Core Insights - The newly established 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 in the fourth quarter and the fourth public FOF this year to exceed 5 billion yuan in fundraising [1][4]. Fund Details - The fund was officially established on November 18, 2023, with a total of 24,688 subscription accounts and a total fundraising scale of 58.48 billion units [4]. - The fund is managed by E Fund Management Co., Ltd. and is custodied by China Merchants Bank, which is part of the "TREE Long-term Profit Plan" [1][6]. Market Context - The public FOF issuance market has seen a resurgence, with 68 new public FOFs established this year, raising nearly 68 billion yuan, surpassing the total of the previous two years [10]. - Several other FOFs have also emerged as "explosive" products, including Huatai-PB Yingtai Stable 3-Month Holding FOF, which raised close to 5.6 billion yuan in just one day [11]. Investment Strategy - The E Fund Ruiyi Ying'an FOF is positioned as a low-volatility product, focusing on a stable investment style and primarily allocating assets to fixed-income investments while dynamically adjusting asset allocation based on market conditions [7]. - The fund's equity assets are limited to 5%-30% of total assets, with specific caps on investments in Hong Kong stocks and ETFs [6]. Industry Trends - The favorable performance of the equity market this year has contributed to the overall recovery of FOF performance, making these products attractive to investors in a low-interest-rate environment [12].

Core Viewpoint - The newly established 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 in the fourth quarter and the fourth public FOF of the year to exceed 5 billion yuan in fundraising [2][5]. Fund Information - The fund was officially established on November 18, 2015, with a total subscription of 24,688 accounts and a fundraising scale of 58.48 billion units [5]. - The fund is managed by E Fund Management Co., Ltd. and is custodied by China Merchants Bank, known as the "King of Retail" [2][6]. Fund Characteristics - The fund is positioned as a low-volatility product, with equity assets accounting for 5% to 30% of the total assets. Investments in Hong Kong Stock Connect stocks are limited to 50% of equity assets, while investments in Hong Kong Stock Connect ETFs can be up to 15% [7]. - The fund aims for long-term stable asset appreciation through a diversified asset allocation strategy, primarily focusing on fixed-income assets while dynamically adjusting asset allocation based on market conditions [7]. Market Trends - The public FOF issuance has shown signs of recovery this year, with 68 new public FOFs established, raising nearly 68 billion yuan, surpassing the total of the previous two years [10]. - Several "explosive" products have emerged this year, including the Huatai-PB Yingtai Stable 3-Month Holding FOF, which raised nearly 5.6 billion yuan in just one day [10][11]. Investment Strategy - The "TREE Long-term Profit Plan" by China Merchants Bank includes products with clear return and drawdown targets, aiming to achieve investment goals through strict management [11]. - The favorable performance of the equity market this year has contributed to the overall recovery of FOF performance, making these products attractive to investors in a low-interest-rate environment [11].

Group 1 - The public FOF (Fund of Funds) market is experiencing a significant increase in new issuance, with 31 new FOF products launched this year, surpassing the total issuance scale of 115.98 billion from 38 products in 2024 [2][3] - As of the end of Q2, the total net asset value of FOF funds reached 168.76 billion, marking a year-to-date increase of 26.74% and hitting a high point since September 2023 [2][3] - The growth in FOF scale is driven by both new issuances and performance improvements of existing FOFs, supported by a stabilizing A-share market and expanding personal pension fund listings [2][4] Group 2 - The majority of new FOF products are mixed-type, with 23 out of 31 being mixed FOFs, and several "popular" FOFs have raised over 60 billion in initial offerings, setting new records for single product fundraising in the past three years [3][4] - The average return for FOFs in the first half of the year was 3.11%, with some aggressive FOFs achieving returns over 14% by investing in thematic ETFs and overseas assets [4][5] Group 3 - Despite the growth in new FOF products, many existing FOFs are facing pressure due to small asset sizes, with 57 funds having net asset values below 50 million, and 170 funds below 200 million, leading to 13 funds being liquidated this year [5][6] - The small size of many FOF products is attributed to poor historical performance, inadequate risk management, and high levels of product homogeneity, which have resulted in low investor acceptance [6][7] Group 4 - Industry experts suggest that FOF products need to clarify their positioning, objectives, and investment strategies, while also enhancing investor engagement to improve the overall investment experience [7][8] - The FOF market is expected to continue evolving towards diversified asset allocation, with a focus on incorporating various investment tools such as ETFs and optimizing product structures to reduce competition among similar products [8]