景顺长城基金江虹： 穿越市场迷雾 以极致风控打造低波FOF

Core Viewpoint - The demand for low-volatility and stable-return investment products has reached unprecedented heights due to increased market volatility, prompting the public fund industry to focus on products like fixed income plus and low-risk FOFs [1][2] Group 1: Investment Strategy - The strategy of the conservative FOF managed by the company emphasizes strict control of maximum drawdown while aiming for sustainable positive returns, addressing the urgent expectations of investors for stable income [2][5] - The company aims to create a product that prioritizes "strict control of maximum drawdown" to meet the needs of risk-averse investors, as there is a significant mismatch between market supply and actual demand for such products [2][5] Group 2: Performance Metrics - Since its establishment on March 20, 2024, the conservative FOF managed by the company has achieved a cumulative net value growth rate that surpasses the performance of the mixed bond FOF index, with a maximum drawdown of only 0.88%, significantly better than the same period's mixed bond FOF index and performance benchmark [4] Group 3: Risk Management - The company places a higher weight on controlling maximum drawdown compared to return metrics in its self-assessment, aiming to keep maximum drawdown within a small range and prioritizing long-term net value growth over short-term high returns [5] - The investment approach includes a focus on fixed income assets while diversifying with a small allocation to equities and commodities to enrich sources of return and achieve a smooth, low-volatility net value curve [5][6] Group 4: Asset Allocation - The asset allocation strategy emphasizes transparency and modularity, with a focus on pure bond funds and ETFs to ensure clear visibility of holdings [6] - Short-duration bonds with high Sharpe ratios are prioritized as a safety net, while ETFs are utilized to mitigate unconventional "pulse risks" that could disrupt the net value curve [6]