With the release of A-share interim reports for 2026, the heavyweight fund holdings of public FOFs (funds of funds) have come into view. As the "professional buyers" of the market, FOF positioning trends often reflect the collective judgment of institutional capital on asset allocation across major categories. According to Wind data, during the first half of 2026, out of approximately 14,000 fund products in the entire market, a total of 4,482 funds were held, with 2,620 funds being heavily held by FOFs. Among these heavily held funds, index funds accounted for 1,040 funds, representing 40%; bond funds accounted for 885 funds, or 34%; equity-biased funds numbered 541, making up 21%; QDII funds totaled 91, or 3%; while money market funds (35), REITs (10), and commodity funds (18) together accounted for roughly 2%.

Looking at the overall allocation framework, FOFs have demonstrated a clear tiered strategy: building a solid position in gold as the foundation, using CSI 300 and dividend-low volatility strategies for defense, and allocating toward technology for offensive growth. Among the top 20 funds by holding market value, gold ETFs claimed five spots, including the top four positions. The combined market value of these four gold ETFs held by FOFs exceeded RMB 123.9 billion. Leading the pack, the Huaan Gold ETF was held by 192 FOFs, with a holding market value of RMB 37.808 billion, ranking first.

Ranking tenth is the Southern S&P China A-Share Large Cap Dividend Low Volatility 50 ETF, and in eleventh place sits the Huatai-PineBridge Dividend Low Volatility ETF. These two funds stand out among the top 20 for their dual "defensive plus offensive" characteristics, with a combined holding market value of RMB 25.983 billion. Specifically, the Southern S&P China A-Share Large Cap Dividend Low Volatility 50 ETF saw an increase of 2.004 billion units during the half-year period, reaching a holding market value of RMB 13.694 billion, with FOF holdings representing as much as 76.08% of the fund's total scale. Meanwhile, the Huatai-PineBridge Dividend Low Volatility ETF was held by 85 FOFs, gaining 1.286 billion units in the first half, with a holding market value of RMB 12.289 billion, and FOF positions accounting for 39.27% of the fund's total size.

The rise of dividend strategies within FOF portfolios is by no means accidental. In an environment of declining interest rates and heightened equity market volatility, assets offering high dividends and low price fluctuation can deliver stable cash flows akin to bonds while also retaining the growth optionality of equity investments, making them a natural fit for the allocation needs of FOF portfolios.