Core Viewpoint - Publicly offered Fund of Funds (FOF) has achieved its best performance in five years, primarily due to heavy investments in equity funds, especially in the pharmaceutical and technology sectors, reversing a four-year performance slump [1][3][4]. Group 1: Performance Metrics - As of August 17, 2023, 29 publicly offered FOFs have recorded annual returns exceeding 20%, with the best-performing FOF achieving a return of 34.28% [3]. - Over 95% of FOF products have turned positive in annual returns, marking a significant recovery from the previous years where the highest annual return was only 0.29% in 2022 [3][4]. - The top three FOFs in performance are from Guotai Fund, with returns of 34.28%, 31.27%, and 28.92% respectively [3]. Group 2: Investment Strategy Shift - FOFs have shifted their investment strategy from conservative bond funds to more aggressive equity funds, focusing on high-volatility stock funds [5][6]. - The leading FOFs predominantly hold equity funds, with the top-performing FOF, Guotai Youxuan Lihang, investing heavily in stock-based ETFs, including rare earth and Hong Kong innovative drug ETFs [6][7]. - The trend indicates a broader market shift towards aggressive investment strategies, with many FOFs now prioritizing technology and healthcare stocks [7][10]. Group 3: Market Dynamics - The recovery of FOFs is seen as a potential second growth curve for large fund companies, with an increase in total FOFs to 518 and a management scale of 1564.42 billion yuan as of Q2 2025 [4]. - The shift towards equity funds is crucial for retaining clients and ensuring the survival of FOF products, as those heavily invested in bond funds face significant challenges [9][10]. - Recent trends show that FOFs focusing on high-yield equity funds, particularly those with significant holdings in technology and Hong Kong stocks, are more likely to attract and retain investors [7][10].

Core Viewpoint - Publicly offered Fund of Funds (FOF) has achieved its best performance in five years, primarily driven by heavy investments in equity funds, particularly in the pharmaceutical and technology sectors [1][2][3]. Group 1: Performance Metrics - As of August 17, 2023, over 95% of FOF products have reported positive returns for the year, with the best-performing FOF achieving a return of 34.28% [2]. - The annual highest returns for public FOFs from 2021 to 2024 were 14.57%, 0.29%, 3.69%, and 17.14%, indicating a significant recovery in 2024 [2]. - The total number of FOFs in the market reached 518, with a total management scale of 156.44 billion yuan, reflecting a quarter-on-quarter increase of 9.45% [3]. Group 2: Investment Strategy Shift - FOFs have shifted their focus from conservative bond funds to more aggressive equity funds, with top-performing FOFs primarily holding stock-based investments [4][5]. - The top three FOFs by performance are heavily weighted in equity funds, with the leading FOF, Guotai Youxuan Lihang, investing predominantly in stock-based funds [4]. - The strategy of investing in high-yield funds, particularly those focused on technology and Hong Kong stocks, has become crucial for FOFs to maintain their client base and product viability [5][8]. Group 3: Market Trends and Client Retention - The current market trend shows a strong demand for FOFs that focus on high-elasticity equity funds, especially in technology and healthcare sectors, as clients are less likely to invest in FOFs heavily weighted in bond funds [8]. - The shift towards equity funds has not only helped FOFs escape a four-year performance slump but has also enhanced their ability to retain clients by demonstrating profitability [8][7].

Core Viewpoint - Publicly offered Fund of Funds (FOF) has achieved its best performance in five years, primarily due to heavy investments in equity funds, especially in the pharmaceutical and technology sectors, reversing a four-year performance slump [1][3][4]. Performance Summary - Over 90% of FOFs have reported positive returns this year, with the best-performing FOF achieving a return of 34.28% [1][3][4]. - As of August 17, 2023, 29 publicly offered FOFs have exceeded a 20% return, with the top three being Guotai Fund's Guotai Preferred Navigation (34.28%), Guotai Industry Rotation (31.27%), and ICBC Smart Progress (28.92%) [3]. - The annual highest returns for publicly offered FOFs from 2021 to 2024 were 14.57%, 0.29%, 3.69%, and 17.14%, indicating a significant recovery in 2024 [3]. Investment Strategy Shift - FOFs have shifted from conservative strategies focused on bond funds to aggressive strategies emphasizing equity funds, particularly high-volatility stock funds [5][6]. - The top-performing FOFs predominantly hold equity funds, with a notable example being Guotai Preferred Navigation, which has 8 out of 9 holdings in equity funds, including a focus on rare earth and Hong Kong innovative drug ETFs [6][7]. Market Trends - The total number of FOFs reached 518 with a management scale of 156.44 billion yuan, reflecting a quarter-on-quarter increase of 9.45% [4]. - The trend of investing in high-yield funds, particularly those focused on technology and Hong Kong stocks, has become crucial for FOFs to maintain client retention and product viability [10][11]. Client Retention and Future Outlook - The current market demand favors FOFs that heavily invest in high-elasticity equity funds, particularly in technology and pharmaceutical sectors, as opposed to bond funds [11]. - The ability of FOFs to adapt their investment strategies to focus on equity funds is seen as essential for retaining clients and ensuring the longevity of their products in a competitive market [10][11].

Group 1: Fund Manager Change - Zhai Xiangdong has resigned as the manager of the China Merchants Advantage Enterprise Fund due to personal reasons, with Lu Wenkai taking over [1] - As of the end of Q2 2023, the combined scale of the Advantage Enterprise A/C shares reached 8.132 billion yuan [1][2] - Zhai Xiangdong's tenure saw the A share return rate at 124.59% since he took over management [1] Group 2: Fund Performance and Strategy - The fund's scale increased significantly from 291 million yuan at the end of Q3 2022 to 8.132 billion yuan by Q2 2023, indicating strong investor interest [2] - Lu Wenkai's investment strategy focuses on mean reversion and aims to position the fund at the bottom of cycles and valuations, with a history of covering various sectors [2] - Both Zhai and Lu share a growth style, but Lu's approach is expected to be more balanced and diversified across sectors [2] Group 3: Industry Trends - A total of 234 fund managers have left their positions this year, while 345 new managers have joined, indicating a dynamic shift in the industry [3] - The number of public fund managers in China has surpassed 4,000, doubling since 2019, reflecting a growing competitive landscape [3] - The rise of passive index funds has increased the pressure on active fund managers to demonstrate unique strategies and adaptability [3][4] Group 4: Collaborative Management and Technology - Over 23.66% of funds in the market are managed by two or more managers, indicating a trend towards collaborative management [5] - The integration of artificial intelligence in public fund research has enabled a more efficient and data-driven investment decision-making process [5]

Core Viewpoint - The appointment of Lu Wenkai as a co-manager for the招商优势企业 fund alongside Zhai Xiangdong is a strategic move by招商基金 to optimize its investment management framework and enhance the fund's competitiveness in a complex market environment [2][4]. Group 1: Fund Management Changes - On July 22,招商基金 announced the appointment of Lu Wenkai as a co-manager for the招商优势企业 fund, which is currently managed solely by Zhai Xiangdong [2][4]. - The addition of Lu Wenkai is seen as a response to recent rumors regarding Zhai Xiangdong's potential departure, indicating a normal adjustment in the fund management team [2][4]. - Lu Wenkai has extensive experience in equity fund management and currently manages multiple funds, including招商瑞利灵活配置 and招商远见回报三年定期开放混合 [4][5]. Group 2: Investment Strategies - Lu Wenkai will adopt a valuation and growth-centric investment philosophy, employing a contrarian investment strategy while ensuring continuity in investment approaches [5][8]. - Zhai Xiangdong has a strong track record, achieving a return of 112.52% during his management of the fund, with an annualized return of 26.39% [7][8]. - The fund's assets under management have significantly increased from approximately 40 million yuan to nearly 4.794 billion yuan within a year, with projections to exceed 10 billion yuan by the end of 2024 [7][8]. Group 3: Market Context and Trends - The public fund industry is experiencing a trend towards "de-starification," with a focus on building platform-based and team-oriented research systems to mitigate the impact of talent turnover [8]. - Both Zhai Xiangdong and Lu Wenkai share a growth investment style, with overlapping historical sector preferences, although Lu's approach is noted to be more balanced and diversified [8].