In today’s fast-rotating market landscape, where sector leadership shifts frequently, many investors find their biggest challenge isn’t making money, but holding onto it. The fear of buying during rallies and the panic of selling during drawdowns often leads to sleepless nights and premature exits after a single deep market correction. Meanwhile, nearly 40 billion yuan in new capital has flowed into "fixed-income plus" funds, and in July, bank wealth management products showed renewed interest in this category amid market turbulence (Source: Shanghai Securities News). Within this space, low-volatility FOFs, which offer risk-return profiles similar to fixed-income-plus products, are also gaining increasing attention.

Steady FOFs: A key tool to solve the "can't hold" dilemma

Retail investors frequently confront three major hurdles in the market: cognitive gaps, information asymmetry, and a lack of discipline—the last being particularly critical. Investors know they should hold for the long term, yet they often waver during inevitable drawdowns. For those seeking a more disciplined approach, FOFs, acting as professional fund-of-funds managers, offer a viable solution by entrusting the complex tasks of market timing and fund selection to dedicated experts. Within the FOF universe, the most conservative category—steady FOFs—prioritizes drawdown and volatility control as its primary objectives. Instead of chasing high returns, these funds aim to deliver a smooth and comfortable holding experience, typically keeping equity exposure capped at 30%. The ChinaAMC Juxin One-Year Holding Period Mixed Fund of Funds (FOF) (Class A: 015940; Class C: 015941) stands out as a noteworthy option in this segment.

Impressive one-year return of 4.37% with a maximum drawdown of just 1.12%; Sharpe and Calmar ratios rank among the top in its category

For investors focused on stability and balance, evaluating a FOF’s quality isn’t solely about returns. Drawdown control and risk-adjusted performance are the true determinants of holding experience. ChinaAMC Juxin One-Year Holding Mixed (FOF) excels on these critical metrics. Its returns are robust, achieving a 4.37% one-year gain according to Galaxy Securities, outperforming the category average of 2.9%. Notably, the fund has demonstrated resilience during the market pullback since July, indicating that the manager has avoided chasing the previously high-flying tech and growth sectors. Its drawdown control is also exceptional, with a maximum one-year drawdown of just 1.1165%, significantly lower than the peer average of 2.88%. This means investors experience far fewer dramatic swings in their account values, even during volatile periods. The fund’s risk-adjusted returns are equally compelling: its one-year Sharpe ratio ranks 2nd out of 67 funds in its category, and its Calmar ratio ranks 2nd out of 84 funds—placing it at the forefront of its class whether measuring excess return per unit of risk or return per unit of drawdown.

Consistency is key, and this stability isn’t a recent phenomenon. Over one, two, and three-year periods, ChinaAMC Juxin has maintained a low return volatility of 2.08%, 2.39%, and 2.28%, respectively, with Sharpe ratios of 1.24, 1.60, and 1.01. These consistently positive and strong metrics across multiple time horizons confirm that its "steady" characteristic is a product of its entire operational cycle, not a short-term stroke of luck (Source: Galaxy Securities, as of 2026.8.31; rankings based on Class A shares. Fund ratings are not indicative of future performance and do not constitute investment advice).

Established on October 27, 2022, and managed by Yu Chengyao since March 30, 2026, the fund has accumulated a net value growth of 11.2% since inception. Its annual performance for Class A shares has been 5.22% against a benchmark of 1.85% for fiscal year 2025; 4.39% against 6.56% for 2024; and -0.87% against 0.14% for 2023. The fund’s performance benchmark is a composite of the ChinaBond Aggregate Index (80%), CSI A500 Index (7%), MSCI Global Index (5%), Shanghai Gold Exchange Au99.99 spot price returns (3%), and the benchmark deposit rate (5%), aiming for a balanced, bond-heavy portfolio complemented by modest exposure to equities, gold, and overseas assets for diversification.

Furthermore, the product features a mandatory one-year lock-up period from the date of purchase for each share. While this might seem restrictive, it serves as a powerful structural tool to help investors resist the urge to buy high and sell low. This mechanism transforms long-term holding from a test of personal discipline into a built-in feature of the product, ensuring a more disciplined investment approach.

Professional team backing: A pioneer in multi-asset allocation FOFs

Behind this strong performance lies the robust, all-around asset allocation platform of ChinaAMC, one of the first fund companies in China to venture into the FOF space. Leveraging this advantage, ChinaAMC's FOF division has achieved a threefold upgrade: evolving from a simple "fund selection tool" into a comprehensive "asset allocation solution" with a multi-asset, multi-strategy, all-weather approach. The focus has shifted from pure returns to rigorous risk management, strictly controlling volatility and drawdowns. This is complemented by reconstructing competitiveness through index-based beta, as ChinaAMC’s ETF scale has led the industry for 21 consecutive years, providing a rich and low-cost array of underlying allocation instruments for its FOFs. The company has also assembled a dedicated 24-person asset allocation team, utilizing a multi-asset all-weather framework based on Macro, Valuation, Policy, and Sentiment (MVPS) to comprehensively track equities, fixed income, US stocks, and gold.

The current fund manager, Yu Chengyao, joined ChinaAMC in July 2019 and progressed from a research analyst to an assistant portfolio manager. He now leverages the platform’s risk budgeting model and MVP macroeconomic analysis framework to protect capital for investors seeking steady appreciation.

Who is this fund for?

For investors with a lower risk tolerance who wish to allocate idle funds for the medium-to-long term while avoiding significant equity market volatility, a steady FOF like ChinaAMC Juxin—with its low drawdown and high Sharpe ratio—could serve as a viable alternative to more liquid, low-yield options like demand deposits.

Risk Disclaimer:

1. Before investing, investors should carefully read the fund's contract, prospectus, and product summary to fully understand the risk-return characteristics and product features. Investment decisions should be based on individual investment objectives, time horizon, experience, and risk tolerance, and investors should independently bear investment risks.

2. The fund manager does not guarantee fund profitability or minimum returns. Past performance and net asset value are not indicative of future results, and the performance of other funds managed by the company does not guarantee the performance of this fund.

3. The fund manager reminds investors of the "buyer beware" principle. Investment risks arising from fund operations, price fluctuations of fund shares on the exchange, and changes in net asset value following an investment decision are the sole responsibility of the investor.

4. This fund is a one-year holding period product, with a minimum holding period of one year from the date of purchase for each share, during which redemption is not permitted. Investors should carefully consider their liquidity needs before investing.

5. As a fund of funds (FOF), there are double-layer fees; please refer to the fund's legal documents for the detailed fee structure.

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