Core Viewpoint - The article discusses the evolution of public fund of funds (FOF) in China, emphasizing a shift from a focus on individual fund managers and marketing to a more robust asset allocation strategy that meets retail investors' needs for stable returns and risk control [1][2]. Group 1: Evolution of FOF - The early development of public FOF was characterized by a focus on marketing rather than asset allocation, leading to unclear product positioning and frequent style drift [2][3]. - Recent changes in the public fund industry have prompted FOF to refocus on its core value of asset allocation, moving towards absolute return orientation and diversified investment strategies [2][3]. Group 2: Investment Strategy - Zhang Chuan, a key member of the FOF business at浦银安盛基金, emphasizes a "customer demand-oriented" investment system, which has resulted in stable performance and positive holding experiences for managed products [1][4]. - The investment strategy prioritizes risk control and aims for a high Sharpe ratio and Calmar ratio, focusing on managing volatility and minimizing drawdowns [4]. Group 3: Industrialization of Asset Management - The concept of "industrialization of asset management" is highlighted as a key approach for public FOF to break away from traditional models, emphasizing systematic rules and processes over individual judgment [2][3]. - This industrialized approach allows for a more stable and sustainable asset allocation process, combining qualitative and quantitative analyses to determine investment strategies [3]. Group 4: Future Outlook - The future of public FOF may present a "dual-track" model, with some products focusing on traditional equity and bond markets while others explore diversified asset allocation as a new growth area [3]. - As competition intensifies and investor awareness increases, FOF is expected to return to its essence of "inclusive finance," serving as an important tool for retail investors seeking stable asset growth [3].