"Professional Fund Investors" New Trend: Left Hand Technology, Right Hand Gold

The fund of funds (FOF), which specializes in asset allocation and fund investment, is humorously referred to by many investors as "professional fund investors." With the disclosure of the 2025 third-quarter reports for funds now complete, the latest buying trends of FOFs have come to light. According to Wind data, the Huazhang Gold ETF has become the fund with the highest number of FOF heavy positions at the end of the third 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 the HFT CSI Short-Term Financing ETF, Ping An China Bond - Medium and High-Grade Corporate Bond Spread Factor ETF, and Bosera Shanghai Stock Exchange 30-Year Treasury Bond ETF are among the top bond ETFs in terms of FOF heavy position market value. Recent public fund third-quarter reports reveal that many high-performing FOF fund managers have focused their allocations on technology and gold, among other directions. (China Securities Journal)