Core Viewpoint - The article highlights the resurgence of public FOF funds alongside performance recovery, focusing on the successful strategies of fund managers like Tang Jun from Zhongtai Asset Management, who emphasizes a "configuration first" approach in asset allocation [1][2][3] Group 1: Performance and Strategy - Tang Jun's management of Zhongtai Tianze Stable 6-Month Holding A has achieved impressive rankings, with performance rankings of 2 out of 136 and 2 out of 172 for the past two years and one year respectively [1] - The "configuration first" framework proposed by Tang Jun prioritizes establishing a personal asset allocation framework before selecting suitable fund products, contrasting with traditional methods that focus on identifying top fund managers [2][3] Group 2: Asset Allocation Framework - Tang Jun's strategic asset allocation is based on a "currency-credit" framework, analyzing the modern monetary financial system's impact on asset performance, particularly favoring bonds and commodities in a low-interest-rate environment [3][4] - The tactical allocation involves adjusting positions based on market sentiment and funding conditions, with recent adjustments including a reduction in dividend-heavy assets and an increase in growth-oriented investments [4][6] Group 3: Multi-Asset and Low-Correlation Approach - Tang Jun advocates for a focus on "low-correlation multi-return streams," inspired by Ray Dalio's concept of diversifying across 15 to 20 independent return streams to reduce risk without sacrificing expected returns [7][8] - The investment strategy includes a nuanced approach to asset classification, where assets are evaluated based on their correlation with other assets rather than merely by category, allowing for more effective diversification [7][8] Group 4: Performance Metrics - Since its inception, Zhongtai Tianze Stable 6-Month Holding A has shown varying net asset value growth rates, with figures of -3.70%, 7.22%, and 6.91% for 2023, 2024, and the first half of 2025 respectively, compared to its performance benchmark [9]

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].