Core Viewpoint - The public FOF (Fund of Funds) has entered a historic moment of regaining reputation, with the emergence of the first product achieving a doubling of performance, indicating a new phase of rapid growth in this product category as market acceptance increases, pushing the FOF market size beyond 180 billion yuan [1][2]. Group 1: Performance and Growth - The first public FOF to achieve a doubling of performance is the Qianhai Kaiyuan Yuyuan FOF, established in May 2018, with an asset size of 168 million yuan and a year-to-date return of 38%, leading to a cumulative return of 129% [2]. - Other notable public FOFs include Xingquan Antai Balanced Holding, China Universal Pension, and Penghua Pension 2045 Mixed, with cumulative returns of 79.61%, 70.12%, and 69.40% respectively, showcasing strong long-term performance [2]. - As of the third quarter of 2025, the total number of public FOFs reached 518, with a total management scale of 187.25 billion yuan, reflecting significant growth and maturity in product offerings and investment strategies [3]. Group 2: Investment Strategy - The success of public FOFs is attributed to a refined selection strategy that emphasizes industry-themed funds while reducing exposure to broad-based funds [4][6]. - The Qianhai Kaiyuan Yuyuan FOF's performance is significantly driven by its heavy allocation to resource-themed funds, with nearly 48% of its portfolio in such funds, which have shown substantial returns [6]. - The Penghua Pension 2045 Mixed FOF also benefits from a strong focus on narrow-based products, particularly in technology sectors, with significant contributions from funds like the GF New Energy Battery ETF and the E Fund Growth Power [7]. Group 3: Market Outlook - Star fund managers express optimism for the equity market in the first quarter of next year, anticipating improved economic data and favorable conditions for equity investments [8]. - The investment strategy includes a diversified asset allocation of 30% in gold, 30% in equities, and 40% in fixed income, aiming for both stability and growth potential [8]. - The long-term bullish outlook on gold is supported by ongoing global fiscal deficits and underlying economic vulnerabilities in the U.S., suggesting that gold could serve as a hedge against equity risks while providing capital gains [9][10].

Core Viewpoint - The public FOF (Fund of Funds) market is experiencing a significant turnaround, with the first product achieving a doubling of performance, indicating a new growth phase for this product category as investor recognition increases and the market size surpasses 180 billion yuan [1][2]. Group 1: Performance and Growth - The first public FOF to achieve a doubling of returns is the Qianhai Kaiyuan Yuyuan FOF, which was established in May 2018 and has an asset size of 168 million yuan as of Q3 this year, with a year-to-date return of 38% and a cumulative return of 129% [2]. - Other notable public FOFs with strong long-term returns include Xingquan Antai Balanced Holding (79.61%), China Universal Pension (70.12%), and others, with their asset sizes ranging from 67 million to 969 million yuan [2][3]. - The total number of public FOFs has reached 518, with a management scale of 187.25 billion yuan, reflecting significant growth and diversification in product offerings and investment strategies [3]. Group 2: Investment Strategies - The success of public FOFs is attributed to a strategic focus on industry-themed funds, reducing allocations to broad-based funds, which have shown weaker performance [4]. - The Qianhai Kaiyuan Yuyuan FOF has allocated nearly 48% of its portfolio to resource-themed funds, which have significantly contributed to its performance, with returns of 81.73%, 67.27%, and 47.38% for its top holdings [4]. - The Penghua Pension 2045 Mixed FOF has also benefited from a heavy allocation to narrow-based products, particularly in the technology sector, with top holdings showing returns of 58.65% to 104.06% [5][6]. Group 3: Market Outlook - Star fund manager Li He of Qianhai Kaiyuan Yuyuan FOF anticipates a positive outlook for the equity market in Q1 next year, driven by expected improvements in economic data and favorable stock-bond valuations [7]. - The investment strategy includes a diversified asset allocation of 30% in gold, 30% in equities, and 40% in fixed income, aiming for both stability and growth potential [7][8]. - Li He emphasizes the importance of gold in the portfolio as a hedge against equity risk and a source of potential capital gains, given the ongoing global fiscal challenges and inflation risks [8].

Group 1 - The core viewpoint of the article highlights the resurgence of public FOFs (Fund of Funds) as they enter a new growth phase, driven by the performance of industry-themed funds and an increase in investor recognition, with the market size surpassing 180 billion yuan [1][3] - The first public FOF to achieve a doubling of returns, the Qianhai Kaiyuan Yuyuan FOF, was established in May 2018 and has shown a year-to-date return of 38%, with a net value of 2.29 yuan and a cumulative return of 129% since inception [2][3] - The overall FOF market has grown significantly, with 518 funds and a total management scale of 187.25 billion yuan as of the third quarter of 2025, indicating a rapid increase in product diversity and investment strategies [3] Group 2 - The success of public FOFs is attributed to a refined selection strategy that emphasizes industry-themed funds while reducing exposure to broad-based funds, aligning with market trends that favor niche sectors [4][5] - The Qianhai Kaiyuan Yuyuan FOF has allocated nearly 48% of its portfolio to resource-themed funds, which have significantly contributed to its performance, with top holdings showing returns of 81.73%, 67.27%, and 47.38% [5] - Conversely, some poorly performing FOFs have adopted a "heavy broad-light narrow" strategy, leading to substantial losses due to a lack of focus on industry themes, resulting in net values remaining below 0.75 yuan [6] Group 3 - Star fund manager Li He emphasizes a diversified asset strategy for the Qianhai Kaiyuan Yuyuan FOF, with a 30% allocation to gold, 30% to equities, and 40% to fixed income, aiming for stable returns while capturing market opportunities [7] - Li He expresses optimism for the equity market in the first quarter of next year, anticipating improved economic data and a favorable stock-bond valuation ratio, with specific allocations planned for large-cap value stocks and sectors like consumer and technology [7][8] - The potential for gold investments is highlighted, with Li noting that ongoing global fiscal deficits and economic vulnerabilities in the U.S. could support long-term gold price increases, making it a valuable component of the investment portfolio [8]