China Expands Personal Pension Fund Catalog to Include 26 ‘Fixed-Income Plus’ Products
China has formally expanded its personal pension fund product catalog to include “fixed-income plus” funds, adding 26 bond-equity hybrid products from 22 fund management firms. The move, effective September 29, introduces Y-class shares for partial-equity hybrid funds and secondary bond funds, filling a risk-return gap between existing pension-targeted FOFs and index funds. Regulators set strict criteria including a minimum three-year track record and 5 billion yuan scale.
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China Expands Personal Pension Fund Pool to Include 26 Bond-Equity Hybrid Products
Multiple major Chinese fund management companies, including E Fund, China Asset Management, GF Fund, Fullgoal Fund, Huatai-PineBridge Fund, and BOC International, have announced the addition of Y shares for their equity-linked secondary bond funds and partial-equity hybrid funds (including partial-equity hybrid FOFs). This move officially expands the types of personal pension fund products to include these 'fixed-income+' instruments. According to incomplete statistics, 26 such products have been added to the personal pension product pool. Industry insiders state that these funds, which combine the stability of bonds with the growth potential of equities, are highly suitable for the medium-to-low risk allocation needs of personal pensions. The inclusion is expected to further enrich the personal pension fund product spectrum, better matching the allocation needs of investors with different risk preferences, and enabling public funds to play a greater role in serving the development of the personal pension system.
Read sourceChina Includes First Batch of 'Bond Plus' Funds in Personal Pension Product Catalog
China has officially included the first batch of 'bond plus' funds (含权二级债基 and 偏债混合基金) into the personal pension fund product catalog, expanding the investment options available under the country's third-pillar pension system. On September 28, 2024, multiple fund companies including China Asset Management, Southern Asset Management, GF Fund, CCB Principal Asset Management, Zhong Ou Asset Management, and Penghua Fund announced the addition of Y-class shares for these selected funds. The inclusion follows a September 24 policy notice setting strict criteria: funds must be at least three years old, have daily redemption, maintain a minimum scale of 5 billion yuan over the last four quarters, and meet specific equity exposure limits (5-10% minimum, 20-30% maximum including convertible bonds). Funds must also have better-than-median maximum drawdowns over three years and limited institutional ownership. The move adds 'bond plus' products to the existing personal pension fund lineup, which previously included target-date FOFs and index funds. As of June 30, personal pension fund assets reached 28.492 billion yuan, up over 100% year-on-year. Industry analysts view this as filling a gap for stable-yield investments in the pension system, potentially attracting more investors and channeling long-term capital into capital markets.
Read source26 Fund Firms Add 'Stable-Plus' Products to China's Personal Pension Y-Share Scheme
China's personal pension investment options have been formally expanded to include 'stable-plus' (固收+) products, according to a report from 财联社 on September 28. Twenty-six fund management companies, including E Fund, China Southern, Zhong Ou, China Merchants, China AMC, and others, announced they will add Y-class fund shares for certain partial-equity hybrid funds or secondary bond funds starting September 29. This follows the inclusion of target-date retirement FOFs and index funds in the personal pension fund list. The 'stable-plus' products, which combine bond assets as a base with equity assets for enhancement, fill a risk-return gap between retirement FOFs and index funds, offering a smoother risk-return gradient for pension investors seeking stable returns. The move is based on a regulatory notice regarding the inclusion of equity-containing secondary bond funds and partial-equity hybrid funds into the personal pension fund product directory.
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China Expands Personal Pension Products to Include 22 'Bond-Plus' Funds
China's personal pension fund product catalog has been expanded to include 'fixed-income plus' (固收+) products for the first time. On September 28, 22 fund managers, including E Fund, China Southern, Zhong Ou, China Merchants, China Asset Management, and others, announced they would add Y-class fund shares for certain partial-equity hybrid funds or secondary bond funds starting September 29. The expansion includes 10 partial-equity hybrid funds and 12 secondary bond funds. This follows previous inclusions of target-date FOFs and index funds. According to a notice from regulators, these 'bond-plus' products, which combine a bond base with equity enhancements, fill a risk-return gap between stable pension FOFs and more aggressive index funds, offering pension investors a new option for stable returns and smoothing the risk-return gradient of personal pension investments.
China Expands Personal Pension Product Catalog to Include 22 'Fixed-Income Plus' Funds
China's personal pension product catalog has been formally expanded to include 'fixed-income plus' (固收+) products, according to a report from 财联社 (CLS) on September 28. A total of 22 fund management firms, including E Fund, China Southern, Zhong Ou, China Merchants, China Asset Management, Fullgoal, Penghua, and others, announced they will add Y-class fund shares to certain partial-equity hybrid funds or secondary bond funds starting September 29. Of these, 10 are partial-equity hybrid funds and 12 are secondary bond funds. This expansion follows the previous inclusion of pension-targeted FOFs and index funds. The 'fixed-income plus' products, which use bonds as a base with equity enhancements, offer risk-return characteristics between stable and aggressive, filling a gap in the pension investment spectrum. The move is based on a notice from authorities regarding the inclusion of equity-containing secondary bond funds and partial-equity hybrid funds into the personal pension fund product catalog, providing pension investors seeking stable returns with a more tailored option and smoothing the risk-return gradient for personal pension investments.
China Expands Personal Pension Fund Products to Include Bond-Equity Hybrid Funds
Multiple Chinese fund companies, including Southern, E Fund, China Merchants, China Asset Management, and Harvest, have announced the addition of Y-shares for their bond-equity hybrid funds (including secondary bond funds and partial-equity hybrid funds, including FOFs). This move, reported by East Money, officially expands the personal pension fund product lineup beyond the previously available target-date funds and index funds. Regulators have set strict inclusion criteria: funds must be at least three years old, have a scale of no less than 5 billion yuan for the past four quarters, maintain a certain equity allocation, and have a maximum drawdown over three years better than the median of peers. Initially, each fund management company can only include one qualifying product. Industry experts cited in the article state that these 'fixed-income plus' products fill a risk-return gap between pension FOFs and index funds, offering moderate long-term returns with lower volatility, suitable for risk-averse investors seeking some equity exposure. The article notes that Y-shares benefit from fee reductions on management and custody fees. Regulators emphasize risk control and investor education, urging investors to understand the risk-return profile and avoid short-term speculation, as personal pension accounts are designed for long-term holding. Wind data shows personal pension fund Y-share scale reached 284.92 billion yuan, up nearly 54% from end-2024.
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