如何选出长期绩优的“固收+”基金？关键看这几大点

Core Viewpoint - The demand for stable income investments is increasing, leading to a significant growth in the scale of fixed income plus (固收+) funds, which reached 2.48 trillion yuan by the end of 2025, reflecting a year-on-year growth rate of 46.69% [1][5]. Group 1: Current Market Environment - In the current low interest rate environment, traditional investment products such as fixed deposits and money market funds have seen declining yields, failing to meet investors' needs for stable asset appreciation [3]. - Pure bond funds are also struggling to achieve investment goals due to reduced coupon rates and increased volatility in the bond market [3]. Group 2: Advantages of Fixed Income Plus Strategy - The 固收+ strategy combines bond assets as a base with selected equity assets to enhance returns, resulting in a more favorable risk-return profile compared to pure bond funds [4]. - This strategy offers higher yield elasticity than pure equity funds while maintaining lower risk and volatility, providing a better holding experience for investors [4]. Group 3: Market Demand and Growth - The rapid growth of 固收+ funds, outpacing equity funds, indicates strong investor demand for assets that balance risk and return in a low interest rate and volatile market environment [5]. - The 46.69% year-on-year growth in 固收+ funds by 2025 is a direct response to the market's need for such investment strategies [5]. Group 4: Types of Fixed Income Plus Funds - 固收+ funds are generally defined as those with a bond base and an equity allocation of 5% to 30%, which includes stocks, convertible bonds, and equity funds [7]. - Some flexible allocation funds that are bond-heavy can also be classified as 固收+ funds [8]. Group 5: Performance Evaluation of Fixed Income Plus Funds - To identify high-performing 固收+ funds, four core indicators should be considered: annualized volatility, maximum drawdown since inception, equity allocation ratio, and the Calmar ratio [13][14][15]. - Low volatility funds typically have an equity allocation ratio of less than 10%, a maximum drawdown of less than 5%, and an annualized volatility of less than 5% [17]. - Medium volatility funds have an equity allocation ratio between 10% and 20%, with similar drawdown and volatility criteria [17]. - High volatility funds have an equity allocation ratio between 20% and 30%, with a maximum drawdown of less than 5% and an annualized volatility of less than 10% [17].