Core Viewpoint - The FOF (Fund of Funds) market is experiencing a significant surge in issuance, with a focus on bond-oriented strategies, reflecting a strong demand for stable returns and diversified asset allocation [1][5][8]. Group 1: FOF Issuance Trends - Four FOFs were established on November 25, continuing a trend of high issuance throughout the month, with many new products achieving impressive initial fundraising results [2][3]. - The number of FOFs with a scale exceeding 1 billion yuan has reached approximately 50 this year, with 23 of them exceeding 10 billion yuan and 4 surpassing 50 billion yuan [6]. - The total fundraising scale of newly issued FOFs has exceeded 70 billion yuan this year, significantly surpassing the total for the previous year [6]. Group 2: Characteristics of Recent FOFs - The recent FOFs are primarily bond-mixed types, with notable fundraising achievements in a short period, such as the Tianhong Yingyue Stable Allocation FOF raising 11.34 billion yuan in just 5 days [3][4]. - Several products ended their fundraising early due to high demand, indicating strong investor interest in stable allocation FOFs [4]. Group 3: Market Dynamics and Investor Behavior - The public fund industry is entering a "stable allocation" era, with FOFs being perceived as more suitable for current market sentiments due to their risk diversification and professional management [8]. - FOFs are characterized by their high standardization and ease of understanding, making them suitable for individual investors looking to allocate assets [8]. - Institutional demand for long-duration, balanced allocation strategies is driving the popularity of FOFs, as they naturally align with the need for diversified and professionally managed investments [8].

Core Viewpoint - The FOF (Fund of Funds) market is experiencing a significant surge in issuance, characterized by rapid fundraising and a strong demand for stable asset allocation strategies [2][5][6]. Group 1: FOF Issuance Trends - In November, the issuance of FOF products accelerated, with multiple funds being established on the same day, indicating a concentrated formation trend [1][2]. - On November 25, four FOFs were launched simultaneously, achieving substantial initial fundraising results within short periods, showcasing the popularity of debt-oriented strategies [3][4]. - The total number of FOFs established this year with a scale exceeding 1 billion yuan has reached approximately 50, with 23 exceeding 10 billion yuan and 4 surpassing 50 billion yuan [5]. Group 2: Market Dynamics - The FOF market is described as entering a "big year" for issuance, with total fundraising exceeding 700 billion yuan, significantly surpassing the total for the previous year [5]. - The demand for stable returns and diversified asset allocation is driving the popularity of FOFs, which are seen as a favorable investment option in the current market environment [6]. - Factors contributing to the rise in FOF issuance include a shift towards stable asset allocation in the public fund industry, the appeal of FOFs to individual investors due to their standardized and easily understandable nature, and the increasing allocation of institutional funds towards FOFs [6].

Core Insights - The recent issuance of public FOFs has garnered attention, with several "small blockbuster" products raising around 2 billion yuan each, and a total of 11 FOFs exceeding 2 billion yuan in fundraising this year [1][3] - The performance of stock-type FOFs has been lackluster, while some mixed-type FOFs have achieved returns exceeding 3% [1][3] FOF Market Dynamics - The FOF market is experiencing significant growth potential, with underlying funds expected to diversify further [2][6] - Recent FOF products have seen remarkable success, with notable examples including the 富国智悦稳健90天持有FOF raising 1.793 billion yuan and the 交银臻享多资产三个月持有期混合 (FOF) raising 2.367 billion yuan [3] - As of the end of Q3 this year, all public FOFs have achieved positive returns, with the top-performing FOF product yielding nearly 70% year-to-date, surpassing many active equity star funds [3][4] Performance Analysis - The recent performance of FOFs has been bolstered by strong returns from gold and resource-themed funds, with 中信建投睿选6个月A achieving a weekly return of 3.14%, the highest among all FOFs [5] - In the mixed-type FOF category, 20 products recorded returns above 1%, while stock-type FOFs had limited success, with only one product achieving a positive return [5][11] Investment Strategy and Trends - The current FOFs are diversifying their investments, including allocations to gold for risk mitigation, short-term bonds for liquidity, and technology for growth [6] - The FOF investment research teams are required to possess cross-market knowledge and capabilities to effectively manage risks associated with multi-asset strategies [6]

人民财讯11月14日电，11月14日交银施罗德基金公告显示，交银臻享多资产三个月持有期混合（FOF） 成立，募集规模23.67亿元，获9440户有效认购。根据统计，包括该FOF在内，今年以来成立规模在20 亿元以上的FOF已有11只，其中有5只成立于10月至今这段时间内。 ...