二级债基：低利率时代的稳健之选，攻守兼备成资产配置新宠

Core Insights - The secondary bond funds have emerged as a star product for investors due to their unique investment strategies and stable performance in a complex market environment [1][2] - In the second quarter of this year, the scale of mixed bond secondary funds significantly increased to 788.1 billion, reflecting a growth of 88.1 billion compared to the first quarter [1] - The average net value growth rate of mixed bond secondary funds over the past decade reached 50.16%, showcasing their strong historical performance [1] Investment Strategy - Secondary bond funds utilize a "defensive and offensive" investment strategy, primarily based on bonds for stable interest income while also allocating a portion to equity assets for additional returns [1][2] - This multi-asset approach allows secondary bond funds to find an optimal balance between risk and return, making them attractive to investors [1][2] Performance Highlights - The performance of secondary bond funds has been particularly notable this year, with the Huatai-PineBridge Dual-Advantage Fund achieving a cumulative return of 2.27% over the past six months, surpassing its performance benchmark [1][2] - The fund strategically adjusts its bond duration and focuses on high-grade credit bonds while also participating significantly in Hong Kong stocks, targeting sectors like internet, high-end manufacturing, upstream resources, and brand consumption [2][4] Team and Management - The success of the Huatai-PineBridge Dual-Advantage Fund is supported by a strong investment team with a clear organizational structure, led by experienced fund managers Wu Jianghong and Xu Yiheng [4] - Their expertise and solid investment style contribute significantly to the fund's outstanding performance [4] Market Outlook - As market conditions evolve and investor needs diversify, secondary bond funds are expected to maintain their unique advantages and occupy an important position in the market [4] - They are particularly suitable for investors who are concerned about market volatility yet seek excess returns [4]