Pension "third pillar" begins to show results, with Fund Y's assets exceeding 10 billion for the first time.

As the main force of the domestic pension insurance system's "third pillar", the individual pension system officially landed in November 2022. Currently, the first batch of individual pension fund Y shares have been established for nearly two and a half years, with product types gradually expanding from initially single fund of funds to passive index funds and index-enhanced funds. By December 2024, with the addition of new index funds, by the end of the first quarter of this year, the total scale of individual pension fund Y shares has surpassed 10 billion yuan for the first time, with the total scale of index fund Y shares exceeding 1 billion yuan. Faced with the recent complex and volatile market environment, many well-known FOF fund managers have timely adjusted their asset allocation direction, appropriately increased allocation to growth style assets, reduced allocation to value style assets, and took profit-taking measures on Hong Kong stocks, convertible bonds, and other assets. In addition, overseas bonds, gold, REITs and other assets have become the direction of increased holdings for some fund managers.