“教科书级”范本：用四把“手术刀”，解剖“固收+”的收益来源

Core Viewpoint - The article analyzes the performance and strategies of the "Guangfa Juxin" fund, highlighting its long-term success and the stable management by fund manager Zhang Qian since 2015, which allows for a comprehensive understanding of its investment approach [2][29]. Group 1: Fund Performance - "Guangfa Juxin" has been established for over twelve years and has achieved an annualized return of over 9%, making it a standout in the 10-year performance category [2]. - The fund has significantly outperformed representative "fixed income +" fund indices, with an annualized excess return exceeding 4% compared to the Wind Mixed Bond Secondary Index [10][7]. - The fund demonstrates resilience, quickly recovering from downturns and consistently generating excess returns [10]. Group 2: Investment Strategy - The fund employs a dual strategy of equity and bond investments, effectively utilizing a "stock-bond seesaw" approach to mitigate volatility [13]. - The bond investment strategy focuses on leveraging, duration management, and credit risk assessment, maintaining a leverage ratio around 120% for stability [18][20]. - The equity investment strategy emphasizes growth stocks, with a concentrated portfolio that avoids mainstream sectors, instead focusing on underappreciated industries like military and Hong Kong stocks [27][31]. Group 3: Risk Management - The fund manager exhibits a cautious approach to credit risk, having shifted away from low-rated bonds post-2020, demonstrating strong risk sensitivity [24][25]. - The duration of the bond portfolio is managed to remain within a safe range, avoiding excessive risk from interest rate fluctuations [20]. Group 4: Conclusion - The fund manager is characterized as a dynamic alpha hunter, adept at navigating both equity and bond markets, with a focus on growth-oriented strategies [30][31]. - The analysis concludes that the fund's success can be attributed to its balanced approach in managing systemic risks while capitalizing on market opportunities [32].