安信基金李君：“固收+”的资产配置理念

Core Viewpoint - The event hosted by Dianchi Investment focused on the long-term viability of the "Fixed Income Plus" strategy, with insights shared by industry experts, particularly emphasizing asset allocation concepts [1]. Group 1: Historical Context - The "Fixed Income Plus" strategy has evolved significantly since its inception around 2017, transitioning from a basic mix of stocks and bonds to a more sophisticated and diversified approach, reflecting improved risk management capabilities [3][4]. - The popularity of "Fixed Income Plus" surged in 2019, with the market for secondary debt funds expanding from approximately 200 billion to over 2 trillion, indicating a tenfold increase in product offerings [4]. Group 2: Market Characteristics - The high volatility of the A-share market drives the demand for "Fixed Income Plus" products, as they provide a means for investors to manage risk and optimize returns in a fluctuating environment [5][6]. - Historical data shows that A-share market returns and volatility are often positively correlated, contrasting with the negative correlation observed in the U.S. stock market, where returns tend to be more stable during bull markets [5][6]. Group 3: Investment Philosophy - The investment philosophy behind "Fixed Income Plus" is centered on achieving a balance between risk and return, with a focus on minimizing drawdowns while maximizing returns [7][8]. - The strategy is characterized by a dual parameter approach, where the goal is not only to achieve high returns but also to maintain low volatility and drawdown limits, often set at a maximum of 3% [8][9]. Group 4: Asset Classification - Assets are categorized into interest-bearing and non-interest-bearing, with a focus on cash flow certainty for interest-bearing assets, while non-interest-bearing assets are evaluated based on trading attributes [11][12]. - The classification aids in understanding pricing dynamics and informs investment strategies, allowing for a more nuanced approach to asset allocation [13]. Group 5: Risk Management - Risk management in "Fixed Income Plus" involves distinguishing between regular volatility and tail risks, with strategies in place to mitigate unexpected market events [14][15]. - The approach emphasizes systemic resilience over individual stock performance, aiming to maintain stability in the fund's net value even during market downturns [19]. Group 6: Performance Metrics - The performance of "Fixed Income Plus" products is assessed through historical net value curves, which provide insights into past performance during various market conditions [6][7]. - The strategy's success relies on a combination of historical performance and a robust investment framework that resonates with investor expectations for future returns [6][19].