汇添富基金胡奕：低波动固收+产品的投资管理思考

Group 1 - The article emphasizes the increasing preference for stable return fund products among investors in a low interest rate environment and volatile stock market, focusing on achieving both "sense of gain" and "sense of security" [1] - The core strategy involves selecting underlying assets that align with the investment goals of the products, aiming for stable absolute returns while minimizing drawdowns [1] Group 2 - In stock selection, the focus should be on "low volatility + stable returns," prioritizing stocks with controllable drawdowns and steady returns, including dividend value stocks and stable growth stocks [2][3] - Dividend value stocks are highlighted for their long-term sustainable dividend yields, reflecting the stability of the company's business model and profit quality, which historically outperform the market [2] - Stable growth stocks are characterized by low valuations and high-quality business models, with an emphasis on quality and valuation over short-term market conditions [2] Group 3 - The strategy includes selectively participating in high-growth industries such as AI and innovative pharmaceuticals, while strictly controlling positions and drawdowns to enhance returns and balance styles [3] Group 4 - For convertible bonds, the focus is on low-priced convertible bonds, which are seen as a tool for low-cost participation in stock investments, with a clear pricing logic [4][5] - The investment approach involves identifying low-priced convertible bonds that are close to their bond floor, allowing for the acquisition of upside potential while minimizing risk [5] Group 5 - The bond strategy emphasizes the negative correlation between stocks and bonds, which is crucial for portfolio stability, with a focus on high-grade credit bonds to mitigate credit risk [7] - Active management of positions and balanced allocation is essential, with equity positions controlled at around 10% to avoid excessive exposure to equity risk [8] Group 6 - The overall investment strategy aims to achieve "low drawdown + stable returns" by selecting high-risk-return ratio underlying assets, optimizing portfolio configuration, and dynamically controlling risks [8]