After the long Spring Festival holiday, many bond-oriented hybrid FOFs have started to launch. Bond-oriented hybrid FOFs have fully leveraged the advantages of diversified asset allocation, developing rapidly in recent years and attracting a lot of funds. Currently, the scale of bond-oriented hybrid FOF products is close to 200 billion yuan, becoming a key force in the growth of FOF products by 2025. Industry insiders believe that bond-oriented FOFs, as a stable allocation tool with better risk-return ratios, are currently favored by conservative investors. Bond-oriented hybrid FOFs are hot, with a growth of over three times in size in over a year. Today, CMB Zhiying Optimal 6-month holding A, Xingquan Anyang Stable Pension 1-year holding have started to issue. On February 24th, Minsheng Jiayin Diversified Stable Configuration 3-month holding A, Fuguo Zhi'an Stable 90-day holding A, GF Stable and Prosperous Multi-opportunity 3-month holding A, and other three products were issued. Since the beginning of this year, the issuance of bond-oriented hybrid FOF products has been very active. On January 19th, more than 10 bond-oriented hybrid FOFs were launched, and products like South Fund Stable Jia Diversified Configuration 3-month holding period ended early, and Boshine Wealthy and Prosperous Extreme Selection 6-month holding period raised up to a total of 5.844 billion yuan. Data from Wind shows that the latest scale of bond-oriented hybrid FOF products is 195.476 billion yuan, accounting for over 67% of the total FOF market size. The scale of these products was only 55 billion yuan at the end of 2024 but had reached 149.1 billion yuan by the end of 2025, with a single-year growth of over 94 billion yuan. By the end of 2025, after three years of decline, public FOF products saw a recovery in scale, with a total annual growth of over 110 billion yuan, with bond-oriented hybrid FOFs contributing significantly to this growth last year. By taking advantage of diversified asset allocation, bond-oriented hybrid FOFs offer excellent risk-return ratios. Bond FOFs mainly invest in bond funds (including pure bond funds and mixed bond funds), with equity assets (including stock funds and equity positions in mixed funds) usually accounting for less than 20%, mainly to achieve stable returns. In addition to bond funds, bond-oriented hybrid FOFs also allocate assets to equity and other diversified assets in moderation, with equity assets typically accounting for up to 40%, representing a typical "fixed income +" strategy aimed at enhancing returns through moderate participation in various markets. According to the prospectuses of some of these products, in the "enhancement" section, funds can maintain a 5%-30% exposure to equity assets and invest in commodity funds, QDII, and public REITs to capture structural opportunities in different markets and enhance the flexibility of the portfolio's returns. Traditional FOFs usually focus on selecting excellent funds in a specific category or a few categories of assets, while bond-oriented FOF products implement the strategy of allocating assets more broadly, diversifying portfolio risks through diversified asset allocation. For example, the Nanfang Wenyuan Excellent Selection 3-month holding period mixed strategy further emphasizes not simply "buying more assets" but further stressing the diversification of risk sources. In portfolio construction, the focus is not only on asset categories but also on the contribution of various assets to the portfolio's volatility. The goal is not to chase short-term high elasticity 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 investors' core demands for wealth preservation and appreciation. As professional asset allocators, FOF funds, with their advantages of diversified investment and smoothed volatility, are favored by institutions. The significant increase in the scale of bond-oriented hybrid 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 hybrid FOF index has increased by 7.27%, significantly outperforming the pure bond fund index at 1.14%. The annualized volatility of the bond-oriented hybrid FOF index in the past year is 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 hybrid FOFs is excellent. Measured by the Sharpe ratio, the median of the bond-oriented hybrid FOFs in the past year exceeded 1.7 (stock funds generally fall short of 1), with some performing even better than 3. Some products also achieve high returns while controlling risks, with returns exceeding 20% in the past year. In the table above, Frontsea Open Source's two products have shown outstanding performance. According to the financial union's investigation of their 2025 quarterly reports, both products mainly gained profit in the color and technology sectors. In 2025, the turmoil of the tariff war, combined with an intensification of global geopolitical conflicts, led to an increase in safe-haven attributes, along with the Federal Reserve initiating an interest rate-cutting cycle, resulting in three interest rate cuts over the year, bringing significant profits to the gold sector; the technology sector saw good performance due to the AI's exceeded investments and strong policy support, with communications, semiconductors, and others performing well. Industry insiders further pointed out that in the current weakening interest income environment in the bond market, bond-oriented hybrid FOFs can leverage their wide range of investment varieties. Compared to high-volatility FOFs, low-volatility FOF products can play a better role in long-term drawdown fluctuations and market demand, providing better product supply. Bond-oriented hybrid FOFs, as high-risk-return products, will be the focus of public FOFs in the future. This article is reprinted from "Cai Lianshe", GMTEight Editor: Liu Jiayin.