频繁交易亏哭？1年持有期基金竟能稳健躺赢，低回撤，稳健党狂喜

Core Viewpoint - The investment landscape in 2025 has shown a divergence between "weak bonds and strong stocks," with pure bond funds facing challenges while "fixed income+" funds have gained popularity among investors seeking stable yet enhanced returns [1][2]. Group 1: Performance of Investment Funds - As of February 18, 2025, over 1,200 pure bond funds reported negative returns, with an average yield of -0.03%, primarily due to tight liquidity and policy adjustments [2]. - In contrast, "fixed income+" funds achieved a total profit of 38.928 billion yuan in the third quarter, benefiting from a strategy that combines bond foundations with equity enhancements [2][7]. Group 2: Fund Selection Criteria - The selection of stable investment funds can be guided by three core dimensions: risk-return ratios, product mechanisms, and the strength of fund managers and companies [3][9]. - Key indicators for evaluating funds include the Calmar ratio and Sharpe ratio, with a Calmar ratio above 2 considered high value; for instance, the Calmar ratio of the ICBC Double Xi 6-month bond fund reached 4.93, significantly higher than the industry average [11]. Group 3: Fund Mechanisms and Fees - The China Securities Regulatory Commission (CSRC) encourages funds to implement holding period mechanisms, requiring fund managers to hold their funds for at least one year, which aligns with the market principle of achieving long-term returns [14]. - Fee structures vary, with A-class fees suitable for long-term holdings and C-class fees for short-term allocations, exemplified by the suitability of the China Merchants Anben Growth Bond A-class for long-term investment [14]. Group 4: Manager and Company Strength - New regulations mandate that fund managers invest at least 40% of their annual performance compensation in the funds they manage, fostering alignment of interests between managers and investors [17]. - The selection process should consider the manager's tenure, experience with similar products, and the research capabilities of the managing company, with leading firms like E Fund and China Merchants Fund demonstrating advantages in bond selection and risk control [17].