The public offering FOF sector is entering a new phase of growth. Wind data shows that as of August 25, 2026, the total number of publicly offered FOF products has surpassed 640, with net asset value exceeding 350 billion yuan, representing a growth of more than 40% compared to the end of 2025. The number of newly established FOFs and their fundraising scale this year have already significantly exceeded the full-year levels of 2025.
As product supply continues to expand, market attention is shifting from "whether to allocate to FOFs" to "which FOF to choose." In an environment where asset rotation is accelerating and the number of fund products keeps growing, the ability to execute asset allocation, fund selection, and portfolio rebalancing has become key to shaping investor experience. Fullgoal Fund's Fullgoal Zhihong Stable FOF (Class A: 028315; Class C: 028316) is currently open for subscription, aiming to build on a bond base and enhance returns through multi-asset strategies, offering a more systematic FOF allocation solution for investors seeking stability.
The core value of FOFs is not simply "buying a basket of funds," but rather having professional fund selectors perform fund classification, evaluation, screening, and dynamic tracking, while adjusting portfolio structure based on market changes. Research from CITIC Securities indicates that newly issued FOFs in the second quarter of 2026 were dominated by debt-biased hybrid products, with positioning closer to the logic of "solid fixed-income foundation with equity upside enhancement." Drawdown control is emerging as a key factor affecting both product sustainability and investor experience. From this perspective, the competitive focus of FOF products is shifting from quantity supply to management quality, and whether professional buyers can manage portfolio risk and return sources is becoming an important metric for evaluating product value.
The proposed fund manager for Fullgoal Zhihong Stable FOF, Zhang Ziyan, is exactly such a professional fund selector with multi-asset allocation experience. Zhang serves as the Director of Multi-Asset Investment at Fullgoal Fund's Multi-Asset Investment Department, with 15 years of securities industry experience and 12 years of portfolio management experience. His career spans brokerage asset management, proprietary investment, segregated account management, and public FOF management. His investment framework emphasizes enhancing portfolio returns through asset allocation and fund selection while strictly controlling risk.
The professional buyer capability addresses the questions of "who selects and how to allocate," but whether a debt-biased FOF can serve as a stable allocation tool depends on the risk-return profile of the category itself. Wind data shows that as of August 20, 2026, the Wind Debt-Biased Hybrid FOF Index recorded gains of 3.58% over the past year and 10.29% over the past three years, both higher than the 1.79% and 7.23% returns of the short-term pure bond fund index over the same periods. In other words, the debt-biased hybrid FOF index offers greater return elasticity than pure bond assets while remaining more restrained in volatility compared to broad equity indices, presenting a clear "return enhancement with volatility constraint" characteristic. For investors seeking stability, this risk-return structure is a key source of the debt-biased FOF's allocation value.
Data source: Wind. Historical index performance does not indicate future results and does not represent fund investment returns. Funds carry risks; investment requires caution. The Wind Debt-Biased Hybrid FOF Index base date is October 25, 2017. Full-year performance from 2021 to 2025: 2021 at 4.60%, 2022 at -4.92%, 2023 at -1.65%, 2024 at 3.82%, and 2025 at 6.16%.
The index-level performance of debt-biased FOFs demonstrates that this category has a certain risk-return foundation. However, whether category characteristics can translate into actual investor experience still depends on the fund manager's asset allocation, fund selection, and portfolio rebalancing capabilities. For Fullgoal Xinwang Stable Retirement Target One-Year Holding Period Fund of Funds (FOF) Class A, which Zhang Ziyan has managed for an extended period, the net value growth rates for the past six months, one year, and three years were 4.10%, 8.30%, and 12.19% respectively as of June 30, 2026, compared to benchmark returns of 2.27%, 4.61%, and 10.60% over the same periods.
Regarding multi-asset portfolio management, Zhang Ziyan believes that a multi-asset portfolio is not simply about diversifying across assets but about diversifying across logic, aiming to have different rationale so that hedging works whether the market is favorable or adverse. This year, asset correlations have risen significantly, reducing the effectiveness of diversification across different assets. Meanwhile, AI has become almost the sole investment theme, evident not only in equity investing but also affecting major asset class performance. Looking to the second half of the year, AI expectations may not remain the only theme, as recent rebounds show increasingly diversified signals, with divergence emerging within technology between domestic and overseas, and between upstream and downstream. Discussions about dollar weakness and U.S. debt are also increasing. Portfolios may not need to rely on a single asset class, and previously suppressed areas such as gold, healthcare, and consumer sectors could attract more attention.
Following this allocation approach, Fullgoal Zhihong Stable FOF will build on a stable base position and expand return sources through diversified strategies. Fund manager views represent the fund's situation at a specific point in time only, do not constitute forecasts of market or industry trends, do not constitute investment actions or advice, and do not indicate current or future specific portfolio allocations of related funds.
For investors seeking stability, Fullgoal Zhihong Stable FOF's strategy emphasizes base position stability and diversified enhancement sources. The bond portion focuses on medium-to-short duration, high-grade credit bonds, using carry strategies as the foundational return source while avoiding credit downgrading. The enhancement portion uses diversified assets including equities, commodities, public REITs, and overseas-related funds to capture structural opportunities across different market phases. The fund also features a 90-day minimum holding period, which helps reduce the impact of frequent subscriptions and redemptions on portfolio operations and assists investors in avoiding emotional decisions driven by short-term market noise.
For the newly launched Fullgoal Zhihong Stable FOF, the core appeal is not betting on a single market opportunity but rather forming a combined solution through bond base positions, diversified enhancements, fund selection, and holding period mechanisms. Overall, against the backdrop of increasing FOF product supply and investors' growing focus on holding experience, the product attempts to address the comprehensive needs of stability-seeking investors for volatility control, source expansion, and experience optimization through professional buyer capabilities and a multi-asset strategy framework. According to the issuance schedule, the fundraising period for Fullgoal Zhihong Stable FOF will conclude on September 4.
Risk disclosure: Markets carry risks; investment requires caution. This product is issued and managed by Fullgoal Fund Management Co., Ltd. Distributors do not assume responsibility for product investment or redemption obligations. Each fund share has a 90-day minimum holding period, meaning investors may face liquidity constraints due to inability to redeem or sell fund shares. This fund is a hybrid fund of funds, with expected returns and risk levels higher than bond funds, money market funds, bond-type FOFs, and money market FOFs, but lower than equity funds and equity-type FOFs. The fund may invest in Hong Kong Stock Connect securities, asset-backed securities, STAR Market stocks, depositary receipts, QDII funds, Hong Kong mutual recognition funds, and public REITs, which may involve corresponding special investment risks. The fund's risk rating is R3-medium risk, suitable for investors with risk tolerance of C3 and above.