In the first half of 2026, major asset classes showed highly divergent performance—A-share technology stocks led the market while traditional value sectors remained under pressure; gold prices surged and then retreated with significantly increased volatility; and the CSI Aggregate Bond Index, though maintaining a slow bull trend, saw its year-to-date gains narrow to approximately 2.14%, as declining coupon income and shrinking capital gains created a dual squeeze, continuously compressing pure bond returns. The fragility of single-asset "betting" strategies is becoming increasingly evident amid equity divergence, bond pressure, and gold price swings. Against this backdrop, Cohen & Steers Closed-End Opportunity Fund (FOF) (A Class: 028315; C Class: 028316) was officially launched on August 17, offering a professional solution for wealth reallocation in the low-rate era through a "bonds as foundation, multi-asset enhancement" allocation framework.

The acceleration of deposit outflows is driving a shift toward balanced-bond FOFs as a new benchmark for diversified allocation. Alongside growing asset divergence, a wealth migration driven by low interest rates is accelerating. Central bank data shows that in April and May 2026, household deposits decreased by a total of 2.05 trillion yuan, marking the largest "two-month consecutive decline" in nearly a decade. During the same period, deposits at non-bank financial institutions, including wealth management products, mutual funds, and insurance, increased sharply by 3.61 trillion yuan, signaling a clear trend of capital relocation. Bank deposit rates have entered the "1% era," continuously thinning the safety cushion of pure fixed-income returns. Estimates suggest that approximately 75 trillion yuan in household time deposits will mature in 2026, unleashing a massive reallocation demand. Once deposits flow out of the banking system, the destination of these funds becomes a critical question. In the current environment of interwoven macro variables and accelerating asset rotation, no single asset—whether it is pure bonds with narrowing yield potential, volatile equities, or gold with sharp drawdowns—can provide a consistently smooth holding experience. Consequently, a diversified allocation approach that scientifically allocates low-correlation assets and shifts the return objective from "pure growth pursuit" to "risk-adjusted quality returns" is gaining increasing recognition among conservative investors.

This allocation philosophy is being rapidly implemented in product form through balanced-bond mixed FOFs. According to Wind data, as of June 30, 2026, the Wind Balanced-Bond Mixed FOF Index has risen 37.60% cumulatively since the beginning of 2019 and 6.39% over the past year, both significantly outperforming the 22.67% and 1.58% returns of the short-term pure bond fund index over the same periods. In the first half of 2026, 95 new FOF products were established in the market, raising a total of 117.742 billion yuan, with balanced-bond mixed FOFs accounting for 91.58% of this total—the market has cast a vote of confidence in this category with real capital. The Cohen & Steers Closed-End Opportunity Fund is a product launched in response to this industry trend.

Bonds as a foundation, multi-asset enhancement, with a professional manager at the helm of a new conservative strategy

From an investment framework perspective, the Cohen & Steers Closed-End Opportunity Fund allocates between 5% and 30% to equity-type assets, while also covering multi-asset categories such as QDII funds, Hong Kong mutual recognition funds, public REITs, and gold. In portfolio management, the bond portion focuses on medium- to short-duration, high-grade credit bonds, using a carry strategy to provide baseline returns without taking on credit risk. The equity and commodity enhancement portions flexibly adjust positions based on market phases to capture rotation opportunities across different asset classes. Additionally, the fund sets a minimum 90-day holding period, which on one hand reduces the disruption of frequent subscriptions and redemptions on portfolio operations, ensuring strategy execution consistency, and on the other hand helps investors avoid short-term emotional trading, improving long-term holding experience.

Managing the fund is Zhang Ziyan, the Director of Multi-Asset Investment at Cohen & Steers. With 15 years of securities industry experience and 12 years of portfolio management experience, Zhang's investment career spans the full spectrum from securities brokerage asset management, proprietary investment, and segregated account management to public FOF. His investment style is known for prudence and a strong focus on drawdown control. Taking the Cohen & Steers Xinwang Stable Retirement Target One-Year Holding Period Mixed (FOF) A, his longest-managed fund, as an example, as of June 30, 2026, its net value growth rates over the past 6 months, 1 year, and 3 years were 4.21%, 8.15%, and 12.00%, respectively, compared to the benchmark returns of 2.33%, 4.56%, and 10.44% over the same periods, achieving significant excess returns in all intervals, with particularly outstanding drawdown control during major market declines.

The proposed fund manager, Zhang Ziyan, stated that multi-asset allocation has faced certain challenges this year. On one hand, periodic liquidity shocks have increased correlations between different assets, weakening the effectiveness of diversification. On the other hand, AI has become a relatively concentrated trading theme in the market, causing the driving logic behind different assets to converge. Looking ahead to the second half of the year, as market expectations for Fed rate cuts cool, dollar liquidity pressure is expected to gradually ease. Meanwhile, market style is expected to gradually spread from a single theme to a more diversified pattern, with performance differentiation emerging within the tech sector and between domestic and international assets. In this context, asset correlations are expected to decline, and the effectiveness of multi-asset allocation may gradually improve. Beyond AI-related directions, previously suppressed assets such as gold, healthcare, and consumer goods also deserve further attention. By rationally combining different assets and investment logics, the aim is to enhance the portfolio's ability to navigate various market environments.

In summary, with the combination of a sustained low-rate environment, a clear trend of deposit outflows, and heightened volatility in single assets, diversified and balanced allocation has become an urgent need for conservative investors. The Cohen & Steers Closed-End Opportunity Fund (A Class: 028315; C Class: 028316) offers a new choice for wealth management-oriented individuals and investors seeking asset reallocation, capturing multi-market opportunities while strictly controlling portfolio volatility through professional cross-asset coordination.