Another FOF fund has sold out on its first day of issuance. On March 10, E Fund Management announced that its E Fund Ruyi Runze 6-Month Holding FOF, which began raising funds on March 9 with an original cutoff date of March 20, had its fundraising period shortened to just one day, ending on March 9. According to sources, the fund's initial issuance raised approximately 3.5 billion yuan, with China Merchants Bank serving as the primary distributor.
Including this product, a total of ten FOF funds have become "single-day sell-out" funds this year. Besides the E Fund Ruyi Runze 6-Month Holding FOF, other products that completed fundraising on their first day include SPDB-AXA Yingtai Multi-Asset Allocation 3-Month Holding, Invesco Great Wall Hexi Anyu 3-Month Holding, Bosera Yingtai Preferred Selection 6-Month Holding, GF Yuefeng Multi-Asset Stable 3-Month Holding, Southern Wengjia Multi-Asset Allocation 3-Month Holding, Invesco Great Wall Yingjing Conservative Allocation 3-Month Holding, Wanja Qitai Stable 3-Month Holding, Liontrust Zhiying Preferred Selection 3-Month Holding, and Guotai Ruile 6-Month Holding.
In terms of fundraising scale, the Bosera Yingtai Preferred Selection 6-Month Holding FOF led with a single-day issuance amount of 5.844 billion yuan. Four other products—Southern Wengjia Multi-Asset Allocation 3-Month Holding, GF Yuefeng Multi-Asset Stable 3-Month Holding, Invesco Great Wall Yingjing Conservative Allocation 3-Month Holding, and Wanja Qitai Stable 3-Month Holding—each raised over 2 billion yuan. The SPDB-AXA Yingtai Multi-Asset Allocation 3-Month Holding and Invesco Great Wall Hexi Anyu 3-Month Holding also raised more than 1 billion yuan.
Meanwhile, several other FOF funds, while not selling out in one day, demonstrated strong fundraising momentum. Just one day before the issuance of E Fund's new product, China Merchants Fund announced that its China Merchants Zhiying Preferred Selection 6-Month Holding Mixed FOF, which began fundraising on February 26 with an original deadline of March 18, ended its fundraising period early on March 10. Channel information indicates the fund raised approximately 3 billion yuan.
Additionally, the Fullgoal Zhihui Stable 3-Month Holding FOF, which achieved a final size of over 4 billion yuan, completed fundraising in just three days. The GF Yueying Stable 3-Month Holding FOF, with a final size exceeding 3 billion yuan, required only two days for its subscription period. The ICBC Yingtai Stable 6-Month Holding and Zhongou Yingxiang Stable 6-Month Holding raised 4.581 billion yuan and 3.737 billion yuan, respectively, each with a 10-day subscription period.
Overall, FOF funds have not only accelerated their issuance pace but have also seen a significant increase in the number of blockbuster products. Wind data shows that, as of March 10, 34 FOF funds have been established this year, raising a cumulative total of 48.03 billion yuan. Among these, 16 products reached the blockbuster threshold of 1 billion yuan in initial issuance size, accounting for nearly half. In contrast, the total number of FOF products raising over 1 billion yuan for the entire year of 2025 was 25. This means that in less than three months, the number of blockbuster FOF funds this year has already reached 60% of the full-year 2025 total.
Industry analysts attribute the recent surge in FOF fund issuance to three main reasons. First, changing market conditions are driving capital reallocation. As yields on stable assets like bank deposits, government bonds, and traditional wealth management products continue to decline, reducing their attractiveness, the traditional approach of single-asset allocation can no longer meet investors' needs for enhanced returns. Consequently, market interest in multi-asset allocation products that aim for lower volatility and steady appreciation has been growing.
Second, improved product performance has boosted investor confidence. A direct reason for the market's favor towards FOFs is the overall enhancement and recovery of their performance, which has improved the investor experience and willingness to allocate funds.
Third, targeted efforts by bank channels have been a key driver. Unlike previous fund issuances that relied heavily on company branding, the frequent appearance of "single-day sell-out" FOFs in this round is largely due to several banks, based on deep insights into client needs, promoting FOFs as alternative options for stable assets. The refined operations of leading distributors like China Merchants Bank in client screening, needs matching, and sales pacing have been significant factors enabling the rapid sell-out of multiple products.