【晨星焦点基金系列】：中等波动“固收+”的攻守之策

Group 1 - The fund "Fuguo Xintianfeng Bond" focuses on high-grade credit bonds to obtain basic coupon income while actively capturing interest rate fluctuations and flexibly investing in convertible bonds to enhance returns [1][4] - As of August 31, 2025, the fund achieved an annualized return of 5.09% under the management of fund manager Wu Lei, ranking in the top 10th percentile among similar bond funds [1][9] - The fund's annual comprehensive fee rate is 0.88%, which is lower than the average of 0.92% for similar funds [1][12] Group 2 - Fund manager Wu Lei has 14 years of bond investment research experience and 8 years of public fund management experience, having joined Fuguo Fund in December 2016 [3] - The fund employs a stable investment process that has been tested through complete market cycles, focusing on credit risk prevention and diversified investment [2][9] - The fund's asset allocation as of June 30, 2025, includes 18.99% in interest rate bonds, 68.22% in credit bonds, and 15.61% in convertible bonds [7][8] Group 3 - The fund's investment strategy combines top-down and bottom-up approaches, adjusting duration and leverage based on interest rate trends and credit spreads [4] - The fund has maintained a moderate volatility profile while expanding its duration and convertible bond operation space in response to market conditions [4][9] - The fund's maximum annual drawdown since Wu Lei took over is only 1.69%, indicating effective risk control measures [8][9]