投教干货：中邮基金带您避开“固收+”投资的 3 个常见误区

Core Viewpoint - The article emphasizes the importance of understanding the characteristics and risks associated with "fixed income +" products, aiming to correct common misconceptions among investors [1] Misconception 1: Equating "Fixed Income +" with "Capital Protection" - Many investors mistakenly believe that "fixed income +" products guarantee profits and equate them with capital-protected products like savings or government bonds, which misrepresents their risk profile [2] - The "fixed income" portion primarily invests in bonds for stable returns, while the "+" part includes equities that can introduce volatility, leading to potential short-term losses [2] - Historical data shows that during significant market downturns, some "fixed income +" products experienced maximum drawdowns exceeding 5%, highlighting the difference from "capital protection" expectations [2] Misconception 2: Focusing on Short-Term Gains - Investors often prioritize short-term returns, selecting products based on recent performance rather than considering the long-term investment strategy of "fixed income +" products [3] - The "+" portion's returns are heavily influenced by equity market fluctuations, which can lead to significant short-term volatility [3] - "Fixed income +" products are better suited for a 1-3 year investment horizon, where the focus should be on long-term performance stability rather than chasing short-term gains [3] Misconception 3: Overemphasizing the "+" Component - Some investors overly focus on the "+" equity portion, treating "fixed income +" products like equity funds and neglecting the foundational role of the "fixed income" component [4] - The "fixed income" part provides a safety net through stable returns from high-quality bonds, while the "+" part aims to enhance overall returns [4] - If the equity allocation exceeds 30%, the product's volatility may resemble that of equity funds, which can lead to significant losses during market downturns, contradicting the expected stability of "fixed income +" products [4] Rational Allocation of "Fixed Income +" - The company advocates for a rational approach to investing in "fixed income +" products, emphasizing the need for clear risk awareness, a long-term perspective, and a focus on the core value of the "fixed income" component [5][6] - Investors should avoid equating "fixed income +" with capital protection, maintain a long-term view of 1-3 years, and prioritize the stability provided by the "fixed income" portion over the potential gains from the "+" component [6]