CM BANK(SH:600036) 经济观察报·2025-08-07 06:01Core Viewpoint - Morgan Fund's new product, Morgan Yingyuan Stable Three-Month Holding Mixed FOF, achieved significant fundraising success, raising nearly 2.8 billion yuan in a single day, despite the company's intention to limit its initial offering size and avoid creating a "hot product" [2][3][9]. Fundraising and Product Details - The fundraising for Morgan Yingyuan Stable Three-Month Holding Mixed FOF began on August 4, 2025, and was closed on the same day due to overwhelming demand, with a total size of 2.752 billion yuan [6][7]. - The fund employs a "fixed income plus" strategy, with equity assets not exceeding 30%, and allows for a 20% allocation to overseas assets through QDII and Hong Kong mutual recognition funds, which is seen as a unique selling point [7][16]. Sales and Distribution Channels - The success of the fund is attributed to the strong sales capabilities of the main distribution channel, China Merchants Bank, which is referred to as the "king of retail" [4][16]. - The fund's target clientele includes high-net-worth individuals who are sensitive to net value drawdowns and seek to mitigate single market risks while benefiting from equity market recoveries [16]. Performance Metrics - Morgan Fund currently manages six FOF products with a total scale of 517 million yuan, with the largest being Morgan Borui Balanced One-Year Holding FOF at 252 million yuan [8]. - The new fund's single-day fundraising amount exceeds five times the total scale of Morgan Fund's existing FOF products, highlighting the effectiveness of its distribution strategy [9]. Managerial Insights - The fund is co-managed by two experienced fund managers, En Xuehai and Wu Chunjie, who have a background in asset allocation and macroeconomic strategy [10][13]. - The fund's performance will be closely monitored, as long-term results must meet the expectations of "diversified stability" to maintain investor confidence [17].