上周，公募FOF的发行引人关注，出现多只"小爆款"新品，募集规模在20亿元左右。今年以来，已经有11只FOF募集规模超过20亿元。 从近期的业绩表现来看，上周股票型FOF业绩欠佳，混合型FOF中有的产品业绩超过3%。 在业内人士看来，当下FOF规模和数量仍有较大发展空间，底层重仓基金应朝着更加多元的方向发展。 多只FOF新品成为"小爆款" 最近一段时间，FOF市场频频出现"小爆款"。 11月12日，富国基金旗下富国智悦稳健90天持有FOF公告成立，募集规模17.93亿元，获5835户有效认购。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。 Wind统计显示，今年以来成立规模在20亿元以上的FOF已有11只，其中有5只成立于四季度。这一加速或与该类基金的业绩有关，截至今年三季度末，所有 公募FOF基金全部实现年内正收益。 业绩排名第一的FOF产品今年以来收益率近70%，远远超越许多主动权益类明星基金。FOF基金正逐渐摘掉以往风格保守、业绩弹性不足的标签，通过精准 配置行业主题基金，实现了业绩与规模的双增。 据公募排排网统计，在 ...

Core Viewpoint - The FOF (Fund of Funds) market has seen significant growth in 2023, with a notable increase in both the number and scale of newly established funds, driven by a favorable stock market environment and diverse asset allocation strategies [1][2][6]. Group 1: FOF Market Growth - In 2023, the total scale of FOFs surpassed 200 billion yuan, with 17 funds raising over 1 billion yuan each [1][2]. - The number of newly established FOFs exceeded 60, significantly higher than the 35 established in the entirety of 2024, with total fundraising exceeding 56 billion yuan, marking an increase of over 400% compared to 2024 [2][3]. - Notable FOFs include the 富国智悦稳健90天持有FOF, which raised 17.93 billion yuan, and the 华泰柏瑞盈泰稳健3个月持有FOF, which raised 55.77 billion yuan [2][3]. Group 2: Diversification and Asset Allocation - FOFs have expanded their investment scope from primarily active funds to include passive index funds and REITs, reflecting a trend towards multi-asset allocation [4][5]. - As of the end of Q3, the most favored index funds by FOFs included gold ETFs and bond ETFs, with significant increases in holdings compared to previous quarters [4][5]. - The top ten index funds held by FOFs are predominantly bond ETFs, indicating a strategic focus on fixed-income assets [5]. Group 3: Performance and Challenges - Despite the growth, FOFs still represent a small portion of the overall fund market, which exceeds 36 trillion yuan, with over 60% of FOFs having a scale of less than 200 million yuan [7][8]. - The performance of some FOFs has been underwhelming, leading to a high rate of fund closures, with 72 FOFs liquidated since 2017, 31 of which occurred in 2025 [7]. - Challenges include a lack of investor understanding of FOF structures, concerns over dual fee mechanisms, and a need for improved investment quality and research capabilities [7][8].