Core Viewpoint - The article discusses the accelerated pace of liquidation of pension FOFs (Funds of Funds), with 11 funds already liquidated in 2026, nearing the total of 14 from the previous year, indicating a significant increase in the rate of fund closures [3][5]. Group 1: Liquidation Trends - As of March 29, 2026, 11 pension FOFs have been liquidated within the first three months of the year, compared to 12 and 14 for the entire years of 2024 and 2025 respectively, showing a clear acceleration in liquidation [3][5]. - The primary reason for these liquidations is that many pension FOFs, established between 2022 and 2023, failed to reach the minimum scale of 200 million yuan after three years, triggering contract termination clauses [5][6]. Group 2: Specific Fund Liquidations - The recent liquidated pension FOFs include three products from Yingda Fund, which were liquidated between March 2 and March 11, 2026, with cumulative returns of 10.37%, 4.9%, and 15.25% respectively [6]. - Other notable liquidations include funds from China Europe Fund and Huaan Fund, with specific funds managed by a single fund manager, indicating a concentration of management responsibility [6][8]. Group 3: Institutional Investor Impact - The high proportion of institutional investors in these funds, often exceeding 90%, has led to rapid scale declines and subsequent liquidations when these investors redeem their holdings [8][9]. - Institutional funds were initially used as seed capital to support the launch of these products, but this reliance has created vulnerabilities that can lead to swift liquidations when performance does not meet expectations [8][9]. Group 4: Industry Outlook - The concentration of liquidations does not signify a failure of the pension FOF product type but rather reflects a self-optimizing industry ecosystem, with potential for long-term growth as personal pension systems expand [9]. - The liquidation mechanism is seen as beneficial for eliminating non-competitive products, allowing resources to concentrate on managers with sustainable capabilities and brand influence [9].