[FOF's third-quarter holdings exposed: Bond ETFs become ballast and the gold theme gains favor] On November 4, the fund's third quarter report for 2026 was disclosed. As a "professional buyer", the latest position path of funds of funds (FOF), which is known for its asset allocation, has surfaced. It was found that the underlying asset structure of FOF changed significantly in the third quarter: with its high liquidity and transparency, bond ETFs replaced some traditional pure debt funds as the core positions, and ranked among the top in terms of number of heavy FOF positions and market value. At the same time, fund managers' enthusiasm for gold allocation has significantly rebounded, and the number of related theme products with heavy positions has increased. The previously highly sought-after science and technology themed funds have shown signs of cooling down, and the characteristics of capital hedging and defense have become prominent. (China Securities Journal)