The first quarterly report of FOF funds was released. By the end of the first quarter of 2024, the total number of FOF funds was 499, an increase of 2.67% over the end of the previous quarter. The total fund size was 146.9 billion yuan, down 5.50% from the end of the previous quarter. By fund type, the size of ordinary FOF funds and target risk FOF funds was 78.516 billion yuan and 46.738 billion yuan, respectively, down 6.97% and 5.43% from the end of the previous quarter; the size of target date FOF funds was 21.658 billion yuan, up 0.07% from the end of the previous quarter.

In the first quarter of 2024, a total of 15 ordinary FOF funds, target-date FOF funds, and target-risk FOF funds were issued, totaling 3.478 billion yuan, and the issuance scale increased 21.35% over the previous month. By fund type, the issuance scale of ordinary FOF funds, target date FOF funds, and target risk FOF funds is 2,085 million yuan, 439 million yuan, and 955 million yuan, respectively.

FOF funds are divided into three categories: partial equity, balanced, and partial debt type FOF. Among them, FOF funds with an equity index weight of 70% or more, 30% to 70%, and 30% or less in the performance benchmark are divided into partial equity, balanced, and partial debt FOF, respectively.

Judging from the performance, the overall performance of FOF funds in the first quarter was poor, and 42% of the funds achieved positive returns. In the first quarter of 2024, the median FOF yields for partial debt, equilibrium, and partial equity were 0.5%, -1.5%, and -1.9%, respectively.

Specifically, the top three income funds in biased FOF are Cathay Pacific Stable Income held for one year, Tianhong Yongfeng's stable pension target held for one year, and Huaxia Juhong Preferably held for one year. In the first quarter of 2024, the yield of Cathay Pacific's steady income holding for one year, Tianhong Yongfeng's stable pension target holding for one year, and Huaxia Juhong Preferred holding for one year was 3.56%, 3.04%, and 2.10%, respectively.

The top three income funds in the balanced FOF are Cathay Pacific Min'an Pension 2040, Huaxia Juyuan Preferred to hold for three months, and Chuangjin Xinning and Balanced Pension for three years, respectively. In the first quarter of 2024, the yields held by Cathay Pacific Min'an Pension for 2040, Huaxia Juyuan Preferred for 3 months, and Chuangjin He Xinning and Balanced Pension Goals for three years were 3.82%, 3.15%, and 2.66%, respectively.

The top three income funds in the partial equity FOF are Qianhai Kaiyuan Yuze, held for one year by Nanfang Haoying Enterprising Select, and held by Nanfang Jingqichuhui for 3 months, respectively. In the first quarter of 2024, the yield of Qianhai Kaiyuan Yuze was established, Nanfang Haoying Enterprising Select held for one year, and Nanfang Jingqi Chuhui held for 3 months were 4.95%, 2.83%, and 2.57%, respectively.

Ping An Securities's analysis of FOF Fund's holdings in the first quarter showed:

1. Active equity funds: funds that focus on increasing value and balancing style. Compared to the end of last quarter, the top three FOF funds with heavy holdings were selected by Dacheng High-tech Industry, Chunhou Xinrui Core Selection, and Baoying Quality Selection. The top three funds with heavy positions to increase their holdings are Huaan Huijia Selection, Baoying Quality Selection, and Chunhou Xinrui Core Selection.

2. Passive equity funds: Focus on increasing holdings of broad-based, state-owned enterprises, dividends, and energy-resource-themed ETFs. Compared to the end of last quarter, the top three FOF funds with increased holdings were the Southern FTSE China State-owned Enterprise Open Win-Win ETF, the Huatai Berry Dividend Low Volatility ETF, and the Southern China Securities Shenwan Nonferrous Metals ETF. The top three funds with heavy holdings to increase their holdings are Huatai Berry Dividend Low Volatility ETF, Huaxia CSIC Photovoltaic Industry A, and Southern China Securities Real Estate ETF.

3. Fixed income+ funds: Focus on products such as increasing Baoying's holdings to enhance earnings, Invesco Great Wall Jingsheng Double Interest, and the Bank of China steadily increasing profits. Compared to the end of last quarter, the top three FOF funds with heavy holdings increased their holdings for Baoying to increase earnings, Invesco Great Wall Jingsheng's double interest rate, and the Bank of China steadily increased profits. The top three funds with heavy holdings and increased their holdings increased Baoying's earnings, balanced growth, and the Bank of China steadily increased profits.

4. Bond funds: Strategic funds that focus on increasing the holdings of short-term types and credit bonds. Compared to the end of last quarter, the top three FOF funds with increased holdings were E-Fangda Enhanced Returns, Wells Fargo Credit Bonds, and CBCC Yulong Pure Bonds. The top three funds with heavy holdings to increase their holdings are Guolian Short Term Debt, Cathay Pacific Short Term Debt, and Huashang Ruifeng Short Term Debt.

5. QDII Fund: Focus on increasing holdings in Vietnam, Japan, and Hong Kong stock markets. Compared to the end of last quarter, the top three FOF funds that increased their holdings were Tianhong Vietnam Market, Morgan Japan Select, and Huaxia Hang Seng ETF. The top three funds with heavy holdings to increase their holdings are Fuguo Global Bonds RMB, E-Fangda Hang Seng H-share ETF, and Huaxia Hang Seng ETF.