CM BANK(SH:600036) Zhong Guo Zheng Quan Bao·2025-10-23 15:35Core Viewpoint - The issuance of multi-asset strategy public fund of funds (FOF) products has been successful this year, with significant demand leading to early closures of fundraising periods [1][2][5]. Fund Performance and Strategy - The Huatai-PineBridge Yingtai Stable 3-Month Holding Mixed FOF completed its fundraising in just one day, achieving a subscription scale exceeding 5 billion yuan [1][5]. - This FOF product is a mixed bond type, with a performance benchmark comprising 85% of the China Bond Total Index Yield, 8% of the CSI 800 Index Yield, 4% of the Hang Seng Index Yield (adjusted for valuation exchange rate), and 3% of the Shanghai Gold Exchange Au99.99 spot contract yield [5]. - The fund adopts a low volatility allocation strategy, primarily focusing on bond assets while diversifying into various low-correlation assets to control portfolio volatility and enhance investment experience [5][10]. Market Trends - There has been a notable trend this year in the issuance of mixed bond-type FOF products, attracting substantial capital. For instance, the Fortune Yinghe Zhenxuan 3-Month Holding and the Dongfanghong Yingfeng Stable Configuration 6-Month Holding both raised over 6 billion yuan at their inception [6]. - Other FOF products, such as the Southern Stable 3-Month Holding and the Ping An Yingxiang Multi-Asset Configuration 6-Month Holding, also reported initial subscription scales exceeding 2.7 billion yuan [6][8]. Asset Allocation and Diversification - The performance benchmarks of these large-scale mixed bond-type FOFs typically include a variety of asset classes, such as domestic bonds, A-shares, overseas stocks, gold, and deposits [9]. - The Huatai-PineBridge Fund emphasizes the importance of constructing diversified "income support points" to reduce reliance on single markets, expanding investment opportunities across commodities, REITs, and global categories [10].