After the long Spring Festival holiday, many bond-oriented mixed FOFs have started issuing. Bond-oriented mixed FOFs have fully utilized the advantages of diversified asset allocation, and have developed rapidly in recent years, with hot fundraising. Currently, the scale of bond-oriented mixed FOF products is close to 200 billion yuan, and by 2025, they have become a key force in the growth of FOF products. Industry insiders believe that bond-oriented FOFs, as a stable allocation tool with better risk-return ratio, are favored by conservative investors. Bond-oriented mixed FOFs are hot, with the scale growing more than three times in over a year. Today, CIMB Zhiying Youxuan 6-month holding A, Xingquan Anyang Stable Pension 1-year holding have started issuing. On February 24th, Minsheng Jiayin Duyuan Wenyu Configuration 3-month holding A, Fuguo Zhian Stable 90-day holding A, Guangfa Wentai Duo Yuan Opportunity 3-month holding A, and other three products were issued. Since the beginning of this year, the issuance of bond-oriented mixed FOF products has been very hot. On January 19, more than 10 bond-oriented mixed FOFs started issuing, with products such as Nanfang Wenjia Duyuan Configuration 3-month holding closing early, and Beshiyingtaizhixuan 6-month holding raising the most at 5.844 billion yuan. According to Wind data, the latest scale of bond-oriented mixed FOF products is 195.476 billion yuan, accounting for over 67% of the total scale of public FOFs. The scale of this type of product was only 55 billion yuan at the end of 2024, reaching 149.1 billion yuan at the end of 2025, with a single-year scale growth of over 94 billion yuan. By the end of 2025, after three years of downturn, public FOF products have seen a recovery, with a total scale increase of over 110 billion yuan throughout the year. Bond-oriented mixed FOFs contributed significantly to the incremental growth last year. Utilizing the advantages of diversified asset allocation, bond-oriented mixed FOFs have excellent risk-return ratios. Bond FOFs mainly invest in bond funds (including pure bond funds and mixed bond funds), with equity assets (including equity funds, stock positions in mixed funds) typically accounting for less than 20%, primarily for stable returns. Bond-oriented mixed FOFs, on the basis of bond funds, moderately allocate equity and other diversified assets, with equity assets usually not exceeding 40%, representing a "fixed income+" strategy aiming to enhance returns through moderate participation in multiple markets. According to the prospectus of some of the above-mentioned products, in the "enhancement" part, funds can retain a 5%-30% equity asset allocation exposure, and can also invest in commodity funds, QDII, public REITs, and other diversified assets to capture structural opportunities in different markets and enhance the flexibility of the portfolio's returns. Traditional FOFs typically emphasize selecting excellent funds within a certain asset class or classes, while bond-oriented FOF products fully implement a strategy of large asset allocation to diversify portfolio risks through diversified asset allocations. For example, the strategy of Nanfang Wen Yuan Youxuan 3-month holding mixed product further emphasizes diversifying the sources of risk rather than simply "buying more assets." In portfolio construction, asset categories are not only considered, but also various assets' contributions to the portfolio's volatility. The goal is not to chase short-term high flexibility, but to achieve smoother and more sustainable performance in different economic environments. Industry insiders point out that in a low-interest rate environment and increased market volatility, single-asset strategies are increasingly unable to meet the core demands of investors for wealth preservation and appreciation. As "professional buyers" of asset allocation, FOF funds are favored by institutions for their advantages of diversified investments and smoothed volatility. The sharp increase in the scale of bond-oriented mixed FOFs clearly reflects the more urgent demand for stable allocation tools with better risk-return ratios in the current market conditions. Data shows that in the past year, the WIND Bond-Oriented Mixed FOF Index has increased by 7.27%, significantly outperforming the pure bond fund index at 1.14%. The annualized volatility of the Bond-Oriented Mixed FOF Index in the past year was 3.47%, with a maximum drawdown of -2.13%, both significantly lower than the Shanghai and Shenzhen 300 Index at 14.86% and -10.49% respectively. Furthermore, the risk-return ratio of bond-oriented mixed FOFs is excellent. Measured by the Sharpe ratio, the median of the past year's bond-oriented mixed FOFs exceeds 1.7 (equity funds generally fall short of 1), with some performing as high as 3. While controlling risk, some products also focus on high returns, with gains exceeding 20% in the past year. In the table above, two products from Qianhai Kaiyuan showed outstanding performance. According to the quarterly report for 2025, as reported by Financial Link, these two products mainly gained from the non-ferrous metal and technology sectors, benefiting from the disturbance of the tariff war in 2025 and increasing global geopolitical conflicts, combined with the Federal Reserve's cycle of rate cuts, cutting rates three times throughout the year, bringing significant gains to the gold sector; the technology sector performed well due to the super-expected investment in AI and strong policy support, with decent performance in communications, semiconductors, and other areas. Industry insiders further point out that in the current bond market environment with weakening interest income, bond-oriented mixed FOFs can take advantage of their wide range of investment varieties. Compared to high-volatility FOFs, low-volatility FOF products can better meet long-term drawdown fluctuations and market demand. Bond-oriented mixed FOF products, which offer high risk-return ratios, are the focus of public FOFs in the future. This article is a reprint from "Financial Link", edited by GMTEight: Liu Jiayin.