According to China Securities Journal, after the disclosure of the third-quarter reports for 2026, the latest investment portfolio of Fund within Funds ( FOF ), which is known as a "professional buyer" and excels in asset allocation, has come to light.

Reporters have found that in the third quarter, there were significant changes in the underlying asset structure of FOF. Bonds ETF, with their high liquidity and transparency, replaced some traditional pure bond funds to become the core holdings, and the quantity and market value of these bonds held by FOF ranked among the top.

At the same time, fund managers' enthusiasm for investing in gold has clearly rebounded, with the number of products focusing on this theme increasing significantly. In contrast, funds focused on innovation and technology, which were previously highly sought after, have shown signs of cooling down, with a clear shift towards risk aversion and defensive investment strategies.

Looking ahead to the future market, some fund managers stated that although a short-term defensive mindset is dominant, they have not given up on exploring growth opportunities. Instead, they are focusing on structural opportunities with long-term potential, such as the commercialization of AI and new productive forces, adopting a strategy of "maintaining defense while waiting for the right moment to switch to growth-oriented investments."