Man Cang Fund has two understandings. One understanding is that the fund bought all the funds into equity assets, leaving no cash. For example, an equity fund bought 100% shares.

Another understanding is that investors have bought all their funds into funds. One or several, one type or different types, leaving no cash.

In fact, the fund is generally not in Man Cang, because the Man Cang of the fund is risky on the one hand and redeemed by investors almost every trading day on the other.

Investor Man Cang is not recommended, and the risk is quite high. Money funds can, but other funds can't.