Core Insights - The article highlights the remarkable growth of Bosera Fund's FOF (Fund of Funds) product, which has increased from 247 million yuan at the end of 2024 to 7.741 billion yuan by June 2025, reflecting a demand for low-volatility investment products in a low-interest-rate environment [1][2][3] - Performance is emphasized as the key driver behind the growth, with the Bosera Zhenxuan Chuhui three-month holding bond FOF achieving an 8.33% cumulative return since its inception, outperforming its benchmark of 5.61% [2][3] - The article discusses the team's robust investment research and risk management strategies that have enabled them to navigate market volatility effectively [5][6][7] Growth and Performance - Bosera's FOF product has seen a growth of over 30 times in size, becoming a representative of the public FOF market's growth in 2025 [1][2] - The FOF team has successfully avoided significant market downturns since 2022 and capitalized on opportunities in AI, technology, and convertible bonds in 2024 [2][3] - The FOF's investment strategy combines bonds, convertible bonds, and multi-asset enhancements to achieve stable returns [2][3] Investment Research and Strategy - The FOF/MOM investment research system is characterized by a comprehensive approach, focusing on capital market research, investment capability analysis, and dynamic portfolio management [3][4] - The team employs a "three-multi" strategy: multi-asset, multi-style, and multi-investment managers, ensuring a diversified and effective investment approach [3][4] - The team emphasizes "penetrative research" in selecting funds and managers, focusing on measurable investment capabilities and the reliability of non-investment abilities [4][5] Risk Management - The article outlines three key risk management techniques: strict risk budget management, high-frequency monitoring through stress testing, and extreme scenario simulations [6][7] - These techniques have been developed through years of practical experience in FOF/MOM investment, allowing the team to protect investor interests during market fluctuations [5][6] Future Outlook - The FOF/MOM model is seen as having significant growth potential, particularly in the context of the current low-interest-rate environment and the increasing demand for stable investment products [9][10] - The article suggests that the FOF/MOM model can address existing challenges in the asset management industry, such as performance instability and market inefficiencies [9][10] - Bosera's commitment to low-volatility and steady growth strategies positions it well to enhance investor satisfaction and contribute to inclusive finance [9][10]

Core Insights - The rapid growth of Bosera Fund's FOF (Fund of Funds) is attributed to solid performance, with the "Zhenxuan Chuhui" fund reaching a scale of 7.741 billion yuan by June 2025, up from 247 million yuan at the end of 2024, reflecting a demand for low-volatility investment products [2][3] - The FOF team has demonstrated strong asset judgment capabilities, successfully navigating market volatility and capitalizing on opportunities in AI, technology, and convertible bonds [3][4] Performance Metrics - The "Zhenxuan Chuhui" FOF has achieved an 8.33% cumulative return since its inception on September 27, 2023, outperforming its benchmark of 5.61% [3] - In the past year, it ranked first among similar products, showcasing the team's effective investment strategies [3] Market Context - The public FOF industry reversed a three-year trend of scale contraction, growing by over 30 billion yuan (25%) by the end of 2025 [4] - The demand for low-volatility, stable growth products is expected to surge, especially as traditional fixed-income yields decline [4][12] Investment Strategy - The FOF team employs a strategy of "bond foundation + convertible bond features + multi-asset enhancement," focusing on the long-term investment value of Chinese assets while also considering global asset allocation [3][4] - The team emphasizes a dynamic asset allocation approach, adapting to market conditions and utilizing a "three-dimensional" investment strategy [5][6] Risk Management - The team has developed a robust risk management framework, including strict risk budgeting, high-frequency stress testing, and extreme scenario simulations to protect investor interests [7][8] - These risk control measures have proven effective in mitigating extreme market conditions and maintaining portfolio stability [7][8] Team Expertise - The FOF team has a well-established research and investment framework, characterized by a comprehensive understanding of capital markets and a focus on diverse asset classes and investment styles [4][9] - The team's experience and adaptability have led to successful navigation of various market challenges over the years [9][10] Future Outlook - The FOF/MOM (Multi-Manager) model is expected to address key challenges in the asset management industry, with significant growth potential in the low-interest-rate environment [11][12] - The model's ability to leverage external investment capabilities and mitigate systemic risks positions it well for future expansion, potentially reaching a trillion-yuan scale in the domestic market [11][12]

Core Insights - The article highlights the remarkable growth of Bosera Fund's FOF (Fund of Funds) product, which has increased from 247 million yuan at the end of 2024 to 7.741 billion yuan by June 2025, reflecting a more than 30-fold increase, driven by the demand for low-volatility investment products [1][2] - The performance of the Bosera Zhenxuan Chuhui three-month holding bond FOF has been strong, with an 8.33% cumulative return since its inception, outperforming its benchmark of 5.61% [2] - The FOF team has effectively navigated market volatility and capitalized on opportunities in AI, technology, and convertible bonds, demonstrating their asset assessment capabilities [2][3] Growth Factors - The rapid growth of Bosera Fund's FOF is supported by solid performance, with the product ranking first among similar offerings in the past year [2] - The team has a well-established FOF/MOM investment research system, emphasizing diverse asset allocation and risk management [3][4] - The FOF team has successfully avoided significant market downturns and has strategically positioned itself to take advantage of emerging market trends [2][8] Investment Strategy - The investment strategy combines a foundation of bonds with features of convertible bonds and multi-asset enhancements, aiming for stable growth [2][4] - The team employs a "three-multi" approach, focusing on diverse assets, styles, and investment managers, supported by comprehensive market research [3][5] - Dynamic portfolio management is achieved through precise management of asset allocation and collaboration with top-performing managers [5][6] Risk Management - The team has developed a robust risk management framework, including strict risk budgeting, high-frequency monitoring, and extreme scenario simulations to protect investor interests [6][7] - The risk control measures have proven effective in mitigating extreme market conditions, ensuring the stability of the investment portfolio [6][7] Future Outlook - The FOF/MOM model is expected to address current challenges in the asset management industry, such as performance instability and market inefficiencies, particularly in a low-interest-rate environment [10][11] - The potential for FOF/MOM products to reach a trillion-yuan scale in China is significant, given the existing demand from banks, insurance, and trust institutions [10][11] - The unique advantages of the FOF/MOM model, including leveraging external investment capabilities and reducing systemic risks, position it favorably for future growth [10][11]

Core Viewpoint - The rapid growth of Bosera Fund's FOF (Fund of Funds) is attributed to solid performance and a strong demand for low-volatility investment products in a low-interest-rate environment [1][10]. Growth of Fund Size - As of June 30, 2025, the Bosera Zhenxuan Chuhui three-month holding bond fund of funds reached a size of 7.741 billion yuan, a more than 30-fold increase from 247 million yuan at the end of 2024 [1]. - The fund's performance since its inception on September 27, 2023, has seen an 8.33% cumulative increase, outperforming its benchmark of 5.61% [1][2]. Investment Strategy - The FOF team employs a strategy of "bond foundation + convertible bond features + multi-asset enhancement" to explore long-term investment value in Chinese assets and to achieve stable growth [3]. - The team has successfully navigated market volatility since 2022 and capitalized on opportunities in AI, technology, and convertible bonds in 2024 [2]. Research and Risk Management Framework - The FOF/MOM investment research system is characterized by a comprehensive, mature, and effective risk control framework developed over 16 years [4]. - The team emphasizes "three multiples": diverse assets, diverse styles, and diverse investment managers, supported by capital market research, investment capability research, and dynamic portfolio management [4][5]. Risk Control Techniques - The team has established a risk budget management mechanism, high-frequency monitoring through stress testing, and extreme scenario simulations to manage risks effectively [6][7]. Market Position and Future Outlook - The FOF industry has reversed a three-year trend of shrinking size, growing by over 30 billion yuan, a 25% increase from the end of 2024 [3]. - The FOF/MOM model is expected to address current asset management industry pain points, with significant growth potential in the low-interest-rate environment [10]. - The domestic market has a substantial demand for FOF/MOM products, with potential to reach a trillion yuan scale, driven by the need for low-volatility and stable growth investment options [10].