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 and risk-return characteristics [1][4][5]. Group 1: Product Strategy and Development - Huafu Fund's fixed income team has been a pioneer in the "fixed income +" sector, exploring yield enhancement strategies such as convertible bonds and risk parity, achieving significant market recognition [1][4]. - The team has restructured its product line to cover a range of risk-return profiles from low volatility to high volatility, ensuring clear return and drawdown targets for each product [5][6]. - The team has developed a series of clearly defined products, including dividend strategies and risk parity strategies, while improving the stability of product styles and risk-return characteristics [5][6]. Group 2: Market Adaptation and Investment Philosophy - The investment philosophy of Huafu Fund has evolved to reduce reliance on subjective predictions, focusing instead on the inherent risk-return characteristics of products [7][8]. - The team emphasizes a bottom-up approach to identify lower-risk, higher-certainty opportunities based on risk budgets and return objectives, adapting to the increased market uncertainty [7][8]. - Despite market volatility, the team believes that the mean reversion logic still applies, with asset performance influenced by policy and market dynamics [8][9]. Group 3: Current Market Conditions and Future Outlook - The current market environment presents challenges for "fixed income +" strategies, particularly due to the "stock-bond seesaw" effect, where equity assets are performing strongly while pure bond assets experience increased volatility [9][10]. - Huafu Fund anticipates that in a context of loose monetary policy and declining interest rates, strategies focusing on coupon and leverage may outperform duration strategies [10]. - The team is adjusting its convertible bond strategy to focus on equity-oriented bonds while managing exposure to lower-priced assets to control portfolio drawdown [10].