广发基金吴迪：推动“固收+”量化进阶以Alpha策略提升收益

Core Viewpoint - The article discusses the increasing focus on "fixed income +" funds, particularly those utilizing quantitative strategies to enhance returns amid a declining bond market and a stable stock market [1][2]. Group 1: Investment Strategy - The "fixed income +" funds are gaining attention from investors, with a notable shift towards quantitative strategies that aim to capture equity alpha [1]. - Wu Di, the General Manager of the Specific Strategy Investment Department at GF Fund, emphasizes the importance of a quantitative alpha strategy model to optimize stock selection and convertible bond allocation [1][3]. - The investment style of Wu Di is characterized by "stability" and "precision," focusing on small wins to achieve larger victories through meticulous management [2]. Group 2: Performance Metrics - The fund "GF Xinhe" recorded a return of 13.50% in 2024, with a maximum drawdown of only 1.03%, showcasing strong performance in its category [2]. - Over the past year, "GF Xinhe" achieved an 8.11% return, and a 13.82% return over the past two years, ranking among the top in its peer group [2]. Group 3: Quantitative Integration - The integration of quantitative strategies into "fixed income +" funds is becoming a trend, with teams adding quantitative research personnel to enhance stock selection [3][4]. - The introduction of quantitative models allows for comprehensive coverage of market themes and the construction of cost-effective portfolios based on data analysis and factor modeling [3]. Group 4: Risk and Return Management - Balancing returns and drawdowns is a primary challenge in the mid-to-high volatility "fixed income +" strategy, with a focus on the speed of drawdown recovery and the relationship between returns and drawdowns [5]. - Wu Di's team emphasizes four optimization paths: strict credit risk control, maintaining high liquidity assets, diversified investments, and dynamic allocation of high cost-performance assets [5]. Group 5: Future Outlook - The article suggests that the deep integration of quantitative strategies with active management may become a significant trend in the industry, as market conditions continue to evolve [5]. - The company aims to further explore the synergy between quantitative methods and multi-asset strategies to enhance risk control and provide better investment experiences for clients [5].