Heavy investment in gold and bond varieties, the outstanding FOF "capturing the bull" is effective

With the disclosure of the 2025 second quarter reports of funds completed, the latest buying trends of FOFs have come to light. According to Wind data, Hua'an Gold ETF became the fund with the highest number of FOF heavy positions at the end of the second quarter of 2025. From the perspective of FOF heavy position market value, bond ETFs are also a major investment target for FOFs. Wind data shows that HFT CSI Short-Term Financing ETF, Pengyang Zhongzhai - 30-Year Treasury Bond ETF, and Fidelity Zhongzhai 7-10 Year Policy Financial Bond ETF are among the top bond ETFs in terms of FOF heavy position market value. From the outstanding performance of FOFs this year, it can be observed that many FOF fund managers have a relatively aggressive allocation strategy, with themes such as Hong Kong stock technology, Hong Kong stock innovative drugs, and sci-tech chips ETFs becoming important drivers of FOF net asset value growth