固收为“盾” 权益为“矛” 基金经理100系列访谈在沪开启

Core Insights - The event "Long-term Investment · Value Investment - Fund Manager 100 Series High-end Interviews" was launched to discuss the vitality of "Fixed Income +" strategies in the current market environment [1] - The influx of funds into "Fixed Income +" products is driven by low deposit rates and concerns over high volatility in equity markets, making low-volatility products increasingly attractive [1][2] - "Fixed Income +" has evolved into a comprehensive system that integrates macro analysis, multi-asset allocation, and refined risk management, focusing on balancing enhanced returns and risk control [2] Group 1 - The market size of "Fixed Income +" products has grown approximately tenfold since its inception in 2019, indicating a significant shift in investment strategies [2] - The investment approach emphasizes an "odds framework," prioritizing assets with better risk-return profiles rather than merely high expected returns [2] - The need for cautious management in high valuation environments and the importance of addressing tail risks through systematic risk budgeting and asset classification are highlighted [2][3] Group 2 - The core discussion revolves around how to effectively mix equity and debt assets to create "Fixed Income +" products that balance risk and return [3] - The trend towards low and medium volatility products is noted, with a focus on enhancing client experience and managing market fluctuations [3][4] - The importance of rigorous risk management processes and dynamic asset allocation strategies is emphasized to control downside risks while aiming for reasonable returns [4][5] Group 3 - The construction of low-volatility "Fixed Income +" products requires a disciplined approach to individual asset selection and portfolio design, focusing on stable, sustainable excess returns [6][7] - The concept of "good assets at good prices" is crucial, with an emphasis on avoiding emotional pricing risks during market fluctuations [6][7] - Strategies to prevent "Fixed Income +" from becoming "Fixed Income -" include disciplined position sizing and robust liquidity and risk management mechanisms [7]