Gold is no longer a must-have option, FOF diversified allocation is heading towards change.

"I will not participate in gold investment again for the time being, unless the volatility of such assets returns to normal." A FOF fund manager from a public offering institution recently told reporters that in the short term, the role of gold in diversified asset allocation seems to have changed. "Since the gold price has risen and fallen in sync with equity markets on multiple trading days, we have started to consider the significance of its hedging properties in asset allocation." In the traditional diversified asset allocation framework, gold has long been seen as a "ballast" to resist fluctuations and balance risks. However, when its price trend begins to resonate with equity markets, its hedge halo faces serious questioning. This is not just a short-term anomaly of an asset, but also reflects the configuration strategy that many FOF fund managers have regarded as a benchmark - relying on combinations like "gold+Nasdaq+dividends" to navigate through cycles - is being shaken.