Richer Underlying Investment Tools: Public Mutual Funds Prepare for Asset Allocation Push

The surge in multi-asset allocation among public mutual funds is intensifying. Recently, the China Securities Regulatory Commission opened a public consultation on the 'Draft Measures for the Administration of Operation of Publicly Offered Securities Investment Funds' and related rules. Several provisions relaxing investment scope restrictions have drawn industry attention, including a proposed increase in the upper limit for non-FOF products investing in other funds from 10% to 30%, and allowing FOFs to invest in ETF feeder funds. Additionally, the establishment threshold for FOFs is proposed to be lowered to 50 million yuan. Industry insiders view these measures as tailored relaxations designed to expand strategic space for asset allocation products and improve portfolio efficiency. In the future, public mutual funds will place greater emphasis on multi-asset portfolio management capabilities, with FOFs and 'fixed income plus' products—naturally suited for asset allocation—becoming key competitive directions for fund companies.