长城基金张棪：低利率时代下的“固收+”思考与实践

Core Insights - The "Fixed Income +" funds have become the main growth driver in the market, with a total scale of 2.7 trillion yuan as of the end of Q3 2023, reflecting a 26% quarter-on-quarter increase and surpassing previous highs from 2021 [1][9] - The market environment characterized by increased volatility and declining interest rates has led to a resurgence of "Fixed Income +" products as essential tools for asset allocation [1] - The launch of the Changcheng Fengze Bond Fund aims to provide investors with more quality and stable investment options [1] Fund Characteristics - "Fixed Income +" funds aim to balance returns and risks by constructing a stable base with fixed income assets while incorporating equity assets such as convertible bonds and stocks [2] - The fund manager, Zhang Lin, emphasizes the importance of clear product positioning and seeks optimal asset allocation and portfolio management solutions [2] - The Changcheng Fengze Bond Fund will allocate at least 80% of its assets to bonds, with 5%-20% in stocks and convertible bonds [3] Investment Strategy - The investment strategy includes building a bond base focusing on medium to short-duration interest rate bonds and high-grade corporate bonds to secure stable coupon income [3] - Convertible bonds will be selected based on high yield-to-maturity and low conversion premium, aiming to enhance returns while controlling drawdown risks [3] - The equity portion will focus on high-dividend, low-volatility stocks with strong financial health, selected based on market changes [3] Performance Metrics - The Changcheng Stable Yield Fund, managed by Zhang Lin, has shown a one-year return of 7.48%, significantly outperforming its benchmark of 4.27% [3] - The fund's Sharpe ratio of 2.31 indicates superior investment efficiency compared to the industry average of 1.34 [3] - The Changcheng Jiu Yue Fund has achieved a six-month return of 15.63% and a one-year return of 27.81%, far exceeding its benchmarks [3] Team and Support Structure - The Changcheng Fund's fixed income team operates with a systematic and integrated approach, enhancing trading efficiency through market behavior analysis and quantitative models [4][5] - The team has developed a diverse range of fixed income products, catering to different risk preferences and ensuring clear differentiation in product strategies [5][6] - The organization has established a matrix-style research team to facilitate efficient operations from individual security research to investment decision-making [6] Market Recognition - The Changcheng Fund's fixed income products have ranked in the top 20% of the market for one, two, and three-year returns as of September 30, 2025 [7] - The fund has received multiple five-star ratings for its management capabilities in fixed income investments [7]