永赢基金|学懂固收+基金的攻守道 践行长期主义的投资观

Core Viewpoint - The article discusses the characteristics and strategies of "Fixed Income Plus" (固收+) funds, emphasizing their role in providing stable returns while managing risks associated with equity market fluctuations [4][5][7]. Group 1: Characteristics of Fixed Income Plus Funds - Fixed Income Plus funds typically maintain an equity position (including convertible bonds) below 30%, ensuring a balance between fixed income and equity exposure [5]. - These funds are categorized into three main types: primary bond funds, secondary bond funds, and mixed bond funds, with equity exposure varying from 0% to 30% [5][8]. Group 2: Investment Strategies - Fixed Income Plus funds employ multiple asset and strategy configurations, allowing for a balanced approach to risk and return [7]. - Various strategies include: - A-share strategy to enhance portfolio returns through equity assets [9] - Convertible bond strategy to provide fixed income with equity-like upside [9] - New share strategy to capitalize on price differences in primary and secondary markets [9] - Private placement strategy to enhance portfolio returns through participation in primary market placements [9] - Multi-asset strategy that includes non-traditional assets like gold, oil, and overseas investments [9]. Group 3: Suitable Investor Profiles - These funds are suitable for conservative investors who seek higher returns without excessive risk from equity market volatility [11]. - Investors with medium to long-term investment needs may benefit from the asset rotation strategy employed by Fixed Income Plus funds, which requires time to realize optimal returns [11]. - Experienced asset allocation investors often distribute their funds across various risk levels, making Fixed Income Plus funds a fitting choice for part of their portfolio [11]. Group 4: Selection Criteria for Fixed Income Plus Funds - Investors should focus on funds that meet their long-term return expectations without taking on excessive short-term risks [12]. - A professional management team with strong capabilities in both equity and fixed income is crucial for achieving better outcomes [12]. - Fund managers should possess extensive experience in large asset allocation to effectively manage the rotation between different asset classes [12]. Group 5: Performance Metrics - Key performance indicators for evaluating Fixed Income Plus funds include long-term performance, positive return ratios, maximum drawdown, and Sharpe ratio, which measures risk-adjusted returns [13].