As market volatility persists, investor preferences are shifting. In August, new fund offerings showed that FOFs and similar products accounted for over 40% of launches. Multi-asset allocation strategies, which aim to spread risk and smooth volatility by leveraging the low correlation between different asset classes, are gaining popularity. Against this backdrop, the Yinhua Huaying Multi-Asset Allocation Six-Month Holding Period Hybrid Fund (FOF) (Fund Code: 027915) is now open for subscription, seeking to help investors navigate turbulent markets through a global allocation approach.

The core logic of multi-asset allocation is not about predicting which asset class will perform best, but rather about using the differing, or even inversely correlated, movements of various assets to smooth the portfolio's overall volatility and significantly reduce reliance on timing market entry. The strategy essentially aims to capture the diversified average returns from holding various assets long-term, utilizing their natural low correlation, rather than betting on the direction of a single asset's price movement.

For example, the newly launched Yinhua Huaying Multi-Asset Allocation Six-Month Holding Period Hybrid Fund (FOF) is characterized by its multi-asset allocation, focusing on investment opportunities in Chinese bonds, A-shares, Hong Kong stocks, US stocks, and gold, aiming to balance the portfolio's risk and return. The bond portion will primarily invest in pure bond funds, emphasizing adjustments in duration to seek relatively stable returns. Between 5% and 40% of the fund's assets will be invested in equities, equity funds, and hybrid funds to enhance the portfolio's adaptability to different market environments and potentially capture excess returns.

In the current volatile market, the Yinhua Huaying Multi-Asset Allocation Six-Month Holding Period Hybrid Fund (FOF) places a strong emphasis on risk control. It is guided by a long-term absolute return objective, diversifying risk across multiple assets and strategies, focusing on drawdown control and investor experience. The fund's proposed manager, Wang Jiapeng, specializes in multi-asset strategies, following a three-step investment approach: "strategic allocation, tactical allocation, and fund selection." For strategic allocation, he uses a cyclical thinking framework, making dynamic adjustments to assets and strategies based on balanced investment principles, and enhances specific strategies through selected funds to seek excess returns over the benchmark. Wang Jiapeng's track record is notable, with his flagship fund, Yinhua Huafeng Three-Month Holding Period Hybrid Fund (FOF) Class A, achieving a cumulative return of 5.68% since its inception, outperforming its performance benchmark by 7.17%.

Looking ahead, the sharp style rotation in the A-share market is expected to gradually conclude. Meanwhile, major asset classes like bonds, Hong Kong stocks, crude oil, and gold each present structural opportunities. Multi-asset allocation is demonstrating unique advantages in a volatile market. Investors may consider the newly launched Yinhua Huaying Multi-Asset Allocation Six-Month Holding Period Hybrid Fund (FOF) to potentially capture opportunities in multi-asset allocation.

Risk Disclosure: Wang Jiapeng holds a master's degree. He previously worked at CCB Principal Asset Management Co., Ltd. and joined Yinhua Fund Management Co., Ltd. in March 2023. He currently serves as a Fund Manager/Assistant Fund Manager in the FOF Investment Management Department. He manages the following funds: Yinhua Huali Balanced Optimal Allocation One-Year Holding Hybrid Fund (FOF) (since 2024.12.16), Yinhua Huafeng Three-Month Holding Period Hybrid Fund (FOF) Class A/C (since 2025.1.22), Yinhua Juxiang Multi-Asset Allocation Three-Month Holding Period Hybrid Fund (FOF) Class A/C (since 2025.11.17), Yinhua Huayuan Multi-Asset Allocation Six-Month Holding Period Hybrid Fund (FOF) Class A/C (since 2026.2.10), and Yinhua Huarui Multi-Asset Allocation Three-Month Holding Period Hybrid Fund (since 2026.6.25). Performance data for funds managed by Wang Jiapeng is as follows: Yinhua Huali Balanced Optimal Allocation One-Year Holding Hybrid Fund (FOF) was established on August 31, 2022. Its net value growth rates for 2023, 2024, 2025, and since inception were -7.24%, 1.57%, 6.28%, and 1.82%, respectively, compared to benchmark returns of 1.24%, 9.61%, 3.66%, and 17.59%. Yinhua Huafeng Three-Month Holding Period Hybrid Fund (FOF) Class A was established on January 22, 2025, with a cumulative net value growth rate of 5.68% since inception, versus a benchmark return of -1.49%. Yinhua Huafeng Three-Month Holding Period Hybrid Fund (FOF) Class C was established on January 22, 2025, with a cumulative net value growth rate of 5.07% since inception, versus a benchmark return of -1.49%. Yinhua Juxiang Multi-Asset Allocation Three-Month Holding Period Hybrid Fund (FOF) Class A was established on November 15, 2025, with a cumulative net value growth rate of 1.89% since inception, versus a benchmark return of 0.55%. Yinhua Juxiang Multi-Asset Allocation Three-Month Holding Period Hybrid Fund (FOF) Class C was established on November 15, 2025, with a cumulative net value growth rate of 1.64% since inception, versus a benchmark return of 0.55%. (Data source: Fund periodic reports, as of June 30, 2026.)

Investment involves risk. Investors should be cautious. A fund is a long-term investment tool whose primary function is to diversify investments and reduce the specific risks of investing in a single security. Funds differ from financial instruments like bank deposits that can provide a fixed income expectation. When you purchase fund products, you may share in the investment income generated by the fund according to the shares you hold, or you may bear the losses resulting from the fund's investments. Before making any investment decision, please carefully read the fund contract, fund prospectus, fund product summary, and other legal documents and this risk disclosure document. Fully understand the risk-return characteristics and product features of this fund, and carefully consider the various risk factors. Make rational judgments and cautious investment decisions based on your own investment objectives, time horizon, experience, and financial situation, as well as your risk tolerance. According to relevant laws and regulations, Yinhua Fund Management Co., Ltd. makes the following risk disclosures: 1. Based on different investment targets, funds are classified into stock funds, hybrid funds, bond funds, money market funds, fund of funds, commodity funds, etc. Different types of funds offer different return expectations and involve varying levels of risk. Generally, higher expected returns come with higher risk. 2. Funds may face various risks during investment operations, including market risk, as well as the fund's own management risk, technical risk, and compliance risk. Redemption risk is a specific risk for open-ended funds, where the net redemption applications on a single day exceed a certain percentage of the fund's total shares, potentially preventing timely redemption of all fund shares or delaying payment of redemption proceeds. 3. Understand the difference between regular fixed-amount investment plans and regular savings. Fixed-amount investment is a simple way to encourage long-term investment and average investment costs, but it does not avoid the inherent risks of fund investment, guarantee returns, or serve as a replacement for savings. 4. Special product risk disclosure: The fund contract stipulates a minimum holding period. During this period, you will face liquidity constraints because you cannot redeem or sell the fund shares. See the fund prospectus for details. This fund may invest in stocks listed on the Hong Kong Stock Exchange via the Stock Connect program, facing unique risks due to differences in the investment environment, targets, market systems, and trading rules. 5. The fund manager commits to managing the fund assets with honesty, diligence, and responsibility, but does not guarantee the fund's profitability or minimum returns. Past performance is not indicative of future results. The performance of other funds managed by the fund manager does not constitute a guarantee for this fund's performance. Yinhua Fund Management Co., Ltd. reminds you of the "buyer beware" principle. After making an investment decision, investment risks arising from fund operations and changes in net asset value are borne by the investor. The fund manager, custodian, sales agency, and related parties do not make any promises or guarantees regarding fund investment returns. 6. This fund is established by Yinhua Fund Management Co., Ltd. in accordance with relevant laws and regulations and approved by the China Securities Regulatory Commission (CSRC). The fund contract, prospectus, and product summary have been publicly disclosed via the CSRC fund electronic disclosure website and the fund manager's website. CSRC registration does not imply a judgment or guarantee of the fund's investment value, market prospects, or returns, nor does it indicate that investing in the fund is risk-free. A MACD golden cross signal has formed, and these stocks are showing strong gains!