沪指波动加大，长城丰泽债券基金力争提供“固收+”稳健之选

Core Viewpoint - The market is experiencing increased volatility as the Shanghai Composite Index hovers around 4000 points, leading investors to consider "fixed income +" funds like the Changcheng Fengze Bond Fund as a stable investment option [1][3]. Group 1: Fund Characteristics - The Changcheng Fengze Bond Fund is a typical secondary bond fund that aims for a balanced approach between equity and fixed income, targeting small wins to accumulate larger gains over time [1]. - As of September 30, the annualized Sharpe ratio of the secondary bond fund index over the past 20 years is 1.31, significantly higher than the 0.42 of the CSI 300 Index and 0.99 of the China Bond Total Wealth Index, indicating a favorable risk-return profile [1]. Group 2: Fund Management - Zhang Zhen, the proposed fund manager, has extensive experience in multi-asset allocation, managing various types of bond funds since 2017, and possesses rich research experience in macro rates, credit bonds, convertible bonds, and equities [1][2]. - The Changcheng Stable Yield Fund, managed by Zhang Zhen, focuses on low-volatility strategies, maintaining a balanced allocation between fixed income and equity, with stock and convertible bond assets generally not exceeding 32% of net asset value [2]. Group 3: Performance Metrics - As of September 30, the Changcheng Stable Yield Bond Fund A achieved a one-year return of 7.48%, significantly outperforming its benchmark return of 4.27%, with a one-year annualized volatility of 2.43%, which is lower than the 4.47% volatility of similar secondary bond funds [2]. - The fund's performance is supported by a cross-departmental collaboration team that focuses on macro rates, credit bonds, and convertible bonds, ensuring efficient management and actionable strategy recommendations [2]. Group 4: Market Context - The current market environment, characterized by increased volatility and rapid sector rotation, presents opportunities for fixed income fund managers to enhance returns, making the Changcheng Fengze Bond Fund a potentially ideal choice for investors seeking stability amid market fluctuations [3].