和国泰基金多资产配置部投资总监曾辉聊了整整一个下午后，我们首先感受到的，是他对多资产这个细分行业过 去和未来的思考与热情。 其次，亲身感受到了他对风险的态度。 访谈这天指数跌破 3900 点，访谈期间他出去了 2 次，去执行刚性风控来控制组合的最大回撤。他对回撤似乎 非常敏感。 我们还感受到了他对寻找多资产配置新出路的坚持。 过去几年，公募 FOF 给投资人的真实的体感并不算太好，看上去什么都配了一点，但市场调整时该跌的都没少 跌，反之该涨时弹性又不足。 多资产配置目前被很多人曲解为"拼盘生意"，但曾辉肯定地说这未来是一个集大成的技术活，尤其是一个团队协 作下的顶尖技术活。 据 Choice 数据统计，曾辉在管产品共 6 只。截至三季度末，其权益代表产品国泰优选领航一年，近一年收益 52.59% ， 业绩同类第 1 ；曾辉管理的国泰瑞悦 3 个月持有债券 FOF 近一年收益率 4.98% ，同类排名第 2 。 | 产品名称 | 投资类型 | | | 任职日期 近一年收益 银河排名 当前权益中枢 | | | --- | --- | --- | --- | --- | --- | | 国泰瑞悦3个月持有债券(FO ...

Core Viewpoint - The FOF funds managed by companies like Changjiang Asset Management, ICBC Credit Suisse, Guotai Fund, and Huashang Fund have demonstrated strong performance in the market, leading the industry in returns [1][12]. Group 1: Performance of FOF Funds - As of July 28, the top-performing FOF funds over the past year include Changjiang Securities with a return of 29.09%, Guotai Fund at 25.29%, and ICBC Credit Suisse at 23.32% [1][13]. - The top two FOF funds are ICBC Rui Zhi Jin Qu Stock (FOF-LOF) A with a return of 49.17% and Guotai You Xuan Ling Hang One-Year Holding Period Mixed (FOF) at 49.16% [2][3]. Group 2: Investment Strategies - The investment strategy of ICBC Rui Zhi Jin Qu Stock (FOF-LOF) A includes a concentrated portfolio with the top ten holdings accounting for 67.20%, indicating a focused approach [5][7]. - The fund employs a barbell strategy, balancing aggressive investments in high-growth sectors like innovative pharmaceuticals with defensive positions in gold ETFs [7][10]. Group 3: Market Insights and Adjustments - The FOF funds have shown a keen ability to adapt to market changes, such as reducing exposure to US stocks while increasing holdings in Hong Kong and A-shares [8][11]. - The funds are focusing on sectors with high growth potential, including rare earths and innovative pharmaceuticals, which are expected to benefit from supply-side reforms and policy support [11][12]. Group 4: Future Outlook - The outlook for the FOF funds suggests a continued focus on sectors with strong fundamentals and potential for recovery, particularly in the context of policy shifts and market dynamics [12][16]. - The emphasis on dynamic asset allocation and ETF integration is expected to enhance the strategic value of FOF funds in capturing growth opportunities [12][17].