瑞士当地时间2024年1月17日下午，第二届达沃斯全球母基金峰会在瑞士达沃斯成功举办。本届峰会，由全球母基金协会和中国国际科技促进会母基金分会联合主办，母基金研究中心（www.china-fof.com）承办。这是2024年全球母基金行业的开年大会，同时也是全球母基金行业久违的一次多边对话，近百位全球母基金与基金行业的重量级人物共聚一堂，共同商议跨越经济周期的奥秘，展望全球母基金行业发展的未来。
On January 17, 2024, the Second Davos Global FOF Summit is held in Davos, Switzerland. The summit is sponsored by the Global FOF Association, and is hosted by the FOF Research Center (www.china-fof.com). This summit serves as a multilateral dialogue in the global fund of funds industry. Hundreds of guests gather together to discuss the secrets of transcending economic cycles and look forward to the future development of the global fund of funds industry.
峰会上举行了《全球视角下母基金的投资趋势》圆桌论坛，中金资本管理委员会委员、董事总经理安垣作为主持人，深度对话嘉宾：1、方源资本董事长兼首席执行官唐葵，2、Somerset Reinsurance Ltd., Bermuda与Monument Re Group, Bermuda的Member of Board of Directors，Michael Winkler，3、EDMOND DE ROTHSCHILD的Senior Client Advisor，Steve YU，and 4. Emma Liao, Founder & CEO of Pioneer Capital。主持人与嘉宾围绕全球母基金的投资趋势与未来投资方向、投资环境的变化展开了精彩的讨论。
In the first panel “New investment trends of FOFs from a global perspective”, AN YUAN, Managing Director of CICC Capital Management Co.,Ltd., made an in-depth discussion on the investment trends of global funds of funds, future investment directions, and changes in the investment environment with 1. Frank K. Tang, Chairman and CEO of FountainVest Partner, 2. Michael Winkler, Member of Board of Directors of Somerset Reinsurance Ltd., Bermuda and Monument Re Group, Bermuda, 3. Steve YU, Senior Client Advisor of EDMOND DE ROTHSCHILD, and 4. Emma Liao, Founder & CEO of Pioneer Capital.
母基金研究中心整理出圆桌论坛嘉宾观点精华，供行业内人士参考交流：
The panel discussion is compiled as follows:
01 母基金全球资产配置策略面面观
The global asset allocation strategies of fund of funds
Steve YU表示，其所在机构母基金投资的标的除了一般的私募股权与证券投资基金，还包括不动产、二手份额等多个种类。他表示，母基金在构建资产组合时，除了分散投资不同的基金外，也需要寻找一些关键的基金进行较高比例的投资，以对抗市场风险。当前，其团队正在完善相关投资模型，以寻找更好的Alpha。
Steve YU shared on the porfolio construction: in addition to general private equity and securities investment funds, the investment targets of his institution's fund of funds also include real estate, second-hand shares and otherese. He thinks that when constructing a portfolio, in addition to diversifying investments in different funds, it’s also needed to include some key funds for a higher proportion of investment to counter market trends. Currently, his team is improving related investment models to find better Alpha.
Emma Liao认为，近年来中国获得的FDI相对较少。虽然近年来大消费等赛道热度衰退，但整体上在新能源、AI、实体经济等方面仍有着较大的增长潜力。她指出，当前外国投资减少很大一部分原因来自信息差，要吸引外资首先需要让国际社会明白中国的经济运行逻辑并非是一个“黑盒子”，而是有着许多结构性的机会。
Emma Liao believes that China has received relatively less FDI in recent years. Although the popularity of big consumption and other fields has declined in recent years, overall there is still great growth potential in new energy, AI, real economy and other aspects. She pointed out that a large part of the current decline in foreign investment is due to information gaps. To attract foreign investment, the international community must first understand that China's economic operation logic is not a "black box" but has many structural opportunities.
安垣表示，中金资本与许多国内外机构建立了联系，通过设立母基金助推包括企业、研究机构、院校等的创新。希望未来能够与更多国内外投资者建立合作。
AN YUAN shared that CICC Capital has established connections with many domestic and foreign institutions, and has promoted innovation including enterprises, research institutions, universities, etc. through the establishment of fund of funds. They hope to establish cooperation with more domestic and foreign investors in the future.
02 未来全球经济和投资环境趋势
The trends / changes on future economic and investment environment
唐葵表示，近年来受到国际局势的持续影响，导致国际对中国经济走势的判断过于悲观。但整体来看，中国仍然具有世界上最大的消费市场，未来可能会有较多欧洲的公司进入中国。此外，在可持续发展与经济转型等方面，中国也存在着较大的潜力。
Frank K. Tang believes that in recent years, the continued impact of international situation has led to a relatively pessimistic international view on China's economic trends. But overall, China still has the largest consumer market in the world, and more European companies may enter China in the future. In addition, China also has great potential in terms of sustainable development and economic transformation.
Michael Winkler分享了母基金在保险行业的作用与未来的发展前景。他认为在应对全球各种风险并存的环境下进行投资时，母基金能够起到很好的规避作用。
Michael Winkler shared the role of fund of funds in the insurance industry and its future development prospects. He believes that when investing in an environment where various global risks coexist, a fund of funds can play a very good hedging role.
安垣认为，未来中国的经济环境会更加包容开放，她期待未来中国与国际社会建立更多的合作。
AN YUAN believes that China's economic environment will be more inclusive and open in the future, and she looks forward to more cooperation between China and the international community.
（以上内容根据圆桌论坛嘉宾发言整理而成，未经嘉宾本人审阅）
(The above content is compiled based on the speeches of the guests at the panel and has not been reviewed by the guests themselves)
