2009年的银叶投资迈向第十七个发展年头之 际，许巳阳系统阐述了公司的生存哲学——一种基于深度宏观研究、拥抱多元策略、并以绝对收益为终 极信仰的长期主义实践。 解构产业毛细血管 许巳阳的职业生涯始终与"宏观"紧密相连。在他的投资框架中，宏观研究绝非停留在对于经济数据的解 读，而是必须"深入产业毛细血管"的微观解构过程。这一理念在展望2026年时尤为凸显。 "驱动市场的核心逻辑往往藏在产业的细微处。"许巳阳说。他以当前全 ...

Core Viewpoint - The article discusses the evolution and trends in Fund of Funds (FOF) investment, emphasizing the importance of multi-asset and multi-strategy configurations in portfolio construction, as well as the significance of fund selection and investment objectives in achieving stable returns [2][10]. Group 1: Portfolio Construction - The importance of asset allocation is well-known, with classic investment theory suggesting that 90% of fund performance comes from asset allocation. However, many domestic investors initially understood asset allocation as merely the proportion of equities, bonds, and cash, which requires high foresight and predictability [4]. - The diversification of investment tools has allowed for a more mature multi-asset allocation environment in China since 2022, with an increasing number of tools available for FOF investment, including QDII funds and commodity funds [4][5]. - A key aspect of multi-asset allocation is to maintain low correlation between different asset classes, ideally negative correlation, to enhance net value stability. However, investors should be cautious of sudden high correlations during extreme market conditions [7]. - A new direction in asset allocation is multi-strategy configuration, which has been effectively applied in quantitative private equity. This approach combines various effective strategies to achieve more stable excess returns [7][8]. Group 2: Fund Selection - The two main pillars of FOF investment are asset allocation and fund selection. Despite the increasing importance of asset allocation, the significance of fund selection remains high. The ability to select funds is fundamentally about acquiring the alpha capability of fund managers [11]. - The alpha capability of excellent fund managers has shown a trend of recovery since 2025, with active management of public equity funds significantly outperforming mainstream market indices [11][12]. - When assessing a fund manager's alpha capability, it is crucial to separate industry beta and thematic beta, as these represent structural risks rather than true alpha [12]. Group 3: Investment Objectives - Common investment objectives for public funds include pursuing absolute returns, outperforming benchmarks, and leading in peer rankings. Each of these objectives holds different importance for investors, managers, and peer institutions [15]. - Absolute return is considered the ultimate goal for any investment product, especially after recent market fluctuations. Regulatory bodies have begun to suggest that average absolute returns should be a key performance indicator for fund managers [16]. - Outperforming benchmarks is essential for establishing trust with investors and is a core competency for fund companies. Recent market changes have highlighted the need for funds to consistently exceed benchmarks to ensure healthy industry development [17][18]. - Leading in rankings should not be an explicit goal, as it can lead to herd behavior among fund managers. Instead, focusing on absolute returns and benchmark outperformance will naturally result in favorable rankings over time [19].