As the types of personal pension products expand to include "fixed income plus" offerings, on September 29 the first batch of 26 such funds officially added Y-class units, giving the personal pension product pool a new allocation tool.
Since the personal pension system was launched in 2022, the product framework has continued to improve. The introduction of "fixed income plus" makes the risk-return curve of personal pension underlying assets more continuous.
In terms of entry standards, regulators set clear constraints for the first batch of included products: at least three years since inception, stable scale, and a maximum drawdown over the past three years better than the peer median. This screening mechanism is not about "how many products are available", but about "which products can withstand a full market cycle". Some analysts noted that after verifying the steady operation capability of "fixed income plus" products, subsequent products should be included in an orderly manner, thereby expanding the supply of personal pension products while effectively protecting investor interests.
So what are the characteristics of the first batch of carefully selected personal pension products? Why were these 26 funds selected? And which investors are they suitable for? From drawdown control to return elasticity, from fund managers to strategy scarcity, we break it down one by one.
Strict drawdown control is a major highlight, with 7 products keeping maximum drawdown within 2%
Excellent drawdown control is an important feature of this batch. Looking at maximum drawdown over the past three years, as of September 28, among the A-class units of the 26 products, 7 kept maximum drawdown within 2%, and none of the products had a maximum drawdown exceeding 6%.
Among them, Bank of China Stable Income ranked first in drawdown control with a maximum drawdown of 1.12%, and fund manager Chen Wei achieved a near-three-year return of 10.74% on the product. Bank of China Fund said that in its "fixed income plus" product layout, it uses maximum drawdown targets as the core yardstick for product risk grading, establishing a tiered risk system of 2%, 3%, and 5%, which serves as the design cornerstone for fixed income enhanced products. For products in different risk tiers, the company precisely matches the corresponding equity center and effective equity position ceiling, with calculation coverage spanning equities, convertible bonds, ETFs and other equity assets, firmly locking product risk boundaries through ex-ante control and in-process tracking. In addition, Bank of China Fund added an aggressive drawdown control target, relying on fine-grained management by fund managers and differentiated strategy operation to continuously optimize portfolios under compliant position constraints and strive for better drawdown control results.
Another strong drawdown performer is Guotai Xinhxiang Steady 6-Month Rolling Hold, with a maximum drawdown of 1.27% and a near-three-year return of 13.29%, managed by Mao Liwei. China Universal Tian Tian Le Dual Income ranked third with a maximum drawdown of 1.37%, but its near-three-year return reached 20.34%, achieving a relatively outstanding balance between drawdown control and return; the product is co-managed by Cai Zhiwen and Chen Sixing. In addition, funds that kept drawdown within 2% also included Penghua Steady Income, China AMC Dinghong, and GF Jurong One-Year Hold.
Recovery ability after maximum drawdown is also a key indicator for measuring the holding experience of "fixed income plus" products. Among products that disclosed recovery days, GF Jurong One-Year Hold had the shortest drawdown recovery time, taking only 8 days to recover from maximum drawdown. The product is managed by Zhang Qian and Li Xiaobo, with a near-three-year maximum drawdown of 1.98% and a return of 10.16%. China AMC Dinghong also performed prominently, recovering from maximum drawdown in only 12 days; combined with its 1.51% drawdown and 14.83% return, the holding experience was relatively smooth. Huatai-PineBridge Zhaoxiang 6-Month Hold Y also completed drawdown repair within 12 days, with a maximum drawdown of 4.17% and a near-three-year return of 13.49%.
Turning to returns, as of September 28, the near-three-year returns of the first batch of "fixed income plus" A-class funds were generally distributed between 7% and 31%, with most products in the 10% to 20% range. Among them, China Life AMP Steady Prosperity ranked first with a near-three-year return of 31.12%; Maxwealth Xinxin ranked second with 24.49%; and Ping An Ruixing 1-Year Hold followed closely with 22.4%. In addition, funds such as China Universal Tian Tian Le Dual Income, Southern Zhiyuan, and E Fund Pantai One-Year Hold were among the top return performers.
It is worth noting that many of the first batch of "fixed income plus" funds selected this time are products established more than ten years ago, such as ICBC Credit Suisse Double Income Bond established in August 2010, China Merchants Anyang established in November 2020, CCB Steady Huixiang established in December 2014, and Changxin Libao established in November 2015. These are rare veteran "fixed income plus" products in the market that have gone through multiple market shifts. This means that when screening the first list, regulators not only focused on short-term performance, but placed greater emphasis on the products' ability to operate steadily through a full market cycle.
Many star 'fixed income plus' managers at the helm, with scarce strategies appearing
Among the first batch of newly included "fixed income plus" personal pension funds, many are managed by star managers. Specifically, E Fund Pantai One-Year Hold Mixed Fund is managed by Lin Hu, who has more than 14 years of securities industry experience. His career path started in macroeconomic and fixed income research and gradually developed into a fund manager focused on multi-strategy and risk diversification. GF Jurong One-Year Holding Period Mixed Fund is led by Zhang Qian, vice president of GF Fund and fixed income investment director, and fund manager Li Xiaobo. Huatai-PineBridge Zhaoxiang 6-Month Hold Mixed Fund adopts a dual fund manager model of "fixed income plus equity", jointly managed by Dong Chen, vice president of the company and director of the active equity investment department, and Zheng Qing, co-director of the fixed income department. The "Li" series products they previously co-managed, such as Huatai-PineBridge Xinli and Dingli, are highly recognized by the market and known as the "Qingchen combination". Southern Zhiyuan Mixed Fund is jointly managed by Sun Lumin, vice president of Southern Fund and co-chief investment officer, and Liu Yicheng, fund manager in the mixed assets investment department. It is positioned as a medium-volatility "fixed income plus" product and adheres to a stock-bond allocation strategy: on the equity side, it focuses on high-quality industries with stable performance and reasonable valuations; on the bond side, it mainly invests in medium- and high-grade credit bonds, striving for long-term steady returns under strict drawdown control, which is highly consistent with the long-term investment and steady appreciation needs of personal pensions.
The first batch of "fixed income plus" products also selected some scarce strategies. For example, Maxwealth Xinxin is one of the few "fixed income plus" products in the market using a stock-bond hedge strategy. Unlike traditional "fixed income plus" products that use bonds as the foundation and equities for enhancement, this product assigns timing and drawdown control to bond assets. When equities come under pressure, it hedges drawdown by raising the duration center; when equities improve, it flexibly adjusts to seek enhancement, fully leveraging the negative correlation between stocks and bonds. The product is jointly managed by Wu Wei, general manager of the fixed income department, and fund manager Lu Liyang. The former is skilled at interest rate trend analysis and bond trading, while the latter is deeply engaged in convertible bond timing. The two dynamically balance positions through a collaborative model of "view interaction and strategy complementarity". In addition, products managed by star managers such as Zou Weina of HuaAn Fund, Cai Zhiwen of China Universal Fund, Fang Chang of Penghua Fund, Kong Lingchao of Orient Securities Asset Management, and Gao Yongbiao of Ping An Fund were also included.
Fund manager interpretation: structural filling of a gap, matching long-term pension needs
Huatai-PineBridge Fund said that from a product logic perspective, "fixed income plus" products such as equity-containing secondary bond funds and partial-debt mixed funds use fixed income assets such as bonds as the base while enhancing returns by allocating a certain proportion of stocks, convertible bonds, or equity-biased funds, featuring "offense when possible and defense when needed". Pension funds naturally have long-term attributes, and the time value of this strategy can be released more fully in pension scenarios.
"The inclusion of equity-containing secondary bond funds and partial-debt mixed funds in the personal pension fund list further optimizes the risk-return gradient of pension investment products, provides investors with richer tool choices, and can better meet medium- and long-term pension asset allocation needs," said Lin Hu, fund manager of E Fund Pantai One-Year Hold Mixed Y.
Gao Yongbiao, fund manager of Ping An Ruixing 1-Year Hold Mixed Fund, further pointed out that the inclusion of the first batch of "fixed income plus" products in personal pensions is not a simple category expansion, but closer to a structural filling of a gap. Previously, the product spectrum of personal pension funds was mainly pension target FOFs and equity index funds. Low-volatility pure bond products had limited return elasticity, while equity products were relatively more volatile. In the middle, there was a lack of allocation tools that could balance drawdown control and moderate appreciation. The introduction of "fixed income plus" precisely fills this gap, making the risk-return curve of personal pension underlying assets more continuous.
Liu Shasha, fund manager of ABC Ruize Tianli Bond, believes that the revitalization of the capital market has increased the certainty of the "plus" in "fixed income plus" products. From the perspective of product types, since 2020, even across the "difficult periods" of asset markets, the long-term returns of secondary bond funds have beaten short-duration and medium-to-long-duration pure bond funds, and since the second half of 2025 the return advantage has become even more significant in the short term. In terms of volatility, after 2025, as the stock and bond markets changed and expected bond yields declined, the Sharpe ratio of pure bond assets has fallen. Looking at future expected returns, structural opportunities in the equity market persist, and the necessity of stock-bond allocation for future returns has clearly risen, strengthening the certainty of the "plus".
Regarding the construction of the market ecosystem, ICBC Credit Suisse Fund said that with the successful inclusion of "fixed income plus" strategy products in the personal pension product list, it marks a further expansion of personal pension investment targets and helps build a more complete risk-return gradient. This move may help guide more long-term capital into the market and promote the formation of a virtuous ecosystem of "long money for long-term investment".
ABC-CA Fund also reminded investors that personal pension accounts operate in a closed manner and cannot be withdrawn early before meeting the conditions for receipt; although "fixed income plus" is mainly fixed income, it still contains certain equity exposure, and net asset values will fluctuate with the market, so it is not principal-protected or return-guaranteed. This also means it is more suitable to be allocated with a "long-term, spare money" mindset.
Gao Yongbiao also pointed out that for investors, more available targets does not mean the difficulty of choosing has decreased. The list solves the issue of "compliant access", not the issue of "suitability". Whether it matches one's own pension horizon, risk tolerance, and return expectations remains the core basis for allocation decisions.