As the first half of 2026 draws to a close, the A-share market continues to exhibit a pattern of volatility and divergence, while the domestic risk-free interest rate remains on a downward trajectory. On one hand, the scarcity of quality assets leaves household wealth seeking viable investment avenues; on the other, amplified market fluctuations have left many investors grappling with the dilemma of fearing losses upon purchase and missing out on gains upon sale. In this context, Yinhua Fund is introducing the Yinhua Multi-Strategy Stable Progress Three-Month Holding Hybrid (ETF-FOF) (Class A: 027862; Class C: 027863), set to launch on July 1st, offering investors a fresh perspective that combines professional allocation with diversified exposure.
For the average investor, the challenges of fund selection, portfolio adjustments, and the limitations of a single strategy in navigating complex markets represent significant hurdles. The Yinhua Multi-Strategy Stable Progress Three-Month Holding Hybrid (ETF-FOF) employs an innovative ETF-FOF structure, blending characteristics of both active and passive investment. Within this framework, the fund manager dynamically selects and adjusts a portfolio of ETF products based on macroeconomic analysis and sector rotation logic, leveraging the benefits of passive ETF investing to achieve the convenience of index-based strategies. This approach allows ordinary investors to outsource the task of multi-asset allocation without the need for constant market monitoring or chasing short-term trends.
Examining the Portfolio Strategy
The fund implements a prudent overall asset allocation strategy, aiming to reduce portfolio volatility by diversifying across core asset classes including domestic and international equities, commodities, and fixed-income instruments. It maintains an equity allocation ranging from 10% to 50% to capture opportunities across diverse markets such as A-shares and U.S. stocks. Additionally, the portfolio may include allocations to assets like gold, using a multi-asset approach to hedge against risks associated with any single asset class. Utilizing quantitative models, the portfolio undergoes dynamic rebalancing among these different assets, striving to adapt to ever-changing market conditions. (Source: Fund Prospectus)
Introducing the Fund Manager
The proposed fund manager for the Yinhua Multi-Strategy Stable Progress Three-Month Holding Hybrid (ETF-FOF) is Song Zuqiang. He possesses extensive experience in FOF, quantitative, and derivatives investment, specializing in asset allocation and fund investment through quantitative methods. Song's investment philosophy can be summarized as aiming to capture long-term returns by positioning contrarian during periods of asset undervaluation, while simultaneously maintaining balanced diversification across asset classes and strategies to control overall portfolio risk. This philosophy aligns well with the ETF-FOF product's positioning of "professional allocation and diversified exposure."
Furthermore, the fund establishes a minimum three-month holding period. This feature is designed to help investors mitigate the behavioral pitfalls of chasing rallies and selling during downturns, while also providing the fund manager with greater flexibility for strategic positioning.
Historical Performance Context
Long-term data illustrates the potential benefits of the FOF structure. According to Wind, as of June 22nd, the FOF Fund Index has gained 51.35% since its base date (February 22, 2018), with a maximum drawdown of -18.41%. Over the same period, the CSI 300 Index gained 27.54% but experienced a significantly larger maximum drawdown of -47.59%, highlighting the FOF index's advantageous risk-return profile. As an innovative product combining index investing with fund-of-funds, ETF-FOFs have garnered increasing attention from both institutional and individual investors in recent years.
Investors interested in a professionally managed, diversified approach to navigate complex markets may consider the newly launching Yinhua Multi-Strategy Stable Progress Three-Month Holding Hybrid (ETF-FOF) (Class A: 027862; Class C: 027863). This strategy aims to reduce decision-making friction and psychological burden while seeking to capture long-term returns.
Fee Structure for Yinhua Multi-Strategy Stable Progress Three-Month Holding Hybrid (ETF-FOF)
Fee Type / Amount (M) / Holding Period (N) / Fee Method/Rate
Class A Subscription Fee: M < 5 million CNY / 0.50%
Class A Subscription Fee: M ≥ 5 million CNY / Fixed charge per transaction, 1000 CNY
Class A Purchase Fee: M < 5 million CNY / 0.50%
Class A Purchase Fee: M ≥ 5 million CNY / Fixed charge per transaction, 1000 CNY
Class A/C Redemption Fee: N < 180 days / 0.50%
Class A/C Redemption Fee: N ≥ 180 days / 0%
Management Fee: 0.75% per annum
Custody Fee: 0.15% per annum
Class C Sales Service Fee: 0.40% per annum
Note: For detailed fee information, please refer to the Fund Product Key Facts Statement. Data as of June 24, 2026. Please refer to the latest fund announcements and legal documents for current information.
Performance Data and Manager Background
The base date for the FOF Fund Index is February 22, 2018. Its annual returns from 2021 to 2025 were 4.84%, -7.27%, -8.17%, 5.74%, and 12.79% respectively. The base date for the CSI 300 Index is December 31, 2004. Its annual returns for the same period were -5.20%, -21.63%, -11.38%, 14.68%, and 17.66% respectively. Source: Wind, data as of December 31, 2025. Past index performance is not indicative of future results.
Song Zuqiang's Professional Experience: Holds a Master's degree. Previous roles include positions at Wanlian Securities, Hundsun Juyuan Data Co., Ltd., Huabao Securities Research & Innovation Department, and Minsheng Securities Asset Management Division. Joined Yinhua Fund in May 2024 and currently serves as an Investment Manager (Fund Investment Advisory Business)/Fund Manager in the FOF Investment Management Department. Currently manages the following fund: Yinhua Multi-Strategy Stable Three-Month Holding Hybrid (FOF) A/C (since November 25, 2025). Performance of currently managed funds: Yinhua Multi-Strategy Stable Three-Month Holding Hybrid (FOF) A was established on November 25, 2025. Since inception, its net asset value growth rate is 0.94%, compared to a benchmark return of 0.68% for the same period. Yinhua Multi-Strategy Stable Three-Month Holding Hybrid (FOF) C was established on November 25, 2025. Since inception, its net asset value growth rate is 0.80%, compared to a benchmark return of 0.68% for the same period. (Source: Fund Periodic Reports; data as of March 31, 2026)
Important Risk Disclosures
Investing involves risk. Funds are long-term investment instruments designed primarily for diversification to reduce the specific risk associated with investing in a single security. Unlike bank savings or other financial instruments that may offer fixed income expectations, purchasing fund shares entails the potential to share in the investment gains or bear the losses incurred by the fund.
Before making an investment decision, carefully read the fund's contract, prospectus, product key facts statement, and other legal documents, along with this risk disclosure. Fully understand the fund's risk-return characteristics and product features, carefully consider all risk factors associated with the fund, and assess your own risk tolerance based on your investment objectives, time horizon, experience, and financial situation. Make a rational and prudent investment decision after understanding the product and considering any suitability advice.
In accordance with relevant laws and regulations, Yinhua Fund Management Co., Ltd. provides the following risk disclosures:
1. Funds are categorized into different types such as equity, hybrid, bond, money market, fund of funds (FOF), and commodity funds based on their underlying investments. Different fund types offer different return expectations and involve varying degrees of risk. Generally, higher expected returns are associated with higher risk.
2. Funds face various risks during operation, including market risk, as well as management, technical, and compliance risks specific to the fund itself. Large-scale redemption risk is unique to open-end funds, meaning if net redemption requests on a single day exceed a certain percentage of the fund's total shares (10% for open-end funds, 20% for定期开放 funds, unless otherwise specified by the CSRC), investors may not be able to redeem all requested shares immediately, or redemption proceeds may be delayed.
3. Investors should fully understand the differences between regular fund investment plans and savings methods like零存整取. Regular investment plans are a simple way to guide long-term investment and average costs but do not avoid the inherent risks of fund investing, guarantee profits, or serve as an equivalent substitute for savings.
4. Special Product Risk Disclosures:
a. The fund contract stipulates a minimum holding period for fund shares. During this period, investors face liquidity constraints as they cannot redeem or sell their shares. Details are in the "Risk Disclosure" section of the prospectus.
b. This fund may invest in stocks eligible for the Stock Connect program with Hong Kong, exposing it to risks specific to the Hong Kong market mechanism, including differences in investment environment, targets, market systems, and trading rules.
5. The fund manager is committed to managing fund assets with honesty, diligence, and responsibility but does not guarantee the fund will be profitable or promise a minimum return. The fund's past performance and net asset value do not predict future results. The performance of other funds managed by the fund manager does not guarantee this fund's performance. Yinhua Fund Management Co., Ltd. reminds investors of the "buyer beware" principle in fund investing. After making an investment decision, investors bear the investment risks arising from changes in the fund's operations and net asset value. The fund manager, custodian, sales agency, and related institutions make no promises or guarantees regarding investment returns.
6. This fund was applied for by Yinhua Fund Management Co., Ltd. in accordance with relevant laws and regulations and has been registered by the China Securities Regulatory Commission (CSRC). The fund's contract, prospectus, and product key facts statement have been publicly disclosed on the CSRC's Fund Electronic Disclosure website (http://eid.csrc.gov.cn/fund) and the fund manager's website (www.yhfund.com.cn). The CSRC's registration of this fund does not indicate a judgment or guarantee of its investment value, market prospects, or returns, nor does it imply the investment is risk-free.