Core Viewpoint - The article highlights the increasing reliance of Funds of Funds (FOFs) on index-based tools, particularly ETFs, for asset allocation, reflecting a trend towards diversification and tool-based management in the current market environment [2][5]. Group 1: FOF Holdings Characteristics - In the first half of the year, FOFs have shown a pronounced preference for index-based tools, with a significant concentration in technology and commodity-themed ETFs [2][3]. - Specific ETFs such as the Huaxia Hang Seng Technology ETF and the Huaan Gold ETF have been widely held by multiple FOFs, indicating a trend towards diversified investment strategies [3][4]. - The Huaan Gold ETF has emerged as the most held fund by FOFs, being included in 228 FOF portfolios, showcasing its broad appeal [3]. Group 2: Performance and Strategy - Recent performance of FOFs has been strong, with many products achieving notable returns attributed to their investments in technology, commodities, and healthcare-themed ETFs [3][4]. - The shift towards equity and commodity ETFs is seen as a natural response to market conditions and reflects the evolution of FOF products [5]. - The use of ETFs allows FOFs to quickly adjust their portfolios in response to market volatility, enhancing their ability to capture opportunities and manage risks effectively [5][7]. Group 3: Investment Logic and Trends - The investment logic of FOFs is transitioning from a "timing-driven" approach to a "multi-factor balanced" strategy, recognizing the cyclical nature of asset performance [6]. - FOFs are increasingly utilizing ETFs to achieve a balance between growth-oriented sectors and risk-hedging through commodity investments, thereby reducing overall portfolio volatility [7]. - The trend of leveraging ETFs for flexible asset allocation is becoming a significant characteristic of FOF operations, aligning with international investment practices [5][7].

Core Viewpoint - The Fund of Funds (FOF) industry has achieved its best performance in five years, driven by market recovery and favorable investment opportunities in equity assets [1][3]. Performance Summary - As of August 22, 515 public FOFs have an average annual performance of 9.41%, with only one product showing negative returns; nearly 40 FOFs have a cumulative net value growth rate exceeding 20% [2]. - The top performers include Guotai's "Optimal Navigation" with a 45.49% increase and "Industry Rotation A" with a 39.97% increase [2]. Market Conditions - The overall performance of public FOFs is at its best in five years, with significant contributions from the domestic equity market and commodities like gold [3]. - The A-share market has shown considerable gains, leading to increased capital inflow and enhanced profitability for FOFs [3]. Investment Strategy - There is a notable "stock-bond seesaw" effect, with current stock and bond attractiveness being relatively balanced; a focus on technology growth sectors is recommended [4]. - The domestic macroeconomic stability suggests limited upward potential for bonds, while the equity market is recovering, indicating a shift towards increasing equity asset allocation [4]. Asset Allocation Insights - The potential for a global monetary easing cycle, driven by factors such as the U.S. interest rate cuts, presents opportunities for domestic manufacturing and inflation-hedging assets like gold [5][6]. - The domestic equity market is seen as having relative advantages over overseas markets in terms of valuation, with a focus on sectors like new materials and renewable energy [6]. Risk Management - It is advised to avoid over-concentration in single sectors and to regularly adjust the stock-bond ratio to maintain alignment with initial risk levels [6].

Core Insights - The average performance of 515 public FOFs (Fund of Funds) reached 9.41% year-to-date as of August 22, with only one product showing negative returns [1] - Nearly 40 public FOFs have a cumulative net value growth rate exceeding 20% for the year [1] - The top performers include Guotai's Preferred Navigation One-Year Holding and Guotai's Industry Rotation A, with annual net value increases of 45.49% and 39.97%, respectively [1] - Other notable performers include ICBC's Smart Growth One-Year A, E Fund's Advantage Return A, ICBC's Pension 2050 A, and Bank of Communications' Smart Star A, all achieving around 30% returns [1] - Overall, public FOFs are experiencing their best performance in five years, both in terms of top performance and overall results [1]

Core Insights - As of July 2025, over 500 FOF funds had an average return of 2.69% and a median return of 2.34%, while the CSI 300 index rose by 3.54% [1] - Most FOF funds reported positive returns in July, with notable performers including Guotai's Preferred Navigation One-Year Holding and E Fund's Advantage Return A, achieving returns over 12% [1][4] - Guotai's Preferred Navigation One-Year Holding fund had a net value increase of 16.84% in July and a cumulative increase of 29.81% from January to July 2025 [4] Fund Performance - The top-performing FOF funds in July 2025 included: - Guotai Preferred Navigation One-Year Holding: 16.01% return - Guotai Industry Rotation A: 15.62% return - E Fund Advantage Return A: 12.2% return [1][4] - E Fund's Advantage Return A, established in March 2022, had a net value increase of 12.2% in July and 18.85% for the first seven months of 2025 [4] Fund Characteristics - Guotai Preferred Navigation One-Year Holding, a mixed equity FOF fund, was established in January 2022 and had a scale of approximately 132 million yuan as of the second quarter [4] - The fund's investment ratio reached 78.78%, with the top ten holdings accounting for 83.04% of its net value, primarily in ETF funds [4] Underperforming Funds - Some FOF funds experienced losses in July, with the largest drawdown being less than 0.3%. Many underperforming funds were newly established [5] - Guotai's and E Fund's products showed strong performance, while Guotai's and E Fund's newer products had mixed results [5]

上周（8月4日-8月10日），公募FOF市场迎来一场罕见的"满堂红"——所有产品均实现正收益，国泰优 选领航一年持有、前海开源裕源、国泰行业轮动等部分基金单周涨幅更超过4%。这在前一周市场调整 导致众多权益类FOF显著回撤的背景下，实属罕见。 | | 上周FOF涨幅榜TOP10 | | | --- | --- | --- | | 证券代码 | 证券简称 | 上周周内回报 | | | | [单位] % | | 013279.OF | 国泰优选领航一年持有 | 5.18 | | 005809.OF | 前海开源裕源 | 4.40 | | 501220.OF | 国泰行业轮动A | 4.25 | | 007231.OF | 国泰民安养老2040三年A | 3.05 | | 018674.OF | 渤海汇金优选讲取6个月持有A | 2.75 | | 013793.OF | 富国智浦精选12个月持有A | 2.68 | | 015326.OF | 交银慧选睿信一年持有A | 2.58 | | 019247.OF | 鹏华易洗积极3个月特有A | 2.39 | | 018302.OF | 华夏聚盈优选三个月持有A | 2 ...

Group 1 - The core point of the article highlights the changing dynamics in FOF (Fund of Funds) investments, particularly the decline in holdings of gold ETFs, despite their popularity among fund managers [1][2] - As of the end of Q2 2025, the Huazhong Gold ETF has the highest number of FOF holdings, totaling 78, with a market value of 987 million yuan [1] - The top five funds with the most FOF purchases include Huazhong Gold ETF, Hai Futong Zhongzheng Short Bond ETF, Pengyang Zhongzheng 30-Year Treasury ETF, and others, indicating a shift in investment focus [2] Group 2 - The article discusses the performance of FOFs, noting that several funds have achieved over 20% returns year-to-date, with specific funds like Guotai Preferred Navigation and ICBC Smart Progress leading the way [4][5] - Fund managers are adopting a proactive investment strategy, focusing on sectors such as Hong Kong technology, innovative pharmaceuticals, and A-share new productivity themes, which are driving net asset value growth [3][6] - The outlook for the market suggests a focus on industry rotation opportunities, with key investment themes including rare earths, innovative pharmaceuticals, resource commodities, and the financial real estate sector [6][7]

Core Insights - In June 2025, over 500 FOF funds had an average return of 2.11% and a median return of 1.83%, while the CSI 300 index rose by 2.5% [1] - More than 90% of FOF funds achieved positive returns in June, with notable performers including Guotai's Preferred Navigation One-Year Holding and others exceeding 7% returns [1][2] - Some FOF funds, particularly those newly established, underperformed, with institutions like Dongfanghong Asset Management and Qianhai Kaiyuan Fund showing weaker results [1][10] Performance Summary - Guotai Preferred Navigation One-Year Holding achieved a return of 9.26% in June, with a cumulative return of 11.11% for the first half of 2025 [6] - Other high-performing funds included Guotai Industry Rotation A at 8.02%, and Jiao Yin Smart Selection at 7.31% [2] - A list of top-performing FOF funds in June includes several with returns exceeding 20%, such as Yongying Technology Smart Selection A at 37.21% [3][4] Underperforming Funds - Some FOF funds experienced slight losses, with the worst performer, Dongfanghong Yingfeng Stable Allocation, showing a decrease of 0.04% [13] - Newly established funds, such as Qianhai Kaiyuan Kangyue Stable Pension One-Year Holding, also reported minimal gains, indicating challenges in early performance [10][13] - The underperformance of certain funds is attributed to their recent establishment and lack of substantial asset bases [10][13]