A "fund of funds" (FOF) is an investment strategy that involves holding a portfolio of other investment funds instead of directly investing in stocks, bonds or other securities. This type of investment is often referred to as investment in multi-managers. A fund may be "fettered," meaning it invests only in funds managed by the same investment firm, or "unfettered," meaning it can invest in other funds managed by other managers. Typically, management fees for FOFs are higher than those for traditional investment funds because they include the management fees charged by the underlying funds. A fund of funds (FOF), also known as an asset multi-manager, is a pooled investment fund that invests in other types of funds. In other words, there are different underlying investments of other funds in its portfolio. These holdings replace any direct investment in bonds, stocks, and other securities types.

Fund of Funds : Those funds create another mutual fund portfolio. Investment in other funds is made in international market participation or theme-based investments.
Risk :Moderately High