在投资的广袤版图上，有人深耕一域，成为某类资产的专业猎手；有人纵览全局，放眼全球资产，成为多元资产配置的掌舵人。东方红资产管理的FOF基 金经理陈文扬，无疑属于后者。 陈文扬对跨市场、多类型资产研究深入，从不拘于单一市场，而是以多元资产配置为经纬，以精选基金为枢纽，为投资者构建能抵御风浪、亦能捕捉机遇 的产品——FOF。他的视野，跨越股票、债券、商品、黄金等领域，在宏观的叙事与微观的价值间，寻找珍贵的"更优解"。11月10日至21日，东方红资产 管理新推出由陈文扬管理的稳健型FOF——东方红欣恒稳健3个月持有混合FOF（A类025909、C类025910），以绝对收益策略来开展多元资产配置，追求 长期稳健表现。 投资研究以广度见长 且具有深度 先锋集团创始人约翰·博格曾说过："在投资中，分散化并持有是唯一的真理。你永远无法预测哪个资产类别会表现最好。" 在FOF的管理中，东方红FOF团队有一套完善的流程，从设计策略、选资产、选中观行业、再选基金、最后落地成一个具体的FOF组合。因为要研究和投 资的资产品种较多，所以会侧重团队作战，充分发挥FOF团队的研究能力，基金经理作为一个中枢角色去负责FOF的管理。 根据 ...

Core Viewpoint - The article emphasizes the importance of diversified asset allocation in investment management, highlighting the expertise of Chen Wenyang, a seasoned fund manager at Dongfanghong Asset Management, in managing multi-asset FOF (Fund of Funds) products to achieve stable returns and mitigate risks [2][4][16]. Group 1: Investment Strategy - Chen Wenyang employs a comprehensive approach to asset allocation, focusing on identifying high-odds and reasonable-win-rate investment opportunities across various asset classes, including stocks, bonds, commodities, and gold [10][14]. - The FOF management process at Dongfanghong involves a systematic strategy design, asset selection, and fund manager evaluation, leveraging team collaboration to enhance research capabilities [4][5]. - The newly launched Dongfanghong Xinheng Stable 3-Month Holding Mixed FOF aims to provide absolute return strategies through diversified asset allocation [2][16]. Group 2: Performance Metrics - The Dongfanghong Yihe Stable Pension Two-Year FOF, managed by Chen Wenyang, has demonstrated strong performance, ranking 5th out of 25 and 8th out of 61 in its category over the past five and three years, respectively [5][17]. - The fund's historical performance indicates a consistent ability to manage risks and achieve returns, with a net value growth rate of 6.57% in 2024, outperforming its benchmark [17]. Group 3: Asset Selection Criteria - Chen Wenyang emphasizes the significance of selecting assets with upward trends, noting that the choice of underlying assets is more critical than merely selecting funds [10][11]. - The FOF team utilizes both quantitative and qualitative research methods to evaluate fund managers, focusing on their investment logic and consistency in execution [15][16]. - The strategy includes a careful selection of fixed-income funds based on risk-return characteristics, prioritizing stability over high returns [15].

Core Insights - In uncertain markets, investors are increasingly seeking stable investment options that provide reasonable returns, leading to a surge in FOF (Fund of Funds) funds, which saw a net increase of 17.9 billion yuan in Q1 2023, the highest since 2022 [1] - The launch of the Dongfanghong Yingfeng Stable 6-Month Holding Mixed FOF aims to provide a one-stop asset allocation solution through global asset allocation and diversified income sources [1][14] - The FOF strategy emphasizes a multi-asset allocation framework, reducing reliance on single assets and mitigating risks associated with specific asset volatility [2] Investment Strategy - The FOF approach is based on the "Investment Holy Grail" theory by Ray Dalio, advocating for a well-constructed portfolio with 10-15 low-correlation return streams to lower dependency on single assets [2] - The FOF funds have increasingly included various asset types, such as stocks, bonds, commodities, QDII, and REITs, creating a comprehensive asset allocation framework [2] - Chen Wenyang, the fund manager, leverages extensive experience across domestic and international markets to create cross-asset, cross-market, and cross-strategy portfolios [3] Performance Metrics - The Dongfanghong Yihe Stable Pension Two-Year FOF, managed by Chen Wenyang, has shown strong performance, ranking 2nd out of 54 in its category over three years, with a net value growth rate of 10.30% compared to a benchmark of 4.06% [10][15] - The fund's maximum drawdown was only 3.92%, indicating a stable upward trend in net value [10] - The fund's performance metrics demonstrate a consistent ability to outperform benchmarks, with a past year net value growth rate of 7.27% against a benchmark of 4.79% [10] Fund Management Philosophy - Chen Wenyang emphasizes the importance of both "depth" and "breadth" in asset allocation, ensuring a balance between diverse asset classes and in-depth analysis of fund managers' capabilities [6] - The internal structure includes a "basic fund pool" and a "selected fund pool" to identify high-potential funds through rigorous quantitative and qualitative assessments [6] - The focus is on creating a multi-asset portfolio that consistently generates excess returns, requiring deep research capabilities and macroeconomic judgment from fund managers [6] Client Engagement - The FOF team has shifted from traditional client service models to a more engaging approach, providing regular insights and educational content to help investors understand FOF investments [13] - The team aims to build long-term trust with investors through personalized service and clear communication of investment strategies [13][14] - The ultimate goal is to ensure that investors can navigate market fluctuations with confidence and achieve steady returns over time [9][14]