Core Viewpoint - The FOF (Fund of Funds) portfolios reveal a preference for low-cost, clearly defined index funds and strong-performing active equity funds, indicating a trend in investment strategies among FOFs [1] Group 1: FOF Holdings Overview - As of the end of 2024, there are 1,257 active equity funds held by FOFs, with 121 funds having holdings exceeding 50 million shares [1] - In terms of market value, 100 funds have a holding value exceeding 100 million yuan [1] - Large fund companies with comprehensive product offerings, such as GF Fund, have multiple funds in FOF portfolios, indicating recognition of their active stock investment capabilities [1] Group 2: GF Fund Performance - GF Fund has five funds that meet both the criteria of FOF holdings exceeding 50 million shares and a market value exceeding 100 million yuan [2] - The top fund, GF Industry Leading A, has the highest FOF holdings and market value, with 180 million shares held by 15 FOFs, totaling a market value of 310 million yuan [2] - The fund manager, Cheng Kun, has achieved a return of 51.49% since taking over the fund on May 31, 2019, with a benchmark outperformance of 38.59% [2] Group 3: Investment Style of Cheng Kun - Cheng Kun is characterized as a classic value investor, focusing on undervalued assets with a long-term perspective [3] - His investment strategy includes a high stock position, typically maintaining over 90%, with a balanced industry allocation across various sectors [3] - As of the end of 2024, nine of his top holdings have been held for at least four quarters, with four held for over two and a half years, reflecting a preference for long-term investments [3]