Core Insights - The article highlights a strong net inflow of funds into Hong Kong mutual recognition funds in November 2025, with significant contributions from various fund types [1][6]. Fund Performance - The Swiss Pictet Strategy Income Fund led the monthly net inflow with nearly 1.2 billion yuan, focusing on flexible allocation in global equities and fixed income securities [1]. - The Morgan Asian Dividend Fund attracted the most capital among equity funds, aiming to exceed its benchmark, the MSCI All Country Asia Pacific (ex-Japan) Net Total Return Index, by 30 percentage points [1]. - The Amundi Innovation Growth Equity Fund regained investor interest, ranking among the top ten for net inflows, primarily investing in companies benefiting from innovative business models [1]. - In fixed income, the demand for Asian bond funds remained stable, with the Bank of China Hong Kong All-Weather Asian Bond Fund and East Asia Union Asian Strategy Bond Fund ranking second and seventh in net inflows, respectively [1]. - High-yield and global bond products continued to experience outflows, with the HSBC Asian High Yield Bond Fund and Morgan International Bond Fund recording net outflows of 190 million yuan and 411 million yuan, respectively [1]. Company Insights - Swiss Pictet topped the net inflow rankings for November due to strong demand for its only mixed mutual recognition fund, while Bank of China Hong Kong and Morgan also saw significant net inflows exceeding 900 million yuan each [6]. - HSBC, which had recently turned its net inflow positive, faced net outflows again in November, with its multi-asset mutual recognition fund continuing to attract new funds despite overall negative trends [6][7]. - Morgan and HSBC dominate the Hong Kong mutual recognition fund market, with their products totaling 80.6 billion yuan and 34.1 billion yuan in size, respectively, accounting for 60% of the total market [11].

日前，券商中国记者专访了瑞士百达资管亚洲区（日本除外）基金分销主管曾劭科，他分享了当前中国 内地投资者海外投资需求增长，瑞士百达旗下互认基金获得南下资金的追捧。据晨星报告，该基金今年 10月单月吸金规模领跑市场。 而从长期投资的视角看，当前对全球市场的多元化配置，已经打破了国别投资的旧逻辑，更多地采用主 题或板块投资的思路，目前最看好的主题投资机会是人工智能、能源、健康护理，以及贸易摩擦下各国 的生产线回流板块。 借互认基金扩大中国市场布局 今年10月，中国香港互认基金产品资金净流入表现强劲，股票型、债券型及混合型基金均受南下资金追 捧。据晨星统计，瑞士百达策略收益基金单月吸金9.57亿元，领跑市场。 瑞士百达作为一家跨国公司，其在全球设有31个办事处，至今扎根亚洲已有40多年。2020年7月，瑞士 百达资产管理根据中国内地与中国香港基金互认计划推出首只面向中国内地投资者的互认基金。 曾劭科接受券商中国记者专访表示，瑞士百达进入中国市场，以香港为关键枢纽辐射中国内地。截至目 前，瑞士百达资产管理参与多个跨境投资计划包括：互认基金安排、大湾区跨境理财通、QDLP以及 QDII，协助国内投资者投资全球市场。 （原 ...

曾劭科形容瑞士百达资管在中国市场的布局是"渐进式"的，他透露中国内地投资者越来越希望进行海外分散化投资，但对海外市场的消息动态掌握又不是很及时， 瑞士百达资管的环球多元资产配置等策略很受追捧，通过银行、券商等分销渠道触达内地投资者。 一家全球资管巨头，拥有超过220年历史的瑞士百达集团，资产管理规模7368亿瑞士法郎，旗下的资产管理公司正借互认基金、跨境理财通、QDII（合格境内机 构投资者）、QDLP（合格境内有限合伙人）等布局中国市场。 日前，券商中国记者专访了瑞士百达资管亚洲区（日本除外）基金分销主管曾劭科，他分享了当前中国内地投资者海外投资需求增长，瑞士百达旗下互认基金获得 南下资金的追捧。据晨星报告，该基金今年10月单月吸金规模领跑市场。 而从长期投资的视角看，当前对全球市场的多元化配置，已经打破了国别投资的旧逻辑，更多地采用主题或板块投资的思路，目前最看好的主题投资机会是人工智 能、能源、健康护理，以及贸易摩擦下各国的生产线回流板块。 借互认基金扩大中国市场布局 今年10月，中国香港互认基金产品资金净流入表现强劲，股票型、债券型及混合型基金均受南下资金追捧。据晨星统计，瑞士百达策略收益基金单月吸金 ...

Core Viewpoint - The fund adopts a flexible global asset allocation strategy aimed at achieving long-term capital growth and income while managing downside risks. The strategy allows for dynamic adjustments across various asset classes to adapt to changing market conditions [5][10]. Fund Overview - Fund Code: 968175 - Fund Type: Flexible USD Mixed Equity and Bond - Benchmark Index: Morningstar Europe USD Investment Target Risk Balanced Allocation Index (USD) - Fund Size: 14.78 billion CNY as of November 24, 2025 - Fund Managers: Huang Siyuan, Fan Zhizhen, Guo Shaoyu - Fund Company: Swiss Pictet Asset Management - Annual Comprehensive Fee Rate: 1.69%, slightly above the peer median of 1.63% [1][13]. Historical Performance - From May 2017 to October 2025, the fund achieved an annualized return of 7.93%, outperforming the Morningstar peer benchmark by 90 basis points and ranking in the 14th percentile among similar funds [1][11]. - The fund's volatility, measured by standard deviation, was 8.98%, lower than the peer average of 9.30% during the same period [11]. Asset Allocation Strategy - The fund's asset allocation is flexible, with stock positions ranging from 20% to 70%, bond positions from 15% to 60%, and cash positions sometimes reaching 20%. Additionally, investments in gold, alternative assets, and real estate typically do not exceed 5% [5][6]. - The investment themes include long-term structural growth, cyclical opportunities, and diversified income, allowing the fund managers to adjust allocations based on market conditions [5][6]. Management Team - The fund is managed by Huang Siyuan, who has 23 years of investment management experience, supported by Fan Zhizhen and Guo Shaoyu, who have 10 and over 20 years of experience, respectively. The team collaborates closely, leveraging resources from Pictet's global multi-asset department [2][4]. Investment Style - The fund's investment style has shifted from a balanced/value approach before 2020 to a growth-oriented style since then. This flexibility in style impacts the fund's performance based on the manager's asset and stock selection [10][11].

Core Insights - The article highlights the strong performance of Hong Kong mutual funds in October 2025, with significant net inflows across equity, bond, and mixed funds, indicating robust investor interest [1][7]. Fund Performance - The Swiss Pictet Strategic Income Fund led the market with a net inflow of 957 million yuan in October, attributed to its diversified global equity and bond allocation, yielding impressive returns year-to-date [1]. - The Morgan Asia Dividend Fund also performed well, achieving a net inflow of 927 million yuan, continuing its positive momentum against the MSCI Asia Pacific ex-Japan Index [1]. - The HSBC Asian Multi-Asset High Income Fund, newly opened to mainland investors since September 2025, saw a net inflow of 578 million yuan, ranking among the top ten for the month [1]. Market Trends - After a brief suppression following the rebound in Asian and A-share markets in Q3 2025, Asian bond funds regained investor favor in October, with several products entering the top ten for net inflows [1]. - Some bond funds, such as the Bank of China Hong Kong All-Weather Asian Bond Fund, suspended new subscriptions due to nearing sales limits for mainland investors [1]. Company Rankings - Morgan topped the charts for both monthly and year-to-date net inflows, while HSBC ranked second, benefiting from new product launches and the reopening of the HSBC Asian Bond Fund to mainland investors [7]. - Despite stable monthly inflows for its two equity mutual funds since August 2025, the overall fund flow for Huatai PineBridge remains in net outflow territory year-to-date [8]. Market Share - As of October 31, 2025, Morgan and HSBC held dominant positions in the Hong Kong mutual fund market, with asset sizes of 81 billion yuan and 34.9 billion yuan, respectively, collectively accounting for over 60% of the market [13]. - Huatai PineBridge also holds a significant market share, exceeding 10% [13].