探索复制性强的投资范式 多策略“固收+”产品收益亮眼

Core Insights - The "fixed income +" wealth management products are being emphasized by banks, with some products achieving annualized returns exceeding 10% in the past month, particularly those linked to gold strategies [1][2] - The consensus in the wealth management industry is shifting towards multi-asset and multi-strategy configurations to diversify risks and broaden sources of returns in the current low-interest and volatile market environment [1][4] Group 1: Product Performance - A fixed income enhanced product from Xingyin Wealth Management reported an annualized return of 10.77% over the past month and 11.28% over the past three months, primarily linked to gold prices [2] - Another product from China Merchants Bank's Jia Yi series achieved an annualized return of over 9% in the past month and nearly 6% since inception, with a solid fixed income asset allocation of at least 80% [3] Group 2: Investment Strategy - The industry is increasingly recognizing the need for diversified asset combinations to navigate low-interest environments, moving from "asset-driven" to "strategy combination-driven" approaches to enhance product performance stability [3][4] - The introduction of low-correlation assets such as gold and commodities is seen as essential for risk reduction and capturing investment opportunities across different asset classes [4] Group 3: Risk and Return Dynamics - Many multi-asset multi-strategy "fixed income +" products have a risk level of R3, which is generally higher than pure fixed income products, reflecting the inherent risks associated with the inclusion of risk assets [6] - The performance of these products is closely tied to market conditions, with some experiencing negative returns due to fluctuations in gold prices, while others have shown resilience during market volatility [6]