Residents' wealth management needs are diverse. ICBC Credit Suisse FOF matrix precisely matches a variety of investment demands.

In an era of low interest rates, high volatility, and structural differentiation, FOFs (Fund of Funds) have become an important target for retail wealth management and retirement investments due to their professional allocation and risk diversification advantages. Since the beginning of 2026, the FOF market has expanded rapidly. As of March 20, the public offering FOF issuance reached 63.895 billion yuan, accounting for 24.80% of the new public fund issuance this year, a surge of 433.97% compared to 11.966 billion yuan in the same period last year.

ICBC Credit Suisse Asset Management has established itself as a benchmark in the bank-affiliated public FOF sector through forward-looking planning and professional operation. On one hand, it has built a diversified product matrix to precisely match different investment needs; on the other hand, leveraging strong research capabilities, several of its products have demonstrated resilience across various market cycles. This reflects ICBC Credit Suisse’s comprehensive strength in research systems and product layout.

Decoding Strength: Dual Moats of Research System and Product Matrix

As one of the few institutions with a full license for pension business, ICBC Credit Suisse has always adhered to the strategy of “diverse coverage and precise positioning.” Currently, it manages a total of 14 FOF funds, including 9 pension funds covering major retirement ages from 2035 to 2060. The structure is complete and layered, allowing precise matching of retirement investment needs for groups from the “Post-70s” to the “Post-95s.”

Zhao Zhiyuan, General Manager of the FOF Investment Department and Fund Manager at ICBC Credit Suisse, stated at the 2026 investment strategy meeting: “The key to pension investment is ‘target anchoring and long-term continuous investment,’ aiming to fully leverage the power of compound interest.” He also emphasized that pension investment is a dynamic adjustment process: initially, it can allocate more to stocks and other risk assets; as retirement approaches, gradually shift toward bonds and other stable assets to balance risk and return. Target date funds provide a pension solution that matches long-term, stable, and dynamically adjusted allocations.

Among them, target date FOFs are like “standard packages,” reducing the proportion of risk assets as retirement date approaches. For example, ICBC Pension 2050 Five-Year Holding A and ICBC Pension 2045 Three-Year Holding A have allocations including 7.15% stocks and 89.62% funds for the 2050 fund, while the 2045 fund mainly invests in funds, accounting for 94.86%. According to the Q4 2025 quarterly report, both products achieved impressive results over the past year, with net value growth rates of 32.39% and 20.68%, respectively, outperforming the benchmark by 17.63% and 7.96%.

In addition to pension products, ICBC Credit Suisse’s two non-pension target FOFs also performed very well. The periodic reports show that ICBC Wise Progress Stock (FOF-LOF) A and ICBC Anyu Active Year Hybrid (FOF) A had net value growth rates of 31.42% and 24.94% over the past year, with benchmark returns of 18.84% and 15.02%, respectively, significantly exceeding the benchmarks.

Long-term Focus, Professional Guidance for Retirement Investment

Relying on a strong comprehensive research platform, ICBC Credit Suisse combines macro judgment, asset allocation, and fund selection to form a mature investment framework of “top-down direction setting and bottom-up selection.” With the risk control genes of bank-affiliated public funds, it enhances risk management in FOF operations to balance returns and risks. Its “platform-based, integrated, team-oriented” research system includes a dedicated FOF research team covering macroeconomics, fixed income, equities, and multi-asset fields, building full-process professional capabilities from asset allocation and fund selection to risk control. It also continuously cultivates high-quality talent through a pyramid talent development path, solidifying the foundation for product operation and further amplifying the core value of public FOFs, laying a solid foundation for the scale growth and reputation of the FOF business.

“Steadiness is a skill; long-term is more of a belief,” said Zhao Zhiyuan, who previously worked in fund risk management. Having experienced multiple market cycles, he deeply understands that controlling drawdowns and achieving long-term stable performance are the bottom line for product survival. This understanding is also reflected in his FOF investment work, where risk control is prioritized. To him, “long-term” is not just persistence but involves dynamic market-based allocation adjustments, such as disciplined rebalancing of FOF products to buy low and sell high, effectively controlling volatility.

Looking ahead, ICBC Credit Suisse will continue to uphold long-termism, using dynamic allocation and professional management to safeguard investors’ wealth accumulation.

【Data Notes】

1. Performance data of various funds are from fund periodic reports, as of December 31, 2025.

• ICBC Pension 2050 Five-Year Holding A was established on March 28, 2019, with Xu Xinyuan as fund manager since January 3, 2024. Its annual net value growth rates from 2021 to 2025 are -0.60%, -17.19%, -10.10%, -4.38%, 32.39%; the benchmark returns for the same period are 1.26%, -14.26%, -5.91%, 11.40%, 14.76%.

• ICBC Pension 2045 Three-Year Holding A was established on January 21, 2020, with Xu Xinyuan as fund manager since April 15, 2025. Its annual net value growth rates are -0.01%, -13.10%, -7.16%, 4.96%, 20.68%; benchmark returns are 1.88%, -11.84%, -4.41%, 11.02%, 12.72%.

• ICBC Wise Progress Stock (FOF-LOF) A was established on November 24, 2022, with Zhou Yin as fund manager since April 1, 2025. Its annual net value growth rates are -13.57%, 6.21%, 31.42%; benchmark returns are -8.89%, 11.99%, 18.84%.

• ICBC Anyu Active Year Hybrid (FOF) A was established on August 31, 2022, with Chen Han as fund manager since April 2, 2025. Its annual net value growth rates are -11.70%, 5.40%, 24.94%; benchmark returns are -5.82%, 10.91%, 15.02%.

【Fund Fee Disclosure】

【Risk Warning】

The fund manager manages and uses the fund assets in accordance with principles of diligence, honesty, and prudence but does not guarantee profits or minimum returns. ICBC Pension 2050 Five-Year Holding A, ICBC Pension 2045 Three-Year Holding A, and ICBC Anyu Active Year Hybrid (FOF) A are hybrid fund-of-funds with expected returns and risk levels lower than equity fund-of-funds and equity funds, but higher than bond fund-of-funds, bond funds, money market funds, and money fund-of-funds. ICBC Pension 2050 also invests in Hong Kong Stock Connect stocks and bears specific risks related to market environment, investment targets, market systems, and trading rules under the Hong Kong Stock Connect mechanism. ICBC Wise Progress Stock (FOF-LOF) A, as a stock fund-of-funds, has higher expected returns and risk levels than hybrid fund-of-funds, hybrid funds, bond funds, bond fund-of-funds, money market funds, and money fund-of-funds. Funds with holding periods can only be redeemed on or after the next business day following the minimum holding period. Past performance does not predict future results, and the performance of other funds managed by the fund manager does not guarantee future performance. Investors should carefully read the fund contract, prospectus, key information documents, and related legal documents, understand the product details, fee structures, and charges across sales channels, and consider their risk tolerance before investing. Investment involves risks; proceed cautiously.