外资新设独资公募入局！养老FOF再迎新品，规模较小问题待解

Core Insights - The first foreign-funded wholly-owned public offering of a pension target fund (Pension FOF) is set to launch, with Fidelity Fund becoming the first foreign entity to introduce a pension FOF in China [1][3] - As of November 18, 2023, a total of 10 pension FOFs have been established this year, with a combined issuance scale of approximately 3.67 billion [4][5] - The introduction of the pension FOF by Fidelity is seen as a significant step in enhancing the pension financial system in China, aiming to provide a comprehensive pension solution for domestic investors [3][6] Fund Launch Details - Fidelity Fund announced the launch of the Fidelity Renyuan Conservative Pension Target One-Year Holding Mixed Fund (FOF) on November 18, 2023, with public sales scheduled from December 1, 2025, to February 27, 2026, and a minimum issuance of 200 million shares [3] - The fund's performance benchmark includes global assets such as the Hang Seng Index, S&P 500, and gold, marking it as the first pension FOF in the market to incorporate overseas market indices [3] Market Challenges - The average scale of newly launched pension FOFs is relatively small, with the largest fund, Qianhai Kaiyuan Kangyue Stable Pension One-Year Holding Mixed Fund, reaching 2.26 billion, while others fall below 1 billion [5] - A total of 10 pension FOFs have been liquidated this year due to insufficient scale, with many existing products also facing similar challenges [5][6] - The small scale of pension FOFs is attributed to a high number of offerings, varying product quality, and a preference among sales channels for higher-fee products [6] Future Outlook - Experts suggest that enhancing the competitiveness and performance of pension FOFs is crucial for their growth, recommending diversification through the inclusion of assets like gold and overseas investments [6] - The transformation of pension FOFs from niche products to mainstream options is contingent upon policy support and improved institutional performance [6]