海富通悦享一年持有期：兼顾求胜、求稳的“固收+”优等生

Core Insights - Investors in 2025 face a dilemma with one-year fixed deposit rates falling below 1%, making it increasingly difficult to achieve stable returns, while global policy uncertainties and high equity market volatility cause cautiousness among low to medium risk investors [1] - The "fixed income +" strategy has re-emerged as a viable option for investors seeking both stability and enhanced returns, utilizing bond assets as a safety net while selectively incorporating stocks and convertible bonds [1][2] - The Hai Fu Tong Yue Xiang One-Year Holding Mixed Fund (Class A: 019752, Class C: 019753) primarily invests in bonds, with equity and convertible bond allocations between 10%-30%, achieving a one-year return of 5.11% and a maximum drawdown of only -1.88% as of Q1 2025 [1][2] Investment Strategy - Hai Fu Tong Fund has a strong focus on the pension sector, integrating stable investment demands and experience into the "fixed income +" operational framework, aiming to provide products that balance long-term returns with stability [2] - The fund adopts a pension investment management model, adjusting equity positions based on market conditions and expected returns, supported by the company's pension research resources [2][3] - The fund's risk-return characteristics have become clear after one and a half years of operation, with Class A shares achieving a return of 6.45% since inception and outperforming peers in various risk-return metrics [2][3] Performance Metrics - As of Q1 2025, the Hai Fu Tong Yue Xiang One-Year Holding Mixed Fund (Class A) has an annualized volatility of 2.46%, a maximum drawdown of -1.88%, and a Sharpe ratio of 1.47, ranking favorably among peers [3] - The fund manager, Jiang Yong, has a strong track record, with his managed funds achieving returns of 22.41% and 14.90% over the past three years, placing them in the top 2% and 7% of their categories [3][4] - The fund emphasizes a balanced investment approach, focusing on high-grade credit bonds and undervalued, high-dividend stocks while maintaining strict risk management practices [4] Market Context - In the current low-interest and high-volatility environment, the "fixed income +" product, which emphasizes risk budgeting and long-term performance, presents a compelling solution for investors seeking stable returns without significant fluctuations [5] - The fund's one-year holding period aligns well with the investment needs of those looking for stability and liquidity management, making it a suitable option for conservative investors [4][5]