债券基金遭遇“冷冬” 主动管理面临更大考验

Core Insights - The bond market, which has experienced a strong performance for several years, has entered a phase of wide fluctuations in 2023, particularly since the third quarter [1] - Overall market risk appetite has increased, leading to a reassessment of the value of major asset classes, with bond assets appearing weaker [1] - The introduction of new regulations on public fund fees has also impacted institutional participation in the bond market [1] - As a result, the popularity of actively managed bond funds has significantly decreased, while bond ETFs have emerged as a new source of capital in the bond market [1] - This divergence in market dynamics indicates a changing investment ecosystem for bonds, with active management facing greater challenges and passive allocation gaining momentum [1]