In the first month of the year, the A-share market is presenting a picture of high volatility intertwined with strong divergence. After the Shanghai Composite Index hit an intraday high of 4190.87 points, a near-decade peak, it has been seesawing near the 4100-point mark, reflecting intense battles between bulls and bears. Sector divergence is equally pronounced; according to Wind data, as of January 19, sectors such as Media, Nonferrous Metals, and Electronics within the Shenwan primary industry classification have surged over 10%, while others like Non-Bank Finance and Banking have seen significant pullbacks. The accelerated pace of sector rotation has drastically increased the difficulty of market timing for retail investors.
Against this backdrop, the value of public FOF funds as "asset allocation shoppers" is becoming increasingly prominent. In response, Fullgoal Fund has meticulously launched the FGT Smart Steady 3-Month Holding Mixed FOF (Class A: 026564, Class C: 026565). As the inaugural product under Bank of China's "Smart Investment Plan," its fundraising is set to conclude today, offering a precisely tailored tool for investors seeking to participate in diversified asset allocation.
The product's core design revolves around three pillars: diversified allocation, flexible strategy, and a reasonable holding period. In the current low-interest-rate environment, investor demand for "steady growth with controlled risk" wealth management products is increasingly urgent, a market pain point that the FGT Smart Steady FOF accurately addresses. The product breaks free from the limitations of traditional stock-bond binary allocation, constructing a multi-asset portfolio architecture that spans markets and categories—it uses high-quality bond funds as a base position to build a stable foundation, while controlling the equity asset allocation within a 5%-30% range, meticulously selecting equity funds focused on structural opportunities like policy dividends, manufacturing recovery, and overseas technological transformation. This approach allows it to capture market opportunities without exposing the portfolio to excessive risk.
To further smooth volatility and enhance portfolio resilience, the product also allocates to diverse assets such as gold-related funds, public REITs, and QDII funds. It leverages the low correlation between different assets to achieve risk diversification, forming a configuration pattern that is poised to attack yet capable of defending, well-suited for complex and ever-changing market conditions.
In its specific investment operations, the product emphasizes a combination of active management and disciplined rebalancing. Beyond basic asset allocation, it makes flexible adjustments based on multi-dimensional indicators such as the macroeconomic cycle, valuation levels, and market sentiment, rather than rigidly holding onto assets. The core objective of this dynamic strategy is to enhance the portfolio's adaptability to different market environments, striving to control downside risks and optimize the investment experience for holders.
It is worth highlighting that the product sets a minimum holding period of 3 months. For investors, this duration encourages long-term investment and helps avoid irrational behaviors like chasing rallies and selling in panics, without overly restricting fund liquidity. It assists investors in adhering to long-term investment discipline, avoiding irrational timing decisions driven by short-term market fluctuations. For the fund manager, a stable asset base creates favorable conditions for medium- to long-term asset allocation and the optimal selection of sub-funds, reducing the liquidity impact and transaction costs associated with frequent subscriptions and redemptions, allowing a greater focus on smoothing net value volatility through allocation and enhancing long-term holding value.
The core strength supporting the product's operation comes from the proposed fund manager, Wang Dengyuan, and the investment research team behind him. Wang Dengyuan boasts 14 years of experience in the securities industry, with over 6 years specifically dedicated to FOF investment management. Currently serving as General Manager of the Multi-Asset Investment Department and Senior FOF Fund Manager at Fullgoal Fund, he has developed a mature "three-dimensional" fund selection framework through long-term practice. This framework involves quantitative analysis to screen for stable performers, qualitative assessment of fund managers' investment logic, and penetrating analysis of underlying assets to control style drift. The long-term performance of several FOF products under his management has outperformed their benchmarks, demonstrating a professional capability validated by the market.
The Multi-Asset Investment Department at Fullgoal Fund, where he is based, was formally established in 2017. As one of the industry's pioneering FOF business developers, it has built a comprehensive process system covering fund research, portfolio construction, risk monitoring, and performance attribution. The department's core investment research team consists of 7 members with an average industry experience exceeding 11 years, combining depth of experience with professional breadth, providing solid support for the product's operation.
More notably, this product has been incorporated into Bank of China's "Smart Investment Plan" wealth management service system. The "Smart Investment Plan" is a one-stop asset allocation solution jointly created by Bank of China and high-quality public fund institutions, designed to provide investors with clear, tiered, and distinct wealth management choices based on clear return objectives and strict risk control requirements. The plan features four main product lines: Ultra-Low Volatility, Low Volatility, Medium Volatility, and High Volatility, each corresponding to different allocation ranges and target requirements. With its 5%-30% equity asset allocation ratio, the FGT Smart Steady FOF precisely aligns with the positioning of the "Medium Volatility" product line. As the first product launched under this plan, it offers investors with specific risk-return needs a clearly positioned, style-consistent allocation tool.
From an industry perspective, although the FOF market size has exceeded 240 billion yuan, its penetration rate remains below 1% compared to the overall public fund market of 37 trillion yuan, indicating vast room for future growth. As core products for attracting wealth management funds, low-to-medium volatility FOFs see their advantages in diversified allocation become increasingly prominent in a bond market environment with declining coupon yields, positioning them to become an important supplement to the "fixed-income plus" segment.
As the fundraising period draws to a close, the FGT Smart Steady FOF is poised to enter its formal investment operation phase. Amid the wave of multi-asset allocation, relying on the systematic allocation capabilities of professional institutions for long-term investment may become the common choice for a growing number of investors seeking to navigate market cycles and achieve steady value appreciation.