Core Viewpoint - The article highlights the expertise of Chen Wenyang, a fund manager at Dongfanghong Asset Management, in multi-asset allocation through FOF (Fund of Funds) strategies, aiming for long-term stable performance while navigating market fluctuations [1][2][14]. Group 1: Investment Strategy - Chen Wenyang emphasizes the importance of multi-asset allocation as a foundation for FOF investment management, advocating for diversification to achieve a higher risk-return ratio [7][12]. - The FOF team at Dongfanghong employs a comprehensive process for strategy design, asset selection, and fund management, leveraging team collaboration to enhance research capabilities [2][12]. - Chen's approach involves identifying assets with high odds and reasonable win rates, focusing on those with upward trends to optimize returns [11][9]. Group 2: Performance Metrics - The "Dongfanghong Yihe Stable Pension Two-Year FOF" managed by Chen has ranked 5th out of 25 and 8th out of 61 in its category for five-year and three-year returns, respectively, showcasing its competitive performance [3][15]. - The fund's performance metrics indicate a net value growth rate of 4.26% in 2020, 3.40% in 2021, and a recovery of 6.57% in 2024, reflecting its resilience through various market conditions [15][16]. Group 3: Asset Allocation Insights - Chen's strategy includes a mix of domestic and international assets, such as overseas bond funds and gold ETFs, to enhance risk-return profiles [9][10]. - The FOF's top holdings as of Q3 2025 include multiple gold ETFs and S&P 500 ETFs, indicating a strategic focus on global asset diversification [10][9]. Group 4: Fund Management Philosophy - The article underscores the significance of a robust investment philosophy, where Chen prioritizes stable returns over high-risk, high-reward strategies, particularly in fixed-income fund selection [13][11]. - The FOF team utilizes both quantitative and qualitative research methods to evaluate fund managers, ensuring a thorough understanding of their investment logic and consistency [12][13].

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]