FOF Q3 Holdings Revealed: Bond ETFs Serve as Ballast, Gold Themes Gain Favor

Fund 2026 third-quarter reports have now been fully disclosed, offering a view of the latest portfolio moves by fund-of-funds (FOFs), which specialize in asset allocation and act as "professional buyers." Reporters found that the underlying asset structure of FOFs changed significantly in the third quarter. Bond ETFs, thanks to their high liquidity and transparency, replaced some traditional pure bond funds as core base holdings, ranking near the top in both the number of FOF heavy positions and market value. Meanwhile, fund managers' enthusiasm for gold clearly rebounded, with the number of heavy positions in gold-related thematic products rising. Previously sought-after tech-innovation thematic funds showed signs of cooling, and capital's defensive and risk-avoidance characteristics became more pronounced. Looking ahead, one fund manager said that although short-term defensive sentiment dominates, they have not abandoned the search for growth. Instead, they are focusing on structural opportunities with long-term logic, such as the commercialization of AI and new quality productive forces, adopting a strategy of "holding defense firmly and switching to growth when opportunities arise." (China Securities)