随着市场行情持续升温，公募FOF再次成为市场关注的焦点。 工银瑞信基金FOF投资部基金经理周崟近日在接受证券时报记者采访时表示，多资产风险对冲是FOF捕 捉多重收益的重要来源。其中，战略配置获得的系统性贝塔收益，是组合收益的主要来源，应根据不同 资金性质来量体裁衣。战术资产配置则应着眼于中短期，力争通过高配看多资产，获取阿尔法收益。在 接下来的结构性机会中，可关注科技+制造特征的成长板块。 多资产风险对冲 是收益重要来源 周崟是一名有着逾12年从业经验的金融老将。在2014年加入工银瑞信基金之前，在中银基金等买方机构 从事公募产品的开发和研究工作，在这些工作经历中，逐渐形成完整的资产配置和基金精选方法论。 截至目前，周崟共管理6只FOF产品，既有偏债FOF，也有偏股和养老FOF。据基金二季报统计，周崟 管理的6只FOF今年以来均取得了不错回报，工银睿智进取一年A今年以来取得了14.88%的回报，近一 年实现了31.62%的净值增长率。根据基金二季报数据，工银睿智进取一年逾九成仓位持有基金资产， 包括港股通互联网、创新药、芯片、红利低波、黄金、纳指等ETF。二季报显示，该基金穿透后看，权 益仓位处于中性水平，结 ...

Core Viewpoint - The article discusses the limitations of market timing in investment strategies, emphasizing that long-term asset allocation is more critical for achieving investment success than attempting to time the market [3][16]. Group 1: Market Timing Analysis - Peter Lynch's analysis from 1965 to 1995 shows that even with perfect timing, the difference in annualized returns between the best and worst timing investors is minimal, with only a 1.1% difference [4][6]. - In the Chinese A-share market, from 2005 to 2024, the annualized return for the worst timing investor is 3.71%, while the best timing investor achieves 7.82%, indicating a 4.11% difference in a more volatile market [9][10]. - The costs associated with active management in China are approximately 2.2% annually, which can diminish the perceived benefits of market timing [12][15]. Group 2: Asset Allocation vs. Market Timing - Research by Brinson, Hood, and Beebower indicates that 91.5% of investment returns are determined by asset allocation, far exceeding the impact of market timing and stock selection [18]. - Asset allocation is defined as a long-term strategy (5-10 years) that involves creating a diversified portfolio based on risk-return objectives, while market timing is a short-term strategy focused on buying low and selling high [20][21]. - Tactical asset allocation can enhance returns during market cycles but should be a disciplined adjustment around a strategic asset allocation framework [23]. Group 3: Costs of Market Timing - The article highlights that market timing is a probability game that can lead to significant costs, including missing out on market rebounds and compounding returns [25][29]. - A hypothetical scenario illustrates that even with a 70% success rate in timing, the actual benefits may be negligible when considering transaction costs and the risk of missing out on bull markets [30][31]. - The importance of being invested during market opportunities is emphasized, as asset allocation allows investors to remain engaged in the market without the need for precise predictions [31].

Core Viewpoint - The article emphasizes the investment framework of Tang Jun, a FOF fund manager, focusing on a "configuration-first" approach to achieve stable and high-risk-adjusted returns for investors [2][3]. Group 1: Investment Philosophy - "Configuration-first" means establishing a personal allocation framework and viewpoint before selecting fund managers or products that align with these views [3]. - The ability to have an independent and objective analysis framework is crucial for making allocation decisions [5]. - A strict and scientific risk budgeting framework is necessary to ensure long-term asset allocation success [5]. Group 2: Tactical Asset Allocation - Tactical asset allocation is based on analyzing expected differences in asset prices, which may not solely depend on fundamentals [10]. - An example of tactical allocation was provided, where long-duration bond funds were reduced due to overheated market expectations and weakening fundamentals [12]. Group 3: Asset Classes and Return Streams - Different asset classes such as stocks, bonds, gold, and commodities are viewed as distinct return streams, especially when they exhibit low correlation [9]. - The importance of identifying and separating different return streams, including strategies within the same asset class, is highlighted [9]. Group 4: Gold Allocation - The consistent allocation to gold since the product's inception is attributed to macroeconomic factors, particularly the declining status of the US dollar as a reserve currency [13]. Group 5: ETF Utilization - ETFs are preferred for equity holdings due to their ability to efficiently reflect style configurations and enhance capital utilization [14]. Group 6: Active Fund Selection - The selection of active funds focuses on stable styles and the ability to generate alpha after removing style beta [15]. - The process of stripping away style beta is essential for accurately assessing a fund manager's alpha contribution [16]. Group 7: Future Aspirations - The goal is to create a stable, high-risk-adjusted return fund similar to the all-weather strategy of Bridgewater Associates [18].

Group 1: Core Insights - AI is becoming a new anchor point for global markets, despite high valuations of US tech stocks, due to strong profitability of related companies [1][5] - The current global environment is complex, with a lack of long-term macro anchors affecting investment strategies, leading to a focus on tactical asset allocation over strategic allocation [4][5] Group 2: Market Analysis - The US tech sector remains the strongest performer in the stock market, achieving approximately 20% returns in Q1, significantly outperforming the market average [8] - AI infrastructure investments are seen as having a clear outlook, driven by strong structural forces that will take years to fully materialize [7] Group 3: Investment Opportunities - The "Tech Seven" companies have shown significant earnings growth despite only slight stock price increases, indicating a disconnect between market performance and profitability [5][8] - China and Europe are emerging as new opportunities in the AI sector, with a neutral outlook on Chinese stocks but a focus on sectors benefiting from structural forces or policy support [9] Group 4: Economic Considerations - The US bond market is viewed with caution, as current pricing reflects excessive rate cut expectations, which may not align with ongoing inflation pressures [13] - The dynamics of global supply chains are highlighted, indicating that abrupt changes could lead to significant consequences, including inflation and supply issues [11]

Core Viewpoint - Artificial Intelligence (AI) is becoming a new anchor point for global markets, despite high valuations of US tech stocks compared to historical levels, due to strong profitability of related companies [2][4][6]. Group 1: Market Environment and Investment Strategy - The current global environment is complex, with a lack of macroeconomic anchors affecting investment strategies. Traditional strategic asset allocation is challenged by the absence of long-term anchors [4][5]. - Investors should allocate more risk budget to tactical asset allocation (6-12 months) rather than strategic asset allocation (over 3 years) in the current environment [5]. - AI is identified as a significant driving force for long-term returns, surpassing macroeconomic predictions, and is currently in its first phase of development [6]. Group 2: AI and Investment Opportunities - AI infrastructure investment prospects are promising, driven by strong structural forces that will take years to fully materialize. There is confidence in infrastructure investments, particularly in renewable energy [8]. - The "Tech Seven" companies in the US have shown significant profitability growth, although their stock prices have only slightly increased this year. This disconnect between market performance and profitability presents tactical investment opportunities [6][9]. Group 3: US Tech Stocks Valuation - The technology sector remains the strongest performer in the US stock market, achieving approximately 20% returns in Q1, with a year-on-year growth of 18-19%, significantly exceeding the market average of 14% [9]. - Despite slightly high valuations compared to long-term averages, traditional mean reversion principles may not apply in the new paradigm, making valuation just one of several considerations [9][10]. Group 4: Global Investment Landscape - In the next 6-12 months, a neutral stance is taken on Chinese stocks, with a preference for sectors benefiting from structural forces or policy support, particularly technology and healthcare [12]. - European tech companies are seen as having favorable conditions, especially in a local tech preference environment, while European financial stocks offer attractive dividend yields [12]. Group 5: US Treasury Market and Gold Investment - Caution is advised regarding the US Treasury market, as current pricing reflects excessive rate cut expectations, which may not align with ongoing inflation pressures [19]. - Gold is viewed as a sustainable investment, with increasing importance in portfolio diversification. Central banks are playing a larger role in gold allocation as international investors reconsider US Treasury investments [18].

Core Viewpoint - The article discusses the innovative strategies employed by Xingyin Wealth Management to adapt to the changing landscape of wealth management, particularly in response to declining bank wealth management yields. It emphasizes the importance of multi-asset investment strategies and a systematic approach to asset allocation to meet the investment goals of clients [1]. Summary by Sections Investment Strategy and Client Needs - Clients of wealth management products typically have low risk tolerance and seek to preserve wealth while achieving returns that outpace deposit rates and inflation. They also require liquidity [3]. - Xingyin Wealth Management's innovation team offers various product lines, including options + wealth management products, quantitative + wealth management products, and multi-asset + wealth management products, all aimed at enhancing returns while ensuring absolute returns [3]. Strategic Asset Allocation - Unlike traditional bank wealth management, Xingyin Wealth Management retains control over key asset allocation during product design, which is crucial for achieving desired returns [5]. - The first layer of asset allocation focuses on low correlation among assets, including bonds, stocks, gold, and quantitative neutral strategies [6]. - The second layer emphasizes market neutrality and macro neutrality, allowing the asset combination to adapt to various market conditions [7]. Industrialized Production Model - Xingyin Wealth Management employs an industrialized production model for multi-asset investment, where each strategy functions as a component that is assembled through top-level asset allocation and undergoes regular quality checks [9]. - This approach enables the management of a wider range of assets while minimizing the amplification of individual investment styles [9]. Product Lines and Innovations - The options + wealth management products provide a defined risk and potential upside, ensuring a basic return even in extreme market conditions [12]. - The quantitative + wealth management products utilize quantitative signals for asset timing and alpha stock selection, aiming for a more uniform return distribution compared to traditional public funds [12][14]. - The multi-asset + wealth management products represent a new product form that focuses on strategic asset allocation, adapting to changing market environments while providing clear return expectations [16]. Tactical Asset Allocation - Tactical asset allocation adjustments are informed by a historical database that tracks asset performance during various market conditions, allowing for proactive risk management [19]. - The strategy includes avoiding significant drawdowns during high inflation and capitalizing on assets with favorable valuations [19]. Team Structure and Strategy Development - The investment team is structured to ensure dual-driven strategies, where each manager has relevant investment experience and can manage both proprietary accounts and outsourced strategies [28]. - The team has developed approximately 15 main strategies, each with sub-strategies, ensuring a comprehensive approach to asset management [27]. Conclusion - Xingyin Wealth Management's systematic and industrialized approach to multi-asset investment, combined with a focus on strategic and tactical asset allocation, positions it well to meet the evolving needs of clients in a challenging investment environment [33].

Core Viewpoint - The National Financial Supervisory Administration has approved New China Life Insurance to participate in the third batch of insurance fund long-term investment reform pilot, collaborating with China Life and other institutions to establish the Honghu Fund Phase III [1] Group 1: Investment Strategy - New China Life Insurance emphasizes both "strategic asset allocation" and "tactical asset allocation" in its investment approach [1] - "Strategic asset allocation" focuses on long-term strategic layout, with the underlying logic of serving the real economy as the basis for investment portfolio construction [1] - "Tactical asset allocation" involves strict rebalancing strategies, timely initiation of pilot funds, increasing holdings of equity base assets, and raising the proportion of Hong Kong stock allocations [1]