On September 28, 2026, Fullgoal Fund issued an announcement that, effective September 29, 2026, its secondary bond fund Fullgoal Stable Enhanced Bond will add Y-class units (unit code: 029379). This marks the first time personal pension funds have expanded into bond-related products, and Fullgoal Stable Enhanced Bond has become one of the first secondary bond funds to add Y-class units for personal pension funds.
It is understood that this expansion further enriches the asset allocation tools available in personal pension accounts, provides more choices for different risk preferences and pension investment needs, and helps further improve the public fund product system serving personal pensions.
Fullgoal Stable Enhanced Bond: Seeking Stability with Low Volatility and Aiming for Excess Returns
Fullgoal Stable Enhanced Bond, which is adding personal pension fund Y-class units this time, is a secondary bond fund. This type of product can be both offensive and defensive: more than 80% of fund assets are invested in bonds to accumulate coupon income and build a safety cushion, while no more than 20% of the position is invested in equities and other equity assets to seek upside elasticity. Compared with pure bond funds, its sources of return are more diversified; compared with equity funds, its volatility is usually lower. To a certain extent, this naturally aligns with the personal pension goal of steady appreciation and controllable drawdowns.
Fullgoal Stable Enhanced Bond was established on May 21, 2013. Its performance benchmark is 90% of the China Bond Composite Full Price Index return plus 10% of the CSI 300 Index return. The current fund manager is Yu Xiaobin, who has 19 years of securities industry experience and nearly 10 years of fund management experience. In terms of strategy, on the basis of pure bond coupon income, the fund moderately allocates to convertible bonds and equity assets, pursuing a foundation of stability and low volatility while aiming for excess returns.
In terms of fees, the management fee and custody fee for Fullgoal Stable Enhanced Bond Y-class units are 0.25% per year and 0.05% per year, respectively. At present, subscriptions through Fullgoal Fund's direct sales channel do not charge a subscription fee, and the redemption fee is 0 for holdings of 7 days or more.
Note: Data related to fund performance and performance benchmark returns comes from fund periodic reports as of June 30, 2026. Fullgoal Stable Enhanced Bond's performance benchmark is 90% of the China Bond Composite Full Price Index return plus 10% of the CSI 300 Index return. Fullgoal Stable Enhanced Bond A/B was established on May 21, 2013. Over the most recent five full calendar years (2021-2025), its net value growth rates by fund unit class, along with the corresponding performance benchmark returns for the same periods, were 7.19% (1.5%), 1.36% (-1.78%), 1.09% (0.71%), 4.79% (6.13%), and 3.41% (0.3%). Data comes from fund periodic reports as of December 31, 2025. Fullgoal Stable Enhanced Bond C was established on May 21, 2013. Over the most recent five full calendar years (2021-2025), its net value growth rates by fund unit class, along with the corresponding performance benchmark returns for the same periods, were 6.73% (1.5%), 0.98% (-1.78%), 0.7% (0.71%), 4.35% (6.13%), and 3.05% (0.3%). Data comes from fund periodic reports as of December 31, 2025. Fullgoal Stable Enhanced Bond E was established on August 4, 2023. Over the most recent two full calendar years (2024-2025), its net value growth rates by fund unit class, along with the corresponding performance benchmark returns for the same periods, were 4.88% (6.13%) and 3.41% (0.3%). Data comes from fund periodic reports as of December 31, 2025. Changes in fund managers during the period were as follows: Feng Bin (May 21, 2013 to October 25, 2014), Zhang Fang (October 25, 2014 to April 15, 2016), Zheng Yingying (January 18, 2016 to March 31, 2017), Li Yi (March 24, 2017 to March 22, 2019), Yu Xiaobin (March 13, 2019 to present), and Chen Qian (March 1, 2024 to May 16, 2025). Fund returns do not represent investors' actual returns, and fund net asset value per unit only represents the net assets of each fund unit. Historical fund performance does not guarantee future performance.
Choices for Personal Pension Funds Further Broadened
Since the personal pension system was launched in 2022 and rolled out nationwide in December 2024, tax incentives have remained an important part of its institutional arrangements. Under current policy, participants contributing to a personal pension capital account may deduct contributions from comprehensive income or business income within the annual limit of 12,000 yuan based on actual contributions. Investment income within the account is temporarily exempt from individual income tax. When personal pension benefits are withdrawn, they are not included in comprehensive income and are taxed separately at a rate of 3%.
Along with the continued advancement of the system, the scope of public funds available for personal pension investment has also continued to expand. From the initial batch dominated by pension target funds, to the gradual inclusion of eligible index funds and other products, and now to the further expansion into bond-related products, fund choices in personal pension accounts are becoming increasingly diverse. For personal pension assets, a further enrichment of the types of public fund products available can help investors make diversified allocations based on age, investment horizon, and risk tolerance. Generally speaking, investors with a longer time until retirement may pay more attention to the long-term return potential of assets. As retirement approaches, some investors may place greater emphasis on portfolio volatility control and liquidity arrangements. The inclusion of funds mainly invested in bonds provides personal pension accounts with allocation tools that have different risk-return characteristics.
From pension target FOFs and index funds to bond funds, the product types of personal pension funds are gradually becoming more diverse, also providing fund managers with more room to improve their pension product offerings. Since the launch of the personal pension system, Fullgoal Fund has continued to participate in the development of related products. After Fullgoal Stable Enhanced Bond adds Y-class units, the number of funds under the company with personal pension Y-class units will increase to 12, covering FOFs, index funds, and bond funds.
As one of the five major financial articles, pension finance is long-term and inclusive in nature, and personal pensions are an important part of the multi-tiered and multi-pillar old-age insurance system. Facing long-term pension needs, public funds are expected to continue leveraging their professional investment management advantages and provide more products and services for residents to allocate pension assets according to their own age, investment horizon, and risk tolerance.
Risk disclosure: Markets carry risk, and investment requires caution. This product is issued and managed by Fullgoal Fund, and distribution institutions do not assume responsibility for product investment or redemption. According to Fullgoal Fund's assessment, the risk rating of this fund is R2 (medium-low risk), suitable for investors with risk tolerance of C2 or above. Investors are advised to carefully read documents such as the fund contract and make prudent investment decisions based on their own risk tolerance. Product risk ratings and suitability investor ratings are subject to the assessment results of sales institutions. This fund may invest in instruments such as depositary receipts and asset-backed securities and will face risks specific to the relevant investment instruments and businesses. This material is for promotional purposes only. If there are changes, please refer to the company's latest announcements. Before investing, investors should carefully read the fund contract, prospectus, fund product information summary, and other legal product documents and risk disclosure statements for each fund. The specific scope of public funds available for personal pension investment shall be subject to the product list determined by the China Securities Regulatory Commission. Personal pension products do not represent return guarantees or any form of return promise. Personal pension funds are not principal-protected and may incur losses. Different products may have different risk-return characteristics, and investors should choose suitable pension funds based on their own age, retirement date, income level, and risk preferences.
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