低回撤、高卡玛，广发集远债券2025年投资性价比显著

Core Viewpoint - The article highlights the performance and investment strategy of the Guangfa Jiyuan Bond Fund, managed by Zhang Xue, emphasizing its ability to control drawdowns while capturing investment opportunities in a volatile market environment [1][2][3]. Performance Summary - Since its inception, the Guangfa Jiyuan Bond Fund has achieved a return of 11.68%, significantly outperforming its benchmark of 5.98% [1]. - For the year 2025, the fund's net value growth rate was 5.51%, while its benchmark yielded -0.16%, with a maximum drawdown of only 0.80%, placing it in the top 10% among 530 similar funds [2][3]. - The fund's Calmar ratio, which measures return per unit of drawdown, reached 6.92, ranking in the top 3% of its category [2][3]. Investment Strategy - The fund employs a strategy of using bonds as a base while enhancing returns through equity investments, without engaging in convertible bond investments [3][4]. - Throughout 2025, the fund maintained a stock allocation above 7%, adjusting its positions based on market conditions, such as reducing stock exposure after significant market gains [3][4]. Asset Allocation - The fund's bond strategy focuses on "short duration, high quality" assets, reducing duration levels compared to 2024, with an average leverage ratio of 115% [4]. - In equity investments, the fund capitalized on structural opportunities, particularly in Hong Kong stocks and sectors like internet, gold, and real estate, with Hong Kong stocks comprising 30%-50% of its portfolio [5]. Manager Expertise - Zhang Xue, the fund manager, has 17.6 years of experience in securities and 11 years in public fund management, navigating multiple market cycles since 2008 [1][2]. - The fund's performance reflects Zhang's ability to dynamically optimize asset allocation based on in-depth research of various asset classes [6]. Future Outlook - Looking ahead to 2026, the fund is expected to continue serving as a stabilizing component in investment portfolios, leveraging its risk control capabilities and multi-asset allocation experience [6].