Calculations from multiple institutions indicate that the scale of resident deposits maturing by 2026 could reach tens of trillions of yuan. Against the macroeconomic backdrop of continuously declining market interest rates and increasing uncertainty in traditional investment channels, finding a "new frontier" for these funds seeking stable returns has become a key market focus. In this context, a public fund product designed to provide a low-volatility, steady-return solution has emerged. The Fullgoal Intelligent Stability Balanced 90-day Holding Mixed Fund of Funds (FOF) (hereinafter referred to as "Fullgoal Intelligent Stability Balanced FOF") (Class A: 026343, Class C: 026344), under Fullgoal Fund, officially entered its initial offering period today (February 24th). It is reported that the product is positioned as a bond-biased hybrid FOF and is set to be managed by Zhang Ziyan, Director of Multi-Asset Investment. It aims to provide investors with a defensive yet yield-flexible allocation tool in the current complex market environment through a strategy of "bond funds as the base, diversified enhancements." Scale Doubles in Two Years, Bond-Biased Hybrid FOFs Become New Favorite for Low-Volatility Allocation Driven by both a low-interest-rate environment and increased market volatility, single-asset strategies are increasingly struggling to meet investors' core demands for wealth preservation and growth. As "professional buyers" in asset allocation, FOF funds, leveraging their inherent advantages of diversified investment and volatility smoothing, are gradually taking center stage. Among them, the rise of bond-biased hybrid FOFs is particularly noteworthy. Wind data shows that the scale of such products grew rapidly from 70.8 billion yuan at the beginning of 2024 to over 149.1 billion yuan by the end of 2025, accounting for more than 60% of the total public FOF scale. The scale increase in 2025 alone set a new historical record. This surge clearly reflects the public's urgent need for stable allocation tools with a superior risk-return profile under the current market conditions. Historically, bond-biased hybrid FOFs have demonstrated their unique allocation value. Wind data shows that from the beginning of 2018 to the end of 2025, the Wind Bond-Biased Hybrid FOF Index achieved a cumulative increase of 30.47%. This not only significantly outperformed the gains of the interbank certificate of deposit AAA index and the money market fund index during the same period, which were 25.14% and 17.34% respectively, but also exceeded the gain of the CSI 300 Index by over 15 percentage points, demonstrating an advantage of "keeping up in rising markets and providing a buffer in falling markets." Dual-Driven by "Core-Enhancement," Building a Multi-Asset Allocation System Faced with market uncertainty, how does one build certainty into an investment portfolio? The answer provided by the Fullgoal Intelligent Stability Balanced FOF is a "Core-Enhancement" allocation framework. It is understood that the "core" portion of the fund, acting as the "ballast" of the assets, will primarily consist of high-quality bond funds. In practice, the focus will be on selecting bond funds with short-to-medium duration and medium-to-high credit quality. The former aims to reduce the portfolio's sensitivity to interest rate fluctuations, controlling net value drawdowns when rates change; the latter seeks to avoid credit default risk at the source by strictly adhering to credit quality standards and avoiding credit downgrades. For the "enhancement" portion, the fund retains a 5%-30% allocation exposure to equity assets and can also invest in diverse assets such as commodity funds, QDIIs, and public REITs to capture structural opportunities in different markets and enhance the portfolio's return potential. The fund manager will dynamically adjust the allocation proportion and direction of the enhancement portion based on the macroeconomic cycle and market trends. For instance, when economic recovery expectations strengthen, equity assets are expected to become a core source of return enhancement; when global macroeconomic dynamics shift, commodity assets like gold and industrial metals, which have low correlation with stocks and bonds, may provide effective hedging and diversification for the portfolio due to their unique drivers. Seasoned FOF Veteran at the Helm, Track Record Validates Allocation Capability Increasingly complex asset classes place higher demands on fund managers' research depth and risk control capabilities. The designated fund manager for the Fullgoal Intelligent Stability Balanced FOF, Zhang Ziyan, is a seasoned veteran in the multi-asset allocation field. As the Director of Multi-Asset Investment at Fullgoal Fund, Zhang Ziyan possesses profound investment research experience and practical experience spanning bull and bear markets. The product line he manages comprehensively covers a diverse risk spectrum from bond-biased, to balanced, to equity-biased. Zhang Ziyan's investment philosophy can be summarized as "refined asset allocation, in-depth selection of underlying funds." In his view, FOF investing requires optimizing the portfolio's risk-return profile through scientific asset allocation, while simultaneously employing a screening mechanism that combines quantitative and qualitative methods to identify high-quality sub-funds capable of generating alpha. In practice, he consistently prioritizes "controlling risk above pursuing returns." His investment philosophy is clearly reflected in his past performance. Taking the Fullgoal Zhipu Steady Advance 12-month Holding (FOF) A, which he manages, as an example, as of December 31, 2025, the fund achieved a one-year return of 9.06%, significantly outperforming its benchmark return of 2.19% over the same period. Furthermore, the Fullgoal Xinwang Steady Pension One-Year Holding A, which he also manages, outperformed its benchmark in four out of the past five full calendar years, repeatedly demonstrating excellent drawdown control capability. The Fullgoal Xinwang Balanced Pension Three-Year Holding A, a balanced product he manages, further showcases his allocation wisdom across different market environments. During the market declines of 2022 and 2023, this product significantly outperformed its benchmark by reducing equity exposure and increasing allocations to defensive assets; during the market rebounds of 2024 and 2025, it was able to keep pace promptly, achieving an effective balance between offense and defense. Looking ahead to 2026, Zhang Ziyan believes that against the backdrop of profound evolution in the global macroeconomic landscape and increasingly complex inter-asset correlations, the era of relying on a single asset for easy gains may be over. Achieving long-term stable returns will effectively depend on smoothing volatility and accumulating gains gradually through diversified and refined asset allocation. As investor risk preferences evolve and the concept of asset allocation becomes more widespread, market demand for diversified FOF products that balance stability and flexibility is likely to continue growing. The launch of the Fullgoal Intelligent Stability Balanced FOF may further enrich the risk management toolkit available in the public fund market, providing investors with a new option for steady allocation.