华富基金尹培俊： 立足风险收益特征 “固收+”回归资产本源

Core Viewpoint - Huafu Fund's fixed income team has successfully repositioned its "fixed income +" product line to adapt to market changes, focusing on sustainable long-term returns through disciplined asset management [1][2][4] Group 1: Product Line Repositioning - Huafu Fund's fixed income team has been exploring yield enhancement strategies such as convertible bonds and IPO investments even before the "fixed income +" concept was clearly defined in the domestic market [2] - The team has restructured its product line to cover various risk-return profiles, categorizing products into low, medium-low, medium, and high volatility strategies [2][4] - The repositioning process has led to improved performance metrics, with products achieving their respective return and drawdown control targets [4] Group 2: Investment Strategy Evolution - The investment approach has shifted from a top-down perspective to a focus on the inherent risk-return characteristics of assets, reducing reliance on subjective predictions [6][7] - The team emphasizes the importance of clear product positioning and risk-return characteristics to cater to different investor preferences and market conditions [4][6] - The current market environment suggests that pure bond investments may benefit more from coupon and leverage strategies rather than duration strategies [9] Group 3: Market Conditions and Future Outlook - The recent stock market rally is attributed to declining risk-free rates and a rebound in risk appetite, although the sustainability of economic recovery remains uncertain [8][9] - The fixed income team believes that the bond market will continue to face pressure, particularly in long-duration bonds, while short-duration and coupon strategies may be more suitable in the current environment [9][10] - The team is adjusting its convertible bond strategy to focus more on equity-like instruments while dynamically managing positions to control drawdowns [10]