低利率高波动时代，攻守兼备的“固收+”基金将迎新一轮配置机遇

Core Viewpoint - The recent reduction in deposit rates by major banks marks a shift towards a low-interest-rate environment, prompting investors to reconsider traditional savings and explore "fixed income +" strategies in public funds as a viable investment option [1][11]. Group 1: "Fixed Income +" Fund Characteristics - "Fixed Income +" is not an official fund type but a strategy that combines low-volatility fixed income assets with equities and other instruments to enhance returns [1]. - The strategy typically includes mixed bond funds, with equity investments capped at 30% to qualify as "fixed income +" products [2]. - The average annualized return of "fixed income +" funds over the past five years is 16.35%, outperforming both pure bond funds and mixed equity funds [5][6]. Group 2: Performance Metrics - As of May 28, "fixed income +" funds have an average annualized volatility of 4.55% and a maximum drawdown of -8.61%, which is lower than that of mixed equity funds [4]. - Among 1,253 "fixed income +" funds, 64.53% reported positive returns in the first quarter of 2025 [1][5]. Group 3: Growth Phases of "Fixed Income +" Funds - The first rapid growth phase occurred from 2014 to 2016, driven by a favorable market environment and significant liquidity, leading to a doubling of "fixed income +" fund numbers [8]. - The second growth phase from 2019 to 2021 was fueled by regulatory changes and a strong equity market, resulting in a 134.41% increase in the number of "fixed income +" funds [9]. Group 4: Current Market Opportunities - The current market conditions, characterized by low deposit rates and increased volatility, present a favorable environment for "fixed income +" strategies, similar to previous growth phases [11]. - Analysts suggest that the focus on diversified asset allocation within "fixed income +" strategies can enhance return potential amid uncertain economic conditions [11]. Group 5: Recommended "Fixed Income +" Products - A selection of 103 "fixed income +" products with above-average performance metrics has been identified for potential investment, including several mixed bond funds [12][14]. - The top-performing mixed bond funds over the past five years include those managed by Tianhong Fund, Dongfanghong Asset Management, and others, showcasing strong returns and low volatility [14][16].