基金公司积极布局“固收+”

Core Viewpoint - "Fixed Income +" products are becoming a key focus for public fund companies, driven by investor demand for absolute returns and the need for fund companies to grow their management scale [1][2]. Group 1: Market Trends - The total scale of "Fixed Income +" funds increased by over 100 billion yuan in the first quarter of this year, showing a significant rise compared to the second half of 2024 [1]. - In the first quarter, the issuance scale of public fixed income funds was approximately 121 billion yuan, with average fundraising sizes for various fund types showing recovery [1][2]. - Several fund companies, including China Universal Fund and Bank of China Fund, reported substantial growth in their "Fixed Income +" product scales, with China Universal Fund leading the market with an increase of 17.7 billion yuan in the first quarter [2]. Group 2: Investor Demand - The recent "Action Plan for Promoting High-Quality Development of Public Funds" emphasizes the support for low-volatility products and asset allocation products, indicating a favorable environment for "Fixed Income +" products [2]. - Investors are increasingly seeking funds that can provide positive returns over a certain period, especially after experiencing fluctuations in the equity market [3]. Group 3: Performance and Strategy - "Fixed Income +" products, which combine bond assets with equity for enhanced returns, are designed to capture structural opportunities in the stock market while striving for coupon income amid bond market volatility [3][4]. - The performance of certain "Fixed Income +" funds has been commendable, with examples like the Guangfa Jutai Mixed A fund achieving a total return rate of 74.25% since its inception [3]. - Fund managers are focusing on strategies that balance risk and return, with expectations that certain bond investment strategies will perform better than duration strategies in the second quarter [5].