Core Viewpoint - The performance of FOF products has significantly improved in 2023, with an average annual return of 14.29% for 477 FOFs established for over six months as of October 31 [1] Group 1: Market Performance - As of the end of Q3, the total scale of FOFs in the market reached 187.147 billion, an increase of 57 billion compared to the end of last year [1] - The recovery in the equity market and the gradual restoration of investor confidence have contributed to the positive performance of FOF products [1] Group 2: Investment Strategy - The newly issued FOF by Invesco Great Wall adopts a "fixed income + multi-asset" strategy, aiming to enhance returns while controlling overall volatility [1] - The proposed fund manager, Jiang Hong, emphasizes a "stability first, then diversification" approach in asset allocation [1] Group 3: Performance Metrics - Jiang Hong's low-volatility FOF, Invesco Great Wall Conservative Pension, achieved a net value growth rate of 7.89% since inception, outperforming the pure bond fund index at 3.69% [2] - The maximum drawdown of this product was -0.88%, better than the performance benchmark of -1.39% and significantly superior to the bond FOF index at -2.91%, demonstrating strong drawdown control [2] Group 4: Market Outlook - Jiang Hong maintains a relatively positive outlook on the equity market, expecting a primarily structural market and emphasizing the importance of fundamental analysis [2] - Key investment areas include technology, high-dividend stocks, and pharmaceuticals, while in the bond market, leveraging strategies are encouraged to enhance returns amid a loose funding environment [2]

Group 1 - The core viewpoint of the articles highlights the recovery of Fund of Funds (FOF) in 2023, with a positive average return of 14.29% for 477 FOFs established for over six months as of October 31 [1] - The total market size of FOFs reached 187.147 billion yuan by the end of Q3, reflecting an increase of 57 billion yuan compared to the end of the previous year, indicating a trend towards diversified asset allocation for investors [1] - Historical data shows low correlation among various asset classes, which supports the strategy of multi-asset allocation in FOFs to enhance returns and reduce volatility [1] Group 2 - The proposed FOFs, such as the Invesco Great Wall and Xie Wenjin's three-month holding period FOF, aim to balance risk and return by employing a "fixed income + multi-asset" strategy, with a focus on 90% fixed income and 10% equity assets [1] - The fund manager Jiang Hong emphasizes a "stability first, then diversification" approach, with a focus on risk control and volatility management, leading to a 6.52% increase in the bond-oriented FOF index over the past year [2] - Jiang Hong maintains a positive outlook on the equity market, suggesting a focus on sectors like technology, high-dividend stocks, pharmaceuticals, and turnaround opportunities, while also advocating for leveraging strategies in the bond market [2]