In the face of a low-interest-rate environment and rapidly rotating markets, investors are increasingly favoring investment products that offer more stable returns, lower volatility, and greater diversification. Taking Fund of Funds (FOF) products, which possess inherent allocation attributes, as an example, by the end of the fourth quarter of 2025, there were 545 public FOFs in the market with a total scale of 244 billion yuan, hitting a record high and increasing 26% quarter-on-quarter. A new FOF, the Invesco Great Wall Hexi Rui'an Three-Month Holding Period FOF (Code: Class A: 026652, Class C: 026653), with veteran FOF manager Jiang Hong as the proposed fund manager, has been officially launched. This fund aims to achieve long-term steady appreciation by constructing an investment portfolio through strategies such as major asset allocation and fund selection, all under the premise of strictly controlling risk.

Diversified allocation enhances return sources, with strict drawdown control as the primary principle. As a seasoned veteran in the FOF field, Jiang Hong possesses 15 years of experience in the securities and fund industry, including 9.3 years of investment management experience. With a background in insurance capital, she excels at combining top-down asset allocation with bottom-up research on underlying fund varieties to build FOF portfolios. After joining the public fund industry years ago and conducting extensive product research and analysis, she identified a scarcity of FOFs targeting absolute returns with strict drawdown control. This led her to gradually develop and establish a set of effective management strategies for hybrid FOF products with a bias towards fixed income. For this type of FOF portfolio, Jiang Hong primarily invests in fixed-income assets to provide a base return, supplemented by different asset classes such as A-shares, Hong Kong stocks, overseas equities, and gold. She utilizes the low correlation between these assets to hedge risks and capture market elasticity, thereby expanding return sources while strictly controlling volatility and striving for a smooth net asset value trajectory. To achieve portfolio stability, she emphasizes a strategic framework centered on "strict drawdown control" and "volatility management." For Jiang Hong, the top priority in managing such portfolios is strictly controlling the maximum drawdown; the second priority is managing volatility to ensure a smooth net asset value curve and optimize the holding experience; the third priority is achieving target returns and pursuing the long-term, steady appreciation of fund assets. This strategic framework is clearly evidenced in the products she manages. Taking the holdings of her representative hybrid FOF product with a fixed-income bias—the Invesco Great Wall Conservative Pension One-Year Holding Period FOF—as an example, the fund is primarily composed of bond assets. Its allocation to short, medium, and long-term pure bond funds and hybrid bond funds has long been maintained at a high level as stipulated by the fund's contract, fully reflecting the investment philosophy of "prioritizing stability" and delving into the bond market to obtain certain returns. Simultaneously, the equity side operates with a low allocation; the equity allocation since inception has been approximately 6.01%, reducing portfolio volatility by strictly controlling exposure and incorporating low-correlation assets like gold for risk control. Overall, since its inception on March 20, 2024, the fund has achieved a return of 9.26%, with a maximum drawdown of only -0.88%, which is lower than the drawdown level of its performance benchmark over the same period.

Efficient collaboration within the investment research team, supported by the company's rich pool of high-performing underlying assets. Beyond the fund manager's solid investment capabilities, the strong team support and rich reserve of underlying assets provided by the fund management company are also noteworthy. It is understood that the Invesco Great Wall Fund Pension and Asset Allocation Department was established in 2018, specializing in FOF and investment advisory strategy development, major asset allocation research, and fund investment management. Team members have an average of 14 years of industry experience and 11 years of investment experience, primarily hailing from traditional strongholds of absolute returns such as large insurance companies, insurance asset managers, pension managers, bank wealth management divisions, and securities asset managers. Furthermore, the entire investment research team at Invesco Great Wall Fund collaborates efficiently internally. The company's foundational research achievements across various fields—including macro strategy, equity and bond research, overseas and alternative assets, and quantitative indexing—can be integrated and delivered to the asset allocation team and fund managers, providing support for the strategy construction and diversified allocation of products like FOFs. Concurrently, Invesco Great Wall boasts a complete product line, featuring a range of active equity, fixed income, quantitative, and ETF funds with clear styles and sustained excellent performance. These serve as high-quality underlying assets for FOFs, capable of meeting the allocation needs of FOF portfolios under different market conditions. The newly launched Invesco Great Wall Hexi Rui'an Three-Month Holding Period FOF leverages the company's investment research strengths and Jiang Hong's FOF management experience. It is a multi-asset allocation FOF primarily focused on fixed-income assets, with a certain allocation also directed towards equity assets. Its investment scope extends beyond A-shares to include Stock Connect, QDII, and commodity funds, aiming to build a foundation with stable assets while appropriately capturing market elasticity. Additionally, the product features a three-month holding period, which can meet certain liquidity needs of investors. Looking ahead, Jiang Hong indicated that the market will progress amidst the verification of economic recovery and the observation of policy effects, with volatility potentially intensifying. However, broad technology growth and non-ferrous metals might still be the main market themes. Domestically, A-shares present both structural opportunities and volatility; the fund will continue to maintain a very low direct risk exposure. The bond market is expected to be primarily range-bound, with coupon strategies remaining core. Overseas, the actual commencement of the Federal Reserve's interest rate cutting cycle will be key. Regarding US stocks, given their valuations are at relatively high levels, a appropriately cautious stance is maintained. The valuation attractiveness of Hong Kong stocks has improved, but their performance still requires observation of international capital flows; a relatively optimistic view is held for the Hong Kong stock market in the medium to long term.