Decentralized allocation of underlying logic remains effective. Multi-asset portfolios urgently need "dynamic calibration".

Since the beginning of this year, technology has dominated the unilateral market. Whether it is value style or commodities like gold, asset performances have been unsatisfactory due to continuous external disturbances, which has brought certain impacts to multi-asset investments. Many FOF products adopting a multi-asset strategy have had negative returns since the beginning of this year. FOF products heavily invested in underlying funds, such as gold, dividends, Hong Kong Internet themes, etc., have generally underperformed expectations. Although the performance of some assets has been unsatisfactory this year, professional investors believe that it just shows that different assets rotate in stages. In this environment, it is more important to achieve dynamic balance instead of static diversification. For example, equity investments should remain moderately biased towards positive, with more focus on growth directions supported by industrial trends in terms of structure, while also considering high-quality value assets with a safety margin in terms of valuation. Gold assets, due to global geopolitical factors, fiscal expansion, and long-term asset allocation demands, still have value in diversifying risk in a portfolio and are more suitable as strategic investments rather than tactical trading tools.