Amid a low interest rate environment and significant structural trends in the equity market, the importance of asset allocation has become increasingly prominent. Huashang Fund consistently centers its efforts on enhancing investor returns, building a diversified FOF product system that caters to different risk preferences, retirement goals, and investment horizons. The firm is committed to leveraging professional investment philosophy and experience to help investors achieve optimal asset allocation and an improved fund-holding experience based on their individual risk tolerance.
Notably, as of the end of 2025, the Huashang Anyuan Wenjin One-Year Holding Mixed FOF C, managed by Sun Zhiyuan, General Manager of the Asset Allocation Department at Huashang Fund who is known for his "defensive counterattack style," ranked second in performance among its peers for the year. This result fully demonstrates the firm's active investment management capabilities in the FOF space.
Sun Zhiyuan, General Manager of Huashang Fund’s Asset Allocation Department, has nearly 14 years of experience in the securities industry, including 6.9 years in securities investment and 6.9 years in securities research and mutual fund analysis. As a "defensive counterattack" fund manager, he has long served capital with a focus on stability, emphasizing the combination of absolute and relative returns.
In Sun's view, the value of professional management lies in helping investors execute investment behaviors that are necessary but often difficult to adhere to in practice. Examples include rationally controlling positions during market peaks, gradually building positions during downturns, and avoiding chasing short-term outperformers, thereby achieving superior risk-adjusted returns. His investment philosophy has always been to ensure that "even if investors enter at the worst possible time, they can still have a favorable investment experience."
Beyond managing mixed FOFs, Sun's related pension products have also delivered solid absolute and relative returns over medium to long-term horizons, outperforming their respective benchmarks and showcasing strong active management.
In the fourth-quarter 2025 report for the Huashang Anyuan Wenjin One-Year Holding Mixed FOF, Sun noted that the market experienced broad fluctuations and sharp sector divergence during the period. While sectors related to the overseas AI boom surged ahead, most other sectors performed modestly. He continued the strategy of buying when others were selling, taking moderate profits from funds with significant gains and elevated valuations in heavily weighted sectors, and shifting toward products with better individual stock value.
Regarding the macroeconomic outlook, Sun pointed out that although the path of real economic growth remains uncertain, rising price levels are likely, which could benefit earnings growth for cyclical listed companies. Coupled with low price-to-book ratios in these sectors, they may see advantages in 2026.
Looking ahead to 2026, Sun believes both growth and value styles may present opportunities, with sectors more closely tied to pricing within each style holding greater potential. Examples include new energy and consumer services within the growth style, and chemicals and construction materials within the value style. In portfolio construction, he will adhere to a "bold hypothesis, careful verification" approach, adjusting allocations gradually based on data changes and maintaining overall balance until expectations materialize. As an FOF manager, he will prioritize selecting products that meet screening criteria and directional judgments based on fund managers’ long-term investment styles and short-term focuses.
Overall, Sun observes that some pricing data has quietly improved, commodity futures prices appear to reflect future directions favored by speculative capital, and the strong renminbi exchange rate is finally aligning with purchasing power parity implications. He plans to continue selecting fund products poised to benefit in the future, adhering to the established pace and combining fundamental clues with sector value, awaiting strong performance from overlooked areas.
Performance ranking data is sourced from Galaxy Securities, released in January 2026. The Huashang Anyuan Wenjin One-Year Holding Mixed FOF’s Class A and Class C rankings are in the mixed FOF (equity assets 0–30%) categories, with one-year rankings of 4th out of 70 and 2nd out of 67, respectively.
Net asset value growth rates and benchmark performance data for the above products are from fund periodic reports. The Huashang Jiayi Retirement Target 2045 Five-Year Holding Mixed FOF has not been established for three years, so its performance is not displayed. The Huashang Jiayue Balanced Pension Target Three-Year Holding Mixed FOF Y posted a three-year NAV growth rate of 18.25%; the Huashang Jiayi Retirement Target 2040 Three-Year Holding Mixed FOF Y achieved 18.26%; and the Huashang Jiayue Stable Pension Target One-Year Holding Mixed FOF Y returned 12.02% over three years.
Detailed performance and benchmark data for all funds managed by Sun Zhiyuan are available in fund periodic reports. Latest NAV per share can be found on the Huashang Fund website.
Investors should note that funds with regular open periods or minimum holding periods may face liquidity constraints. Investments in Hong Kong-listed stocks via Stock Connect carry specific risks. While the fund manager exercises diligence, past performance does not guarantee future results. Investors should review fund documents carefully and select products matching their risk tolerance and objectives.