自FOF征求意见稿发布以来,不少公司已开始着手准备各种FOF产品。但必须承认的是,当前国内无论在FOF的管理理论,还是实际的产品发行与实践方面,仍然处在萌芽状态。如何“鱼与熊掌兼得”——在提高收益的同时也能够降低风险,成为本文核心关注的焦点话题。面对现阶段经济增速下行期,结构化改革进入深水区。一方面,各类资产预期收益率均保持下行,造成资产端缺乏相对高收益、低风险的优质基础资产,出现“资产荒”现象。另一方面,银行理财规模迅速增长,理财规模已接近25万亿元,并形成强大的资产配置需求。尤其是最近一年多来,突如其来的牛市行情以及此后史无前例的极端下跌行情,让风格明显的偏股 Since the release of the draft FOF, many companies have begun to prepare a variety of FOF products. However, it must be admitted that at present, the management of domestic FOF theory, or the actual product distribution and practice, is still in its infancy. How to “get along with your cake” - can reduce the risk while increasing the profit, becoming the focus of this article’s core concern. Faced with the current economic downturn, structural reforms have entered the Sham Shui Po area. On the one hand, the expected rate of return on all types of assets kept going down, resulting in the lack of relatively high-yielding and low-risk high-quality underlying assets on the asset side, resulting in the phenomenon of “asset shortage”. On the other hand, the rapid growth of bank financial management, financial management scale has been close to 25 trillion yuan, and form a strong demand for asset allocation. Especially in recent years, the sudden bull market and unprecedented decline in the market since then, so that the obvious style of the partial shares