“选股专家”的“固收+”凭何爆发？

Core Insights - The report highlights the impressive performance of several "fixed income +" products from Huitianfu over the past year, with notable net value increases compared to their benchmarks [1][2] - Huitianfu's unique approach to "fixed income +" is characterized by a combination of active equity investment expertise and a structured investment research platform [2][11] Performance Summary - Huitianfu's Dual Benefit Enhanced A fund saw a net value increase of 15.86% over the past year, outperforming its benchmark of 4.25% and ranking in the top 10 of its category [1] - The Multi-Source Income A fund increased by 13.73% against a benchmark of 2.14%, also ranking near the top 10 [1] - The Dual Enjoyment Return A fund rose by 11.44%, surpassing its benchmark of 4.77% and ranking in the top 15 [1] - Other funds like Dual Benefit Bond A and Dual Xin Tian Li A achieved increases of 10.58% and 10.39%, respectively, with benchmarks of 0.57% and 4.52%, ranking in the top 20 [1] Risk Management - Huitianfu effectively managed maximum drawdowns during a volatile year, with the maximum drawdown for the Tian Tian Le Dual Xin A fund being only -0.90% [1] - The company emphasizes a disciplined approach to investment, focusing on risk management and sustainable performance [8][10] Research and Investment Strategy - Huitianfu has established a vertically integrated investment research system that supports its "fixed income +" strategy, leveraging its active equity investment capabilities [3][11] - The company promotes an open and sharing culture within its research teams, facilitating collaboration between fixed income and equity teams [4][5] Product Offering - Huitianfu has developed a diverse product matrix to cater to varying client risk preferences, emphasizing a clear alignment between fund managers' capabilities and product positioning [6][11] - The product range includes various types of fixed income + products, such as primary and secondary bond funds, mixed equity and bond funds, and fund of funds (FOF) [6][7] Team Structure - The investment teams at Huitianfu are characterized by their diverse expertise, including deep value stock investment and large asset allocation capabilities [7][8] - The company has a dedicated data science team that enhances investment management through performance attribution and risk analysis [10]