政策利好齐发 二级债基进入“甜点区”？

Core Viewpoint - The introduction of the Hongde Yuhui Bond Fund aims to provide investors with a new asset allocation option in a low-interest-rate environment, leveraging a strategy that combines pure bonds and equity to achieve stable long-term growth [1][3]. Group 1: Fund Overview - The Hongde Yuhui Bond Fund is designed to pursue low volatility and stability through a "pure bond + equity" strategy, with at least 80% of its investments in bond assets and a maximum of 20% in equity assets [3]. - The fund will utilize multiple asset tools to construct its portfolio, adjusting positions based on macroeconomic changes and closely tracking valuation changes for dynamic optimization [3][4]. - The fixed income investment will primarily focus on high-grade credit bonds and interest rate bonds, balancing liquidity and yield while actively seeking credit spread opportunities [3][4]. Group 2: Investment Strategy - The convertible bond allocation will focus on balance and bond characteristics, using the negative correlation between different asset classes to smooth portfolio volatility [4]. - The stock selection will be based on fundamental analysis, supplemented by quantitative factor models, with an initial focus on large-cap dividend stocks and index funds [4]. - The fund manager anticipates that under a moderately loose monetary policy, the bond market may not face significant yield risks, and mid-to-short-term bonds may perform strongly [4]. Group 3: Fund Manager Profile - The fund manager, Yao Xuekang, has 14 years of asset management experience and has achieved a return of 16.49% since managing the Hongde Rui Xiang fund, outperforming the benchmark by 9.66% [5]. - Yao's management has consistently ranked in the top 10% for one, two, and three-year returns among peers, with superior Sharpe ratios across various time frames [5][6]. - The strong performance of Yao's funds is supported by the company's robust research platform, which has ranked highly in excess returns for fixed income assets over both short and long-term periods [6].