权益向好助力“固收+”表现亮眼 优质“固收+”如何实现1+1>2？

Core Viewpoint - The rise of technology themes at the beginning of the year has significantly boosted the A-share and Hong Kong stock markets, enhancing market sentiment and investor confidence. In this context, the advantages of fixed income plus and bond-mixed funds have become increasingly prominent [1][2]. Fund Performance Summary - As of March 31, 2025, the average returns for various types of funds over the past 12 months are as follows: - Bond-mixed funds: 5.49% - Ordinary bond funds: 4.79% - Convertible bond funds: 9.50% - Overall bond funds: 3.71% [2]. - 工银瑞信's fixed income plus and bond-mixed products have shown strong performance, with 22 funds ranking in the top 25% of their categories over the past one, three, five, and seven years [2][4]. - Notably, 11 of 工银瑞信's fixed income plus and bond-mixed funds achieved returns exceeding 5% in the past year, with three funds surpassing 9% [2]. Fund Manager Insights - The fund managers at 工银瑞信 employ various strategies to enhance returns, including a focus on dividend-paying assets and a balanced approach to equity and bond investments. For instance, the 工银聚安混合A fund, managed by 黄诗原, achieved returns of 18.8% and 27.11% over the past year and three years, respectively, ranking 4th and 1st in its category [9][11]. - The 工银可转债债券 fund, also managed by 黄诗原, reported returns of 9.60%, 22.11%, and 40.52% over the past one, three, and five years, ranking 1st and 6th in its respective categories [9][10]. Investment Strategy - The "fixed income plus" strategy is characterized by a flexible allocation between equity and bond assets, allowing for effective risk management and return enhancement. This strategy has been particularly successful in capturing structural market opportunities [7][17]. - 工银瑞信's fixed income research team has developed a comprehensive credit research framework, ensuring robust risk management and investment opportunities in the bond market [17][18]. Long-term Performance - The 工银双利债券 fund has demonstrated strong long-term performance, with a net asset value growth of 140.69% since its inception in 2010, significantly outperforming its benchmark [16][17]. - The fund's management emphasizes macroeconomic analysis and flexible asset allocation to adapt to market changes, aiming for sustained long-term returns [15][17]. Team Composition - 工银瑞信's investment team comprises experienced professionals across different generations, fostering a collaborative environment that enhances investment decision-making and strategy execution [21][19].