所以规模容量更大 来源：市场资讯 （来源：FOF老码头） 老话说，"规模是业绩的敌人"。投资者常常担心，基金的规模超过一定水平以后，业绩会发生衰减。首先，可投标的有容量上限，影响原有的投资策略。 另外，交易会带来冲击成本，"船大难掉头"，流动性折价和交易冲击成本，都会随着规模放大。 而对于FOF来说，先说结论，投资者的担心是合理的，但是对于我们FOF可以放宽心——我们的底层资产是1.34万只公募基金、具有36万亿的总规模—— 背后是逾4000名基金经理在管理这些资产。（数据来源：Wind，截至2025年10月31日） FOF毕竟是站在巨人肩膀上 （3）从动态的角度看，公募基金的发展，会带来FOF容量的进一步提升 截至2025.10.31，市场上披露的公募FOF基金规模达到2107亿，占全市场公募基金的0.59%，根据美国投资协会数据，美国公募FOF这一占比达到近11%。 今年是公募FOF的第八个年头，对标公募基金的2006年，308只基金8000亿，20年后的今天，超过13000只基金，超过36万亿； 公募基金的发展为FOF的策略和规模容量打下了广阔而坚实的基础。FOF借助自身的优势，一方面将单一资产内部的收 ...

11月24日，记者从公募排排网获悉，本周（11月24日至11月30日）全市场共有23只新基金启动募 集，平均认购天数为23.65天。与前一周相比，新基金发行数量环比下降32.35%，平均认购天数延长超3 天，呈现"数量减少、募集期拉长"的趋势。 债券型基金发行则呈现逆势回暖态势，"股债跷跷板"效应再度凸显。本周共有7只债券型新基金进 入募集期，数量与前一周持平，并维持在近11周以来的峰值。 FOF（基金中的基金）基金成为发行市场的"稳定器"，其活跃度未受权益市场波动影响。本周有3 只FOF新基金启动发行，为连续第8周有新基金面市，且连续第4周发行数量不低于3只。值得关注的 是，今年以来新发FOF基金数量已达76只，超过去年全年发行量的两倍。 "近期基金发行市场的降温，主要受权益市场表现疲软的拖累。作为市场主力的权益类基金，其发 行热度与A股走势高度相关。"排排网集团旗下融智投资FOF基金经理李春瑜向记者表示。 在李春瑜看来，近期市场持续震荡，削弱了投资者的风险偏好，导致对权益资产的认购热情显著降 温，新基金募集难度随之增加。此外，市场波动也使基金赚钱效应减弱，进一步加剧了投资者的观望情 绪，不仅新资金入场迟疑 ...

【导读】银行开启冲刺2026年"开门红"，权益类和"固收+"或唱主角 中国基金报记者 方丽 陆慧婧 基金发行回暖也直接提振了银行筹备明年"开门红"的士气，多家银行在积极筹备中。 据一位银行系基金公司人士反馈，" 开门红 " 作为银行的传统营销旺季，其任务指标会占到 全年的很大比重。 " 开门红 " 领先，大概率全年业务就比较好； " 开门红 " 落后，后续追 赶就非常难。 "开门红则全年红"。临近年底，各大银行销售渠道及基金公司都卯足了劲，备战明年"开门 红"。 据其了解， 目前各 大银 行基本进入 " 开门红 " 阶段。由于节奏略有差异，部分银行11月就 会提前进入 " 开门红 "，而有些 银行可能到12月或者1月才会启动 " 开门红 "。 但整体看， 银行 业务基本已进入紧锣密鼓的推动阶段 。 据中国基金报记者了解，银行渠道"开门红"已经进入紧锣密鼓筹备阶段，部分动作较快的银 行已经于11月提前启动"开门红"。不过，各家渠道"开门红"力度不一，部分渠道的力度与往 年相仿，还有部分渠道已经淡化"开门红"，将更多的精力放在持续营销上。 从推荐力 度来看，目前的 力度与往年相仿。 在 净息差收窄及降费背景下，银 ...

最近美国一项行政命令允许401(k)养老金计划向私募股权投资开放，这引发了许多问题。例如： 为了回答这些问题，我们从Cobalt FOF基金和收购基金中提取了过去20年的募资和业绩数据，并绘制了 相对价值图表，以进行对比分析。 我们选择分析FOF基金与收购基金的原因是，如果401(k)的投资渠道放开，新的散户资金很可能涌入FOF 领域，因为许多401(k)投资组合倾向于投资多元化的指数基金，而FOF基金正是私募股权投资中较为多元 化的一种类型。 这一政策实行后，散户投资进入私募股权及另类投资领域将对市场产生怎样的影响？ 哪些类型的投资工具可能受到影响？ 过去散户进入市场时又对市场造成了怎样的影响？ 点击图片查看大图 主要结论 许多宏观因素可能导致这种情况，包括2020年代市场波动对基金回报的影响。但一般而言，市场投入增 加应当有助于稳定回报，但若资金突然大量涌入，叠加"拥挤效应（crowding effect）"，反而可能增加回 报的波动性。 相比之下，FOF基金的回报率也相当稳定，仅2020年募资的基金回报率较低。这可能是由于FOF的分散化 优势，或因其规模较小、更具超额收益空间。总体而言，其回报率与收购基 ...

80 07 省心省力 分散风险 专业配置 资深团队布局 一站式解决养老投资需求 投资各类型基金 优化投资结构 节省时间精力 分散单一市场风险 与你有关！ 每日缴存个人养老金，享抵税+攒钱 the former 沪指再创新高 为养老投资+ (17 IIIII was 65 d all all and the see and the see and the see and the see and the see and the see and the see and the see and the see and the see and the see and the seen and the seen and 行情第一线 NEWS 11月13日,沪指震荡走强,再创近10年新高!FOF基 金净值也在今年纷纷创下新高: FOF基金指数成立以来走势 50% 40% 30% 20% 10% 0% -10% 2018-07-01 2022-07-01 2025-07-01 注:上证指数表现来源Wind,截至2025.11.13。FOF基金数据来源Wind,统计区 间2018.02.23-2025.11.13,FOF基金指 ...

Core Viewpoint - The article discusses the recent developments in public fund of funds (FOF) in China, highlighting the growth in the number and scale of FOF products, as well as their investment preferences and directions in the third quarter of 2025 [1]. Group 1: Market Trends and Growth - The FOF market has seen a resurgence in 2025, driven by a recovery in the stock market, leading to increased activity in the fund market [2][3]. - As of September 30, 2025, there are 513 FOF funds, with 50 new funds established in 2025. The total asset scale reached 200.11 billion yuan, an increase of 65.42 billion yuan from the end of 2024 [4]. Group 2: Investment Preferences - FOFs have significantly increased their allocation to short-term bond funds, with nearly half of the top 10 funds held by FOFs being short-term bond funds. The total market value of holdings in the Hai Fu Tong Zhong Zheng Short Bond ETF rose from 1.8 billion yuan at the end of Q2 to 3.3 billion yuan at the end of Q3 [6]. - The shift in FOFs' bond fund allocation from off-market to on-market is noted, with a preference for ETFs among the top holdings [7][9]. Group 3: Gold Investments - FOFs have continued to increase their exposure to gold, with 139 funds holding gold-related investments totaling 2.8 billion yuan by the end of Q3 2025. The Hua An Yi Fu Gold ETF remains the most popular, with a total market value of 1.73 billion yuan [10][11]. Group 4: Equity Fund Allocation - FOFs have shifted their equity fund allocations from value to growth styles, with significant increases in holdings of growth-oriented funds such as Yi Fang Da Ke Rong Mixed Fund and Xin Quan He Run [12][13]. - Notably, several value-oriented funds have been reduced in FOF portfolios, indicating a strategic pivot towards growth sectors like technology and new energy [14]. Group 5: International Investments - FOFs are increasingly utilizing ETFs to gain exposure to overseas markets, with total holdings in QDII funds reaching 4.49 billion yuan by the end of Q3 2025. The focus remains on developed markets such as Hong Kong and the U.S. [17][19]. - The popularity of Hong Kong mutual recognition funds is also highlighted, with a total market value of 1.6 billion yuan held by FOFs, primarily in bond funds [20][22]. Group 6: Insights for Individual Investors - The asset allocation strategies and fund selection approaches of FOFs provide valuable insights for individual investors, emphasizing the importance of diversified portfolios that include commodities and cross-border assets [23]. - A "core + satellite" investment strategy is recommended, prioritizing stable funds for core holdings while incorporating higher-risk, high-growth funds for potential additional returns [24].

数据显示，截至11月18日，今年以来已有近200只公募基金清盘，相比去年同期数量有所下降。 今年以来，公募基金产品（不包含资产管理计划）清盘数量已接近200只。值得注意的是，定期开放及 持有期类基金成为清盘主力，占清盘基金总数高达四成以上，涉及FOF、"固收+"基金、纯债基金以及 主动权益基金等多种类型。并且，三季度持有期基金份额总数也出现了缩水的迹象，主动权益类、纯债 类持有期基金份额缩水更加明显。 持有期基金的设计初衷主要是希望通过限制赎回，减少投资者追涨杀跌带来的摩擦成本。业内机构认 为，由于市面上大部分的偏股型持有期基金密集发行于此前的市场相对高点阶段，持有期基金的投资者 不仅牺牲了流动性，也没有换来"相对好"的收益，投资体验也不可能很好。因此，投资持有期基金不仅 需要明确流动性风险，还要综合评估基金管理人能力以及市场环境等多种因素。 ● 本报记者 王鹤静 持有期基金密集清盘 今年三季度，持有期基金份额已经开始缩水。数据显示，设有最短持有期的公募产品三季度基金份额总 数减少近800亿份。 其中，偏股混合型持有期基金份额减少超600亿份，易方达品质动能三年持有减少超50亿份，富国兴远 优选12个月持有、 ...

Core Insights - The number of public fund products (excluding asset management plans) that have been liquidated this year is approaching 200, with periodic open and holding period funds being the main contributors, accounting for over 40% of the total liquidated funds [1][2] - The design of holding period funds aimed to reduce friction costs from investors' frequent trading, but many of these funds were launched at market peaks, leading to poor investment experiences for investors [1][5] - The survival space for actively managed equity funds is being increasingly squeezed due to the rapid growth of index investing, with over 70 actively managed equity funds liquidated this year, making up nearly 40% of the total liquidated funds [1][2] Fund Liquidation Trends - As of November 18, nearly 200 public funds have been liquidated this year, a decrease compared to the same period last year [1] - Among the liquidated funds, over 70 are actively managed equity funds, including various types such as mixed equity, flexible allocation, and balanced funds [2] - The majority of liquidated funds are periodic open and holding period funds, with over 30 FOF products also included in this category [2] Shrinking Fund Sizes - In the third quarter, the total number of holding period fund shares decreased by nearly 800 billion, with mixed equity holding period funds seeing a reduction of over 600 billion shares [3][4] - Specific funds like E Fund Quality Momentum and others experienced significant share reductions, with some losing over 50 billion shares [4] - Despite the overall decline, certain categories like "fixed income+" and FOF funds saw growth in their share sizes [4] Considerations for Investors - Holding period funds require careful consideration of liquidity risks, as they restrict redemption while allowing for purchases, which may not suit investors seeking flexibility [6] - The initial intent of holding period funds was to help investors avoid frequent trading, but market conditions and fund management capabilities significantly impact actual investment returns [5][6] - Investors are advised to evaluate the fundamental aspects of holding period funds, including the experience of the research team, investment processes, historical performance, and fee structures before investing [6]

指数化投资的崛起格外引人注目。在今年发行的1378只新基中，指数型基金的数量达到813只，占 总量的59%。这一数据直观地展现出指数化投资在市场中的热度与重要性。 2025年以来，公募基金发行市场迎来显著变化。 据公募排排网数据，截至2025年11月17日，按认购起始日统计，今年以来全市场共计发行公募基金 1378只，这一数字远超去年全年的1143只，并且创下近3年的新高，同时也终止了基金发行连续3年下滑 的颓势。 此外，今年以来发行新基平均认购天数为16.31天，与去年22.63的平均认购天数相比，募集周期明 显大幅缩短，进一步验证了基金发行市场的回暖。 | | | 2025年以来不同奏型公募基金发行统计 | | | | | --- | --- | --- | --- | --- | --- | | 投资类型(一级) | 产品数量 | 卡比 | 投资类型(三级) | 产品数量 | 占比 | | | | | 被动指数型基金 | રેસ | 41. 29% | | 股票型基金 | 762 | 55. 30% | 增强指数型基金 | 167 | 12. 12% | | | | | 普通股票型基金 | 26 | 1 ...

Core Insights - The public fund issuance market has experienced significant changes since 2025, with a total of 1,378 public funds issued as of November 17, 2025, surpassing last year's total of 1,143 and marking a three-year high [1][2] - The average subscription period for newly issued funds has decreased to 16.31 days from 22.63 days last year, indicating a recovery in the fund issuance market [1] Fund Issuance Statistics - The total number of public funds issued in 2025 includes 762 equity funds and 250 bond funds, with equity funds accounting for 55.30% of the total [2][6] - Among the newly issued funds, passive index funds have become increasingly popular, with 813 index funds issued, representing 59.00% of the total [3][4] Market Trends - The rise of index investing is notable, with 736 out of 762 equity funds being index funds, which constitutes 96.59% of the equity fund category [4][5] - The trend towards passive investment is evident, as 646 of the 813 index funds are passive index funds, making up 79.46% of the index fund total [5] Investor Behavior - The younger generation of investors is becoming a significant force in the market, showing a higher acceptance and trust in public funds, which injects new vitality into the industry [3] - There is a clear shift in investor preference towards equity assets, as evidenced by the substantial increase in the issuance of equity funds compared to the decline in bond fund issuance [6] Issuer Landscape - A total of 131 public fund institutions have issued new funds in 2025, with 22 institutions issuing 20 or more new funds, indicating a "Matthew Effect" in the industry [7]