FOF, the fund of funds, is known as the “professional buyer” in the fund market.
Buying funds through funds sounds like a “doll”, but it is actually a new type of fund product to diversify fund risks to a greater extent and achieve pension or multi-asset allocation goals.
FOF is generally classified in two ways:
1. Classification by retirement goals
Pension target time FOF and pension target risk FOF, that is, the FOF established with the goal of pension , investors can subscribe according to their own retirement date and risk tolerance. Such products generally have a holding period, such as “Huaxia Pension 2040 Three Years”, that is, retirees in 2040 can subscribe and buy pension-type FOFs that need to be held for 3 years.
2. Classification by investment type
Such FOF names usually do not contain the word “pension”, such as “Hengyue Huiyou Selected for three months” or “ICBC Smart and Progressive Closed for one year”, and the specific investment scope depends on the fund contract.
After the popularization of FOF classification, in this article, we will use 13 pictures to focus on answering 4 questions:
1. Is the FOF robust?
2. Is the earning power of FOF strong?
3. What funds does FOF like to buy?
4. Who is the king of scale in the FOF market?
1. Is the FOF robust?
As of the second quarter, there were a total of 306 FOFs in the whole market, including 6 stock FOFs, 5 bond FOFs, and the rest are all hybrid FOFs.
Since most bond FOFs and stock FOFs have been established for less than one year, the data samples are seriously insufficient, so only mixed FOFs are interpreted. Judging from the maximum drawdown data, FOF is indeed a little stronger than the mixed fund’s ability to control the drawdown.
2. Does FOF have a strong ability to make money?
Regarding earning power, we will analyze them one by one from the overall to the specific order.
From the perspective of the overall profit-making probability of FOF, compared with the hybrid fund, the hybrid FOF has little advantage in the short term, and the probability of a positive increase during the year is even only about 6%, but the time is extended to three years, and the FOF is completed. Go-ahead, this number has become 100%.
From the perspective of the overall increase, the performance of hybrid FOF is more stable than that of hybrid funds, and some sacrifices will be made accordingly in the increase in the past three years.
Therefore, our conclusion is: when FOF rises, you earn less, and when it falls, you lose less. The longer the time, the better the profit.
After the overall analysis, let’s look at the performance of specific funds.
Fund company FOF performance TOP10
From the perspective of specific funds, the FOF performance with the best returns in the past three years can reach 70.67%, that is, China AMC 2045, which is managed by China AMC Fund, holds for three years. Because of the long distance from the retirement date, this type of pension product has a long-term equity interest in the early stage of operation. The higher the position, the higher the yield.
Among the top ten FOFs in terms of performance, the FOF with the lowest return is also above 48%, and the compound annualized rate of return is about 14% . The earning ability is not worse than that of ordinary active funds.
3. What are the funds with heavy positions in FOF?
Funds that appear in the top 10 positions of FOF can be regarded as funds favored by “professional players” of fund companies.
Therefore, we can count which funds are FOF’s favorite heavy-holding funds.
At present, a total of 994 funds in the whole market are heavily held by FOF funds, with a total size of 119.77 billion. According to the classification of first-tier funds, the proportion of heavy positions is as follows:
In terms of types, bond funds are the most favored by FOF , with a heavy position accounting for over 64%, accounting for 76.774 billion yuan; hybrid funds ranked second, with a heavy position accounting for about 24%; stock funds ranked third, accounting for 76.774 billion yuan about 8%.
Judging from the number of heavy positions, the most frequent FOF positions in the whole market is BOCOM Yulon Pure Bond A, which is held by 37 FOFs. Moreover, BOCOM Yulon Pure Bond A is also the only one held by more than 30 FOFs. some funds.
Let’s separate the different types and see which of the most popular FOFs in each type of fund.
In the classification of bond funds, BOCOM Pure Bond A ranks first with a scale of about 3.8 billion, and is also the fund with the largest holdings among all FOF positions.
In the classification of mixed funds, the theme of environmental protection of E Fund managed by Qi He ranked first with a heavy position of 665 million. Read more about the fund here . (Leave a message in the comment area “FOF Heavy Position Fund” to obtain the complete list of FOF Heavy Position Mixed Funds)
In the category of stock funds , the Cathay Pacific CSI All Index Securities Company ETF ranks first with a heavy position of 630 million.
In the list of FOF’s favorite stock funds, the most frequently-appeared funds are on-market ETFs. In addition, Xinao New Energy Industries managed by Feng Mingyuan and Guofu Small and Medium Caps managed by Zhao Xiaodong are among the few active companies on the list. Equity Fund.
These two fund managers are also regulars on the TOP30 list of financial management, especially Zhao Xiaodong . After our data mining, we found that he is one of the most stable fund managers in the past 10 years. For details, please click here to read .
4. FOF market size statistics
At present, the FOF market size has reached 222.276 billion , accounting for 0.82% of the total size of the public fund , and there is still a lot of room for growth. From the data of the second quarterly report, the scale of FOF increased by 3.63% compared with the first quarter, and the incremental scale mainly came from the newly issued FOF.
Top 10 fund companies with FOF management scale
As of the second quarterly report, 69 fund companies have deployed the FOF field, and the top 10 management scales are as follows:
At present, Bank of Communications Schroders still maintains the first position with a scale of over 34 billion, but China Industrial Securities Global Fund is catching up. From the data point of view, these two companies have a large advantage in scale, and they have a gap of at least 10 billion with other competitors.
From the growth data, the fund company with the largest growth in FOF management scale in the second quarter was Industrial Securities Global Fund, with an increase of over 2 billion in scale.
Fund Manager FOF Management Scale TOP10
From the perspective of fund manager management scale, there are currently 5 fund managers with FOF management scale exceeding 10 billion. Among them, Lin Guohuai of Industrial Securities Global Fund ranked first with a management scale of 23.672 billion, followed by Cai Zheng of Bank of Communications Schroders with a scale of 20.87 billion.
FOF scale TOP10
Judging from the scale of the FOF product itself, of the 306 FOFs in the whole market, only one has exceeded 10 billion in size, and about 50% of the FOFs are in the range of 100 million to 1 billion.
The No. 1 scale is Bank of Communications Anxiang Stable Pension for One Year, with the latest scale of 19.862 billion, accounting for about 9% of the entire FOF market. The size of a fund accounts for about 10% of the total size of a type of fund, which is extremely rare in other types of funds.
Epilogue
Judging from the current development trend, the current FOF market is no longer limited to pensions. Fund companies have begun to further refine the FOF product line and issue new products from the perspective of target risk.
For example, the issuance of “aggressive” products with a three-month holding period makes FOF more aggressive and becomes an equity fund portfolio allocation tool.
Another example is the issuance of “Fixed Income+” FOFs, which benchmark the returns and risks of FOFs with a hybrid bond base and enter the product pool of low-risk wealth management.
Contrary to our intuitive impression, FOF is no longer just a “senior-type” product that pursues stability and long-term holding. As time progresses, many FOFs will carry out product risk management through relatively frequent additions and reductions.
Imagination is used to break through, just like the innovative product FOF-LOF, with the continuous expansion of the fund market capacity. Perhaps one day, we will see the emergence of “high-energy FOF” products on the main track, replicating the wonderful track of “breaking the circle” of hybrid funds once again.
Risk warning: Fund investment is risky, and investment should be cautious. Any opinions, analysis and forecasts in this article are for reference only and do not constitute any form of investment advice to the reader.
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