2023 is about to pass, although the sluggish performance of equity assets has a certain drag on the performance of public FOF, but the unique defensive attributes of the product have also played a role, and the performance of public FOF is relatively stable.
According to the data, as of December 18, the average return of the market-wide public offering FOF this year was -575%, which is relatively modest compared to the double-digit average decline in active equity**. From a structural point of view, the average returns of partial equity hybrid FOF and partial debt hybrid FOF, which account for a high proportion of FOF products, are -116% and -182%, almost all of the products that achieve positive returns are bond FOF and stable style FOF, which further reflects the market's style of "weak stocks and strong debts".
The overall performance of the pension target FOF is relatively better. Homologous statistics show that as of December 18, the average return of the market-wide pension target ** this year was -495%, which is slightly better than the average performance of the market-wide public offering FOF this year. Among them, the pension target date FOF with a relatively high proportion of equity** has an average return of -7 since the beginning of this year41%, the average return of pension target risk FOF is -322%, and robust products have a clear upper hand this year.
Although 2023 is not an easy year, in the view of FOF managers, short-term is not a special concern in FOF investment.
The essence of FOF investment is a process of asset allocation, and strategic asset allocation is the anchor of FOF long-term investment. Through the dynamic combination of multiple assets and strategies, the return-to-risk ratio of investment is improved, and the return and risk are smoothed at the same time, so as to achieve long-term returns. Therefore, for FOF, the longer the holding time, the higher the probability of profit. A senior FOF** manager said.
For the upcoming 2024, what do FOF** managers think?And what will be done?Xu Liming, director of the asset allocation department of Huaxia**, believes that the market environment has changed greatly in recent years, and there will be more opportunities in the future if we are deeply engaged in growth industries. Therefore, in terms of investment, Hong Kong stocks will outperform A-shares in the future, small-cap stocks will outperform **, and growth style targets will outperform value targets.
Li Wenliang, general manager and manager of the investment department of Nanfang FOF, is relatively optimistic about the performance of equity assets next year. He believes that the resonance of the three major factors, namely, policy promotion, enhanced valuation attractiveness of A-shares, and the effectiveness of the construction of a high-quality development system from quantitative to qualitative changes, will help boost confidence and enhance investors' long-term return expectations. Therefore, in terms of asset allocation, it is recommended to overweight ** assets and underweight fixed income assets.
In terms of specific allocation, "fixed income +"* has become the "new favorite" of the ** manager. Xiao Kanning, investment director of Yinhua **FOF, said that at the current point in time, in terms of risk assets, the investment target will be dominated by equity productsIn terms of stable assets, "fixed income +"* will be used to replace pure debt products in pursuit of thickened income. Li Wenliang also said that among the rights-bearing assets, partial debt hybrid "fixed income +" products or absolute income products with a certain equity allocation can be considered, including secondary debt base and primary debt base with better asset allocation ability, in order to further increase the ability of the portfolio to harvest the upward income of equity assets.
Original**: Shanghai **Daily.