Core Insights - A significant number of public FOFs (Funds of Funds) are being liquidated due to failure to meet size requirements, reflecting a market-driven elimination of underperforming products [1][4][5] - Despite challenges, there has been a notable increase in the issuance of new FOFs, indicating a potential shift in market dynamics and investor demand for diversified asset allocation products [8][10] Group 1: Liquidation of FOFs - Since August 2025, 13 public FOFs have announced liquidation, with 11 being initiated funds that failed to reach the required 200 million yuan size after three years [1][2] - The majority of these funds had net asset values below 50 million yuan at the time of liquidation, with some as low as 10 million yuan [3][4] - The poor performance of these funds, with returns under 5% over three years, has been a primary reason for their liquidation [4][5] Group 2: Market Trends and New Issuance - In the first nine months of 2025, 49 new public FOFs were launched, a 113% increase compared to the same period in 2024 [1][8] - Over 60% of existing equity FOFs have management sizes below 200 million yuan, indicating a prevalence of "mini" funds in the market [6] - The trend towards increased issuance of FOFs suggests a response to market conditions and regulatory demands, aiming to meet investor needs for stable returns through diversified asset allocation [8][10] Group 3: Future Directions for FOFs - The future development of FOF products is expected to focus on greater diversification and specialization, incorporating a wider range of asset classes to enhance risk management and returns [10][11] - Fund managers are encouraged to innovate product offerings and improve fee structures to attract more investors and enhance competitiveness [7][11] - The integration of technology, such as AI and big data, is anticipated to improve investment decision-making processes within FOF management [11]

21世纪经济报道记者 易妍君 由于不能满足存续条件，多只发起式公募FOF被迫清盘。 Wind数据显示，自2025年8月以来，陆续有13只公募FOF发布了清算报告，其中，包括大成颐享稳健养 老目标一年持有期FOF、申万菱信养老目标日期2040三年持有期FOF、国投瑞银兴源6个月定开FOF在 内，有11只为发起式产品；国投瑞银兴源6个月定开混合型FOF、浙商智配瑞享一年持有期债券型FOF 为非发起式产品。 受访人士向21世纪经济报道记者指出，近年来FOF整体业绩表现并不突出、投资者持有体验不佳，大量 FOF的规模不断下降，清盘成为合规与市场双重压力下的必然结果，这也反映出行业正通过市场化机制 加速淘汰缺乏竞争力的产品，倒逼基金管理人提升资产配置能力与长期回报水平。 值得注意的是，虽然公募FOF面临"长不大"的难题，但部分基金公司仍在加大布局力度。据第三方机构 统计，今年前9个月，全市场共发行了49只公募FOF，较2024年同期的23只同比大增113%。 相比普通基金，发起式基金的成立门槛较低，其要求相关基金公司、高管或基金经理认购至少1000万 元，并至少持有3年。不过，若该类基金在成立3年后，还不能达到2亿元的 ...