FOF Q3 holdings revealed: Bond ETFs become ballast, gold theme favored

Title context: Text: The 2026 third-quarter reports of funds have all been disclosed. As "professional buyers," fund of funds (FOFs) known for their expertise in asset allocation have seen their latest holding paths come to light. A review by the reporter found that the underlying asset structure of FOFs underwent significant changes in the third quarter: bond ETFs, their high liquidity and transparency, replaced some traditional pure bond funds as core bottom positions, ranking at the top in both the number of FOF heavy holdings and market value; at the same time, fund managers' enthusiasm for allocating to gold clearly rebounded, with the number of heavy holdings in related thematic products climbing, while the previously sought-after sci-tech innovation theme funds showed signs of cooling, highlighting capital's risk-aversion and defensive characteristics. Looking ahead to the market, some fund managers said that although a defensive mindset dominates in the short term, they have not given up on seeking growth opportunities, but instead are focusing on structural opportunities with long-term logic, such as AI commercialization implementation and new quality productive forces, adopting an allocation strategy of "holding firmly to defense and switching to growth when opportunities arise."