ICBC(SH:601398) Zheng Quan Zhi Xing·2025-07-18 06:14Core Viewpoint - The report provides an overview of the performance and management of the Ping An Dual Bond Benefit Bond Fund for the second quarter of 2025, highlighting its investment strategy, financial indicators, and market conditions affecting the fund's performance [3][8]. Fund Product Overview - Fund Name: Ping An Dual Bond Benefit Bond Fund - Fund Code: 005750 - Fund Type: Contractual open-end fund - Effective Date: June 4, 2018 - Total Fund Shares at Period End: 1,241,782,856.49 shares - Investment Objective: To achieve long-term stable appreciation of fund assets through active investment in convertible bonds and credit bonds while strictly controlling risks [3][8]. - Investment Strategy: Focus on economic trends, leading indicators, and the impact of fiscal and monetary policies on macroeconomic operations and investment environments [3][8]. - Performance Benchmark: 50% of the China Securities Convertible Bond Index Return + 50% of the China Securities Comprehensive Bond Index Return [3][8]. Key Financial Indicators and Fund Net Value Performance - The report period is from April 1, 2025, to June 30, 2025 [4]. - Net Value Growth Rates for Different Classes: - Class A: 1.59% (Benchmark: 2.80%) - Class C: 1.49% (Benchmark: 2.80%) - Class E: 1.54% (Benchmark: 2.80%) [6][10]. - Total Fund Shares at the Beginning of the Period: 946,732,444.93 shares - Total Subscription Shares During the Period: 188,100,563.92 shares - Total Redemption Shares During the Period: 45,889,754.63 shares - Total Fund Shares at the End of the Period: 1,088,943,254.22 shares [13]. Management Report - The fund manager, Ping An Fund Management Co., Ltd., adhered to relevant laws and regulations, ensuring compliance and the protection of investors' interests during the report period [8]. - The fund maintained a high level of leverage and duration in its bond portion, participating in long-term interest rates to gain capital gains [9]. - The convertible bond portion gradually realized some positions during market uptrends while increasing the allocation of large-cap bonds [9][10]. Investment Portfolio Report - The fund's total assets primarily consist of bonds, with a 99.59% allocation to bonds and no holdings in stocks or asset-backed securities at the end of the report period [11][12]. - The fund's investment strategy aligns with its contractual agreements, and it has completed its initial investment phase [11].