Core Insights - The recent issuance of public FOFs has garnered attention, with several "small blockbuster" new products raising around 2 billion yuan each, and a total of 11 FOFs exceeding 2 billion yuan in fundraising this year [1][3]. Group 1: Performance and Trends - Last week, stock-type FOFs performed poorly, while some mixed-type FOFs achieved returns exceeding 3% [1]. - As of the end of Q3 this year, all public FOFs have realized positive returns, with the top-performing FOF product yielding nearly 70% year-to-date, significantly outperforming many active equity star funds [3][4]. - The explosive growth of FOFs is notable, with 72 new FOFs launched this year, doubling the 33 launched last year, despite only accounting for 5.22% of the total fund issuance [3]. Group 2: Market Dynamics - The recent performance of gold and resource-themed funds has positively impacted FOF returns, with the top-performing FOF last week achieving a return of 3.14% [5]. - The majority of FOFs' top 50 holdings at the end of Q3 were bond funds, comprising 31 out of 50, indicating a strong focus on fixed-income assets [5]. Group 3: Future Outlook - There is significant room for growth in both the scale and number of FOFs, with potential for diversification in underlying heavy-weight funds [2][6]. - FOF investment teams are encouraged to possess cross-market knowledge and capabilities to effectively manage risks associated with multi-asset strategies [6].