固收+及纯债基金月度跟踪（2025年9月）：纯债基金减仓信用债，固收+优选组合持续贡献超额-20250908

Group 1: Fixed Income Plus Fund Tracking - The performance of fixed income plus funds has shown significant volatility this year, with mixed results across different types of funds. In August, mixed, stock, and convertible bond funds increased by 2.03%, 1.76%, and 0.58% respectively [2][14]. - Fixed income plus funds have increased their exposure to bond duration while reducing their reliance on credit strategies. There has been a notable increase in exposure to valuation and market capitalization styles in equity assets [4][19][21]. - The selected fixed income plus fund combination outperformed the secondary bond index by 0.10% this month, indicating a more stable performance compared to the index [5][27]. Group 2: Pure Bond Fund Tracking - The mid-to-long-term pure bond fund index decreased by 0.17% in August, with a year-to-date return of 0.44%. In contrast, the short-term pure bond fund index rose by 0.04% this month, with a year-to-date increase of 0.90% [36][39]. - Pure bond funds have significantly reduced their allocation to high-rated credit bonds, indicating a shift in credit strategy. The variance in credit exposure suggests differing strategies among pure bond funds [6][42]. - The selected pure bond fund combination has performed better than the mid-to-long-term pure bond fund index this year, with a slight underperformance of 0.10% in August compared to the index [7][46].