博时低波"固收+"产品如何成为震荡市中的配置优选

Core Viewpoint - The article emphasizes the growing popularity of "low-volatility fixed income plus" products as a stable investment choice amid a challenging market environment characterized by tightening yields in traditional bank wealth management and pure bond funds, alongside increased volatility in equity markets [1][8]. Market Environment - The traditional bank wealth management and pure bond fund yields are under continuous pressure due to the transition to net value management and the scarcity of high-yield assets [1]. - The bond market is expected to perform well in 2024, coupled with structural opportunities in the equity market, creating a favorable environment for "fixed income plus" strategies [1]. - In Q1 2025, the average drawdown of "fixed income plus" products was only 1.38%, showcasing strong risk resistance capabilities [1]. Product Strategy - Bosera Fund has developed a comprehensive "fixed income plus" product matrix to cater to different risk preferences, filling the gap between pure bonds and equities through flexible asset allocation [2]. - The "low-volatility" prefix in "fixed income plus" products clarifies the product strategy, aiming to maintain low volatility while responding flexibly to market fluctuations [2]. Management Approach - The management of "fixed income plus" products requires a combination of macro asset allocation and in-depth research on specific assets, which Bosera Fund has effectively integrated [3]. - Bosera has established a systematic asset evaluation process that includes weekly, monthly, and quarterly assessments to ensure timely and professional investment decisions [4]. Performance Metrics - Bosera's "low-volatility fixed income plus" products have demonstrated strong long-term returns, with the Bosera Stable Return Fund achieving a cumulative return of 97.88% since its inception in 2011, significantly outperforming its benchmark [6]. - The Bosera Stable Value Fund has also shown impressive performance, with a cumulative return of 173.23% since its establishment in 2007, far exceeding its benchmark [6]. Team Expertise - The investment team behind Bosera's "low-volatility fixed income plus" products consists of experienced professionals, many with over 10 years in the securities industry, ensuring a robust investment philosophy and operational style [7][8]. - The dual-manager decision-making structure for these products combines the strengths of fixed income and equity managers, enhancing the ability to capture investment opportunities while maintaining low volatility [5].