固收+及纯债基金月度跟踪（2025年4月）：固收+基金业绩持续分化，纯债基金整体调降久期-2025-04-08

Group 1: Fixed Income Plus Funds Tracking - The performance of various Fixed Income Plus funds shows significant differentiation, with stock-type and mixed-type funds experiencing considerable net value fluctuations due to stock market influences, while convertible bond products exhibit more stable net value performance [1][2][14] - From a performance perspective, mixed-type and convertible bond products have increased by 0.5% and 0.48% respectively this year, outperforming stock-type products which have only increased by 0.22% [2][14] - Fixed Income Plus funds have reduced their exposure to growth styles in equity assets while increasing investments in large-cap styles, resulting in a slight overall increase in equity positions [4][21] Group 2: Pure Bond Funds Tracking - The mid-to-long-term pure bond fund index has decreased by 0.29% this year, while the short-term pure bond fund index has increased by 0.13%. In March, pure bond funds consistently increased their exposure to convexity, focusing on a barbell maturity strategy while overall duration and credit risk exposure were reduced [6][37] - The pure bond fund selection strategy has outperformed the mid-to-long-term pure bond fund index, with the selected combination showing a 0.09% excess return this year [7][48] - The risk exposure analysis indicates that pure bond funds have reduced their duration and credit exposure while increasing convexity exposure, reflecting a more risk-averse operational logic [44]