Core Insights - The newly launched fund, E Fund Ruiyi Ying'an 6-Month Holding Mixed Fund of Funds (FOF), has raised over 5.8 billion yuan, marking it as the largest new fund issuance in the fourth quarter and the fourth fund this year to exceed 5 billion yuan in issuance [1][2]. Fund Details - The fund was officially established on November 18, 2025, with a total of 24,688 subscription accounts and a total issuance of 58.48 billion units. The fund manager's proprietary capital holds 10.01 million units, accounting for 0.17% of the total fund shares [2]. - The fund's asset allocation includes 5%-30% in equity assets, with a maximum of 50% of equity assets invested in Hong Kong Stock Connect stocks, and up to 15% in Hong Kong Stock Connect ETFs. It can also invest 0%-20% in QDII and Hong Kong mutual recognition funds, and 0%-10% in commodity funds [2]. Market Trends - The public FOF market has seen a resurgence this year, with 68 new public FOFs established, raising nearly 68 billion yuan, surpassing the total of the previous two years combined. Several "explosive" products have emerged, including the Huatai-PB Yingtai Stable 3-Month Holding FOF, which raised nearly 5.6 billion yuan in just one day [3]. - Other notable funds include Dongfanghong Yingfeng Stable Allocation 6-Month Holding FOF, which raised 6.57 billion yuan, and the Fuguo Yinghe Zhenxuan 3-Month Holding FOF, which also exceeded 6 billion yuan in fundraising [3]. Investment Strategy - The FOFs are positioned as low-volatility products, focusing on a stable investment style that leverages multi-asset and multi-strategy advantages. The long-term asset allocation primarily emphasizes fixed-income assets, with dynamic adjustments based on market conditions to achieve long-term stable asset appreciation while controlling overall risk [2][4]. - The "TREE Long-term Profit Plan" by China Merchants Bank includes FOF products with clear return and drawdown targets, aiming to meet investment goals through strict management and review processes [4].