在低利率时代的资管浪潮中，博时基金资深投资总监兼多元资产管理二部总经理张存相带领团队演绎了 一段令人瞩目的"逆袭传奇"。 截至2025年6月末，博时臻选楚汇三个月持有期债券型基金中基金的最新规模达到77.41亿元，较2024年 底的2.47亿元增长超过30倍，成为今年公募FOF市场增长的典型代表，更折射出市场对低波增值型理财 产品的迫切需求。 "产品规模增长的背后，业绩才是'硬通货'。"张存相在接受中国证券报记者采访时表示。作为国内 FOF/MOM领域的先行者，张存相带领团队为投资者点亮了一盏穿越迷雾的"长明灯"。 张存相，博时基金资深投资总监（董事总经理级）兼多元资产管理二部总经理。2010年开始从事FOF投 研工作，2020年加入博时基金。 张鼎轩，博时基金多元资产管理二部基金经理。中国本土最早一批MOM从业人员，FOF/MOM基金经 理/投资经理，2020年加入博时基金。 规模增长密码：业绩是"硬通货" 博时基金FOF规模的快速增长，离不开扎实的业绩支撑。资料显示，博时臻选楚汇三个月持有债券 （FOF）自2023年9月27日成立以来，以A类份额为例，截至2025年6月30日，业绩累计上涨8.33%，业 ...

博时基金多元资产管理二部FOF团队（从左至右）：张鼎轩、沈威、张存相、王嘉仪、章泽铧 张鼎轩，博时基金多元资产管理二部基金经理。中国本土最早一批MOM从业人员，FOF/MOM基金经 理/投资经理，2020年加入博时基金。 在低利率时代的资管浪潮中，博时基金资深投资总监兼多元资产管理二部总经理张存相带领团队演绎了 一段令人瞩目的"逆袭传奇"。 截至2025年6月末，博时臻选楚汇三个月持有期债券型基金中基金的最新规模达到77.41亿元，较2024年 底的2.47亿元增长超过30倍，成为今年公募FOF市场增长的典型代表，更折射出市场对低波增值型理财 产品的迫切需求。 "产品规模增长的背后，业绩才是'硬通货'。"张存相在接受中国证券报记者采访时如是说。作为国内 FOF/MOM领域的先行者，张存相带领团队为投资者点亮了一盏穿越迷雾的"长明灯"。 规模增长密码：业绩是"硬通货" 张存相，博时基金资深投资总监（董事总经理级）兼多元资产管理二部总经理。2010年开始从事 FOF投研工作，2020年加入博时基金。 博时基金FOF规模的快速增长，离不开扎实的业绩支撑。资料显示，博时臻选楚汇三个月持有债券 （FOF）自2023年9 ...

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].