FOF's performance at both ends differs by more than 44 percentage points, with AI asset allocation becoming a winning move.

Since the beginning of the year, the performance differentiation of FOF products has significantly intensified. Some funds that are heavily invested in technology growth have performed outstandingly, with AI-related assets becoming a key variable affecting FOF returns. Wind data shows that as of May 29, the year-to-date return of many high-quality FOFs has exceeded 30%, while some lagging products are still in a loss-making state, with a performance difference of over 44 percentage points. Looking at the underlying holdings, most of the FOFs with excellent performance this year have focused on AI computing power, semiconductors, and communication technology growth areas. With the continuous evolution of the AI theme, the style differences in underlying assets are significantly widening the return gap between FOF products. Several industry insiders point out that the core competitiveness of FOF lies in asset allocation and portfolio balance. In phases where the market theme is highly concentrated, moderately increasing the allocation proportion of technology growth may help enhance return elasticity. However, from a long-term perspective, a balanced allocation that considers different assets and style characteristics may be more in line with the essence of FOF products.