Pictet Strategic Income Fund, a global multi-asset fund managed by Swiss asset manager Pictet, grew its assets under management to $5.1 billion from $1.6 billion at the beginning of the year. About 60% of the assets came from mainland Chinese retail investors through the Mutual Recognition of Funds (MRF) scheme, which allows qualified Hong Kong funds to sell products in mainland China. Demand has increased as Chinese deposit yields have declined, interest in artificial-intelligence supply chains has grown, and Beijing has tightened scrutiny of offshore investing through unlicensed brokerage accounts and illegal cross-border securities. The fund led net mainland inflows through the MRF channel in the first half of the year among 34 funds tracked by Morningstar, attracting HK$16.3 billion ($2.08 billion). Its top 10 holdings include U.S. Treasuries, gold, Amazon, Alphabet and Nvidia. The fund gained 17% in the first eight months, after an 18% gain in 2025. Pictet expects MRF to become a mainstream channel alongside the Qualified Domestic Institutional Investor (QDII) program and plans to apply for two additional MRF funds.