In the first half of this year, the divergence in the A-share market has intensified.

Wind data shows that as of the end of June, the year-to-date gains for the STAR 50 and ChiNext indices reached 64.25% and 35.58% respectively, both repeatedly setting new historical highs.

In contrast, the large-cap value benchmark, the SSE 50 Index, fell by 1.38%, with the performance of technology/growth sectors continuing to diverge from traditional sectors like cyclicals and financials.

Entering June, several high-flying stocks experienced significant single-day pullbacks consecutively.

The combination of extreme divergence and increased volatility has significantly raised the difficulty for investors in making allocations.

In this context, the Fullgoal Zhiwen 6-Month Holding Period Hybrid Fund of Funds (FOF) (Class A: 027808, Class C: 027809) under Fullgoal Fund Management has seen active subscription since its launch and is scheduled to conclude its offering period on July 10th.

This product is positioned as a hybrid FOF with a bias towards bonds, using bond assets as its core holding while broadly allocating to diversified assets including A-shares, Hong Kong stocks, gold, and QDII funds.

It is slated to be managed by veteran fund "selector" Wang Shujun, aiming to provide investors with more stable returns in the current market environment.

When single-asset bets are becoming increasingly difficult to succeed, FOF products that achieve diversified allocation through professional management are starting to become the choice for a growing number of investors.

Wind data indicates that FOF product issuance experienced explosive growth in the first half of the year, with 95 new FOFs established, raising a total of approximately 117.742 billion units in issuance share, accounting for 18.74% of the total issuance share.

This represents a leap from the 7.19% share in 2025.

Among these, hybrid FOFs with a bond bias contributed the vast majority of the incremental growth, reflecting the ongoing release of demand for stable allocation in an environment of low interest rates and high volatility.

The launch of the Fullgoal Zhiwen 6-Month Holding Period FOF is timely.

It constructs a multi-asset portfolio with bonds as the foundation, carefully selects quality funds across categories like A-shares, Hong Kong stocks, gold, and QDIIs, and leverages the low correlation between different assets to diversify risk and smooth out volatility, aiming for elastic returns while controlling downside.

At the operational level, the Fullgoal Zhiwen 6-Month Holding Period FOF relies on the professional investment research platform of Fullgoal Fund's Multi-Asset Investment Department, targeting "absolute returns" and integrating drawdown control throughout the entire portfolio management process.

Sub-fund selection is the core of FOF management.

This fund has established differentiated evaluation systems for bond-biased and equity-biased assets, striving to select products with sustained competitiveness from thousands of funds.

It is worth noting that this fund sets a minimum holding period of six months.

For investors, this helps avoid short-term emotional buying and selling based on market swings.

For the fund manager, stable liability-side scale reduces liquidity management pressure, allowing for more从容 execution of medium to long-term allocation strategies.

The stable operation of the product relies on the dual assurance of the fund manager and the investment research team.

The Fullgoal Zhiwen 6-Month Holding Period FOF is slated to be managed by Wang Shujun, who has 10 years of experience in the securities industry and 5 years of investment management experience.

He has previously managed multiple FOF accounts for clients including insurance companies, banks, and corporations, accumulating rich experience in absolute return strategies and multi-asset allocation.

His investment approach prioritizes quantitative analysis supplemented by qualitative judgment, pursuing a high information ratio for the product and striving to achieve consistent, stable excess returns within a controlled tracking error range.

Supporting him is Fullgoal Fund's Multi-Asset Investment Department, established in May 2017, which was one of the early teams in China to develop FOF business.

It possesses deep expertise in macro strategy, sector research, and fund screening, providing comprehensive investment research support for the product's stable operation.

The launch of this product coincides with a critical window for the reallocation of household wealth.

On one hand, deposit interest rates continue to decline, with fixed-term deposit rates at many banks already falling to levels starting with "1", narrowing the return potential of traditional capital-preservation assets.

On the other hand, the extreme divergence and increased volatility in the A-share market make it increasingly difficult for single assets to provide a stable return experience.

Looking ahead, hybrid FOFs like the Fullgoal Zhiwen 6-Month Holding Period FOF, which use bonds as a foundation and enhance returns with diversified assets, are poised to become a powerful tool for investors seeking steady allocation in volatile markets.