Since 2026, market discussions regarding the concentrated maturity of over 50 trillion yuan in medium- to long-term household time deposits have intensified. Against this backdrop, asset allocation products capable of balancing risk and return have garnered significantly increased attention.
On the evening of February 2, 2026, Southern Fund announced that the Southern Wengjia Multi-Asset Allocation 3-Month Holding Hybrid Fund of Funds (FOF) (hereinafter referred to as "Southern Wengjia Multi-Asset Allocation 3-Month Holding Hybrid (FOF)"; Class A code: 026596, Class C code: 026597) would conclude its fundraising ahead of schedule.
The announcement revealed that the fund's originally scheduled fundraising deadline was February 13. Industry insiders indicated that instead of pursuing an excessively large issuance size, the fund chose early closure, aiming to lay a foundation for subsequent sustained subscriptions by creating a favorable long-term holding experience for investors. This move is also seen as a significant embodiment of practicing high-quality development in the public fund industry and returning to the original intention of "putting holder interests first."
Selected for CCB's "Longying FOF Plan," Facilitating Diverse Allocation Needs Since 2025, public FOFs have experienced notable scale growth, leveraging their product characteristics of risk diversification and volatility smoothing. Wind data shows that the total fundraising scale for public FOFs throughout 2025 reached 84.529 billion yuan, a year-on-year increase of over 800%, hitting a three-year high.
In this context, collaboration between financial institutions and professional asset managers is deepening. Among these, the "Longying FOF" strict selection plan launched by China Construction Bank (CCB) is a representative practice of this collaborative model.
Individual investors often make adjustments only after market conditions change, sometimes struggling to achieve an appropriate mix of various assets. They tend to invest in one or several types of highly correlated financial assets. The core of public FOFs lies in a sound and comprehensive asset allocation system, which involves top-down major asset allocation, bottom-up investment target selection, and the construction of an asset allocation framework encompassing benchmark setting, strategic asset allocation, tactical asset allocation, and fund screening.
Adhering to the principle of offering products with clear risk-return profiles and defined investment objectives, CCB strictly selects excellent market managers and high-quality products to create the "Longying FOF Plan." This series addresses the challenge of fund selection through extensive asset class coverage, dynamic portfolio adjustments, and scientific management by fund managers, providing a one-stop solution.
Currently, the "Longying FOF Plan" has outlined four strategic series, including Low Volatility-Multi-Asset FOF (equity allocation core around 10%), Medium-Low Volatility-Multi-Asset FOF (equity allocation core around 20%), as well as ETF-FOF and Global Investment-FOF, to meet the allocation needs of different investors.
With its clear positioning as a medium-low volatility, stable product, the Southern Wengjia Multi-Asset Allocation 3-Month Holding Hybrid (FOF) successfully gained admission. This fund is a bond-biased hybrid FOF, using bond-type assets to build a "stability anchor" for the portfolio, while flexibly allocating to various assets such as A-shares, U.S. stocks, and gold. It aims to actively capture rotation opportunities across different markets while controlling overall volatility, precisely meeting the current allocation needs of stability-seeking capital.
Implementing the "Quality Birth and Nurturing" Plan, Collaborative Efforts to Enhance Holding Experience The successful selection for CCB's "Longying FOF Plan" is underpinned by Southern Fund's systematic approach to product management.
The Southern Wengjia Multi-Asset Allocation 3-Month Holding Hybrid (FOF) is also a key product under Southern Fund's "Quality Birth and Nurturing Plan." This plan focuses on the refined management of the product's entire lifecycle, aiming to create a virtuous cycle of "stable fund performance and excellent investor experience" by carefully matching channels with investor needs, implementing deep investment research support, and providing investor companionship.
Southern Fund's initiative to control the initial issuance size of the Southern Wengjia Multi-Asset Allocation 3-Month Holding Hybrid (FOF) is a manifestation of the "Quality Birth and Nurturing Plan"—prioritizing the stable operation post-establishment and the long-term interests of investors, thereby laying a solid foundation for subsequent continuous holding and a positive experience.
This highly aligns with the original intention of CCB's "Longying FOF Plan," which emphasizes strict product selection and focuses on client experience. The collaboration between the two parties forms a complete closed loop, from the supply of high-quality products to precise wealth services.
"Duo Management" and Systematic Platform Forge Core Competitiveness The execution of an excellent product strategy relies on the support of a professional team behind it. The Southern Wengjia Multi-Asset Allocation 3-Month Holding Hybrid (FOF) is jointly managed by Li Wenliang, General Manager of the FOF Investment Department at Southern Fund, and Fund Manager Dai Mingyang.
Li Wenliang possesses over 7 years of public fund management experience, with a career spanning global fund analysis, management of US 401(k) pension portfolios, and research planning for domestic bank-affiliated funds. The Southern All-Weather Strategy Hybrid (FOF), which he currently manages, is the first public FOF in China. Dai Mingyang has also long focused on fund research and asset allocation work. The two have demonstrated excellent synergy in another jointly managed product—the Southern Haoyu 18-Month Holding FOF.
The fund's stable operation is further rooted in Southern Fund's robust systematic platform within its mixed-asset investment division and FOF team.
As one of the early pioneers in domestic mixed-asset investment, Southern Fund has over two decades of professional expertise in this field. Its FOF team is built upon the company's integrated investment research platform, enabling it to fully consolidate resources from macro strategy, equity research, fixed income research, and other areas.
Simultaneously, the team has accumulated profound experience in managing long-term capital pursuing absolute returns, such as pension funds and annuities, applying its rigorous risk control philosophy and allocation methodology to public FOF management. This provides systematic assurance for the fund's risk control and stable value appreciation.
Looking ahead, against the backdrop of continuously evolving household wealth management needs and a complex, volatile market environment, FOF products with professional asset allocation capabilities and clear risk-return characteristics are expected to play an increasingly important role in household wealth management portfolios. Through the synergy of CCB's "Longying FOF Plan" and Southern Fund's "Quality Birth and Nurturing Plan," along with the practical launch of products like the Southern Wengjia FOF, CCB and Southern Fund jointly provide investors with a complete solution spanning from professional asset management to precise wealth services. This represents a proactive practice by the financial industry in serving household wealth management business.