With domestic risk-free yields hovering at low levels and equity markets experiencing heightened volatility, investing in a single asset class has become increasingly challenging. Against this backdrop, the Hua'an Yingsheng Multi-Asset 6-Month Holding Period FOF is set to launch on October 12. The product adopts a multi-asset allocation strategy to break free from the limitations of single-asset investing, offering investors a one-stop asset allocation solution. Multi-asset allocation not only diversifies single-asset risks but also captures return opportunities across different markets, enhancing the portfolio's risk-return profile.

It has been reported that the Hua'an Yingsheng Multi-Asset 6-Month Holding Period FOF achieves comprehensive asset coverage to enrich return sources. Beyond traditional equity and bond assets, it can invest in US stocks, Japanese stocks, German stocks, gold, soybean meal, silver, non-ferrous metals, US Treasuries, and REITs. According to the fund contract, regarding the investment scope, the Hua'an Yingsheng Multi-Asset 6-Month Holding Period FOF allocates 5%-30% of fund assets to stocks, depositary receipts, stock funds, and hybrid funds classified as equity assets. Notably, investments in QDII funds and Hong Kong mutual recognition funds are capped at 20% of fund assets, commodity funds (including commodity futures funds and gold ETFs) are limited to no more than 10%, and money market funds are capped at 15%.

At the operational level, the fund employs a risk parity model for position sizing, supplemented by satellite timing strategies for return enhancement. Anchored on low correlations, it balances risk contributions across asset classes, thereby hedging inter-asset risks, smoothing volatility, and improving the investor holding experience. The Hua'an Yingsheng Multi-Asset 6-Month Holding Period FOF is slated to be managed by Yang Zhiyuan, who brings 15 years of financial and fund management experience, including 7 years in public FOF investment, equipping her with robust multi-asset research capabilities and hands-on portfolio management expertise.

Additionally, Hua'an Fund's Fund Portfolio Investment Department will support the product's operations. It is understood that the team brings together professional investment and research talent across multiple domains with strong collaborative capabilities. Employing a systematic asset management model, members leverage their respective strengths in equities, fixed income, commodities, and overseas markets through strategic asset allocation ratios and tactical allocation timing, striving to enhance the product's risk-return ratio.

Specifically, Hua'an Fund's FOF team is structured into three functional groups: the Asset Allocation and Fixed Income Group handles top-level design (asset allocation) and underlying bond fund screening; the Equity Group specializes in the A-share market with detailed division of labor by strategy and fund type; and the Overseas and Alternative Group manages QDII, commodity, REITs, and other low-correlation assets. The three groups conduct daily reviews, weekly discussions, and monthly asset allocation meetings to ensure clear visibility and timely response to market changes. Meanwhile, leveraging Hua'an Fund's mature investment research ecosystem of a "centralized research platform + diversified investment teams," the company aggregates firm-wide research capabilities to provide tailored infrastructure for FOF investing.

This systematic approach has delivered notable performance results. According to the 2026 interim fund report, all 10 FOF products under Hua'an Fund disclosed the "proportion of profitable investors over the past year," with each exceeding 99%, and 5 FOFs achieving a 100% ratio.

Fee structure details: Subscription/purchase fee rates (M represents subscription/purchase amount), Class A shares: M<10 million yuan, 0.5%; M≥10 million yuan, 1,000 yuan per transaction; Class C shares charge no subscription/purchase fee. Redemption fee rates for both A/C shares (Y represents holding period) are: Y<180 days, 0.50%; Y≥180 days, 0. Management fee: 0.50%/year. Custody fee: 0.15%/year. Class A shares charge no sales service fee, while Class C shares have a sales service fee of 0.40%/year. Fees are waived for the portion of fund assets invested in funds issued or managed by the fund manager, and custody fees are waived for the portion invested in funds custodied by the fund custodian. Non-pension clients are subject to the above rates. For multiple subscription/purchase orders on the same day, the applicable rate is calculated separately for each order.

Risk disclosure: This fund is a hybrid fund of funds (FOF), with risks and expected returns higher than bond FOFs and bond funds, higher than money market FOFs and money market funds, but lower than equity FOFs and equity funds. For each fund share, the fund imposes a 6-month minimum holding period, and investors can only request redemption or conversion transfers starting from the next business day (inclusive) after the end of the minimum holding period. This exposes investors to liquidity risk during the minimum holding period and the risk of significant net value fluctuations. Funds involve risks; invest with caution. This view reflects the perspective at the time and may change in the future. It is for reference only and does not constitute investment advice, a guarantee, or any legal document. Past fund performance does not predict future results, and performance of other funds managed by the fund manager does not guarantee fund performance. This product is issued and managed by Hua'an Fund Management Co., Ltd., and China Merchants Bank acts as the distributor without assuming responsibility for product investment or redemption. Investors should carefully read the fund contract, prospectus, and other legal documents and select appropriate products based on their personal risk tolerance.