恒越嘉鑫债券借力CTA策略追求稳健回报

Core Viewpoint - The "Fixed Income +" funds, particularly the Hengyue Jiaxin Bond Fund, have gained popularity among investors seeking stable returns amid market volatility, achieving consistent positive returns and a two-year annualized return exceeding 10% [1][2] Group 1: Fund Performance - Hengyue Jiaxin Bond Fund has achieved positive returns for eight consecutive quarters and has a two-year annualized return rate of over 10% [1] - It is one of the few "Fixed Income +" products in the market with a stock position of 20% or less that has maintained such performance while also having the smallest drawdown [1] Group 2: Investment Strategy - The fund manager, Wu Yinxin, introduced a CTA (Commodity Trading Advisor) strategy to the fund, making it a rare "Fixed Income + quantitative timing" public fund [2] - The CTA strategy employs quantitative models to capture price trends and conduct both long and short trades, applicable in both futures and stock markets [2] - Key factors of the CTA strategy include momentum factors, momentum reversal factors, volatility factors, and trading volume factors, aimed at identifying price reversal signals and volatility changes [2] Group 3: Fund Management Approach - Wu Yinxin has developed a series of internal indices covering various high-elasticity styles and niche segments, each embedded with a CTA model [2] - The fund buys a basket of stocks from the self-compiled index when a buy signal is generated; otherwise, it remains in cash, allowing for flexible adjustments and effective volatility smoothing [2]