公募基金四季度转债持仓分析：回报率方差拉大，可转债基金领跑主动产品

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints - The return variance of funds has widened, and convertible bond funds have outperformed active products. The scale of public funds' convertible bond holdings decreased by 2.6% to 30.83 billion yuan, less than the overall market scale decline of -7%. Most convertible bond funds achieved positive returns, and there was an obvious trend of funds flowing from passive to active products [1][13]. - In Q4 2025, funds mainly increased positions in bank, military, photovoltaic industry targets and semiconductor new - issue bonds, and reduced positions in battery convertible bonds. Convertible bond funds led active - type funds, and the performance variance of active equity - oriented funds was extremely large [2]. - Among the high - performing products, Fund A, which ranked first in returns, adopted a quantitative strategy with outstanding asset - switching ability. Fund B, which ranked second, had excellent bond - selection ability, heavily invested in securities and technology, and significantly outperformed the index during the rising stage [3]. 3. Summary According to the Directory 3.1 Fund Holding Convertible Bond Scale and Fund Type Distribution - The convertible bond holding scale of first - and second - tier bond funds and flexible allocation funds slightly increased, while that of partial - debt hybrid and convertible bond funds decreased. The total asset value of convertible bond funds decreased from 67.85 billion yuan at the end of Q3 to 65.459 billion yuan [12]. - In Q4 2025, affected by multiple factors, the market mostly oscillated until late December. The scale of the convertible bond market continued to shrink, and the supply - demand contradiction was prominent. The convertible bond holding scale of public funds decreased by 830 million yuan to 30.83 billion yuan, with a decline of 2.6%, less than the overall market scale decline [13]. - The number of funds with a decreased convertible bond position in Q4 2025 was more than those with an increased position, and the ratio of adding - position funds to reducing - position funds was 0.74. The number of funds with a convertible bond position of more than 5% decreased significantly compared with Q2 and Q3 2025 [15][17]. - By fund type, first - tier bond funds, second - tier bond funds, convertible bond funds, partial - debt hybrid funds, and flexible allocation funds were the main forces in convertible bond allocation. More first - tier bond funds began to allocate convertible bonds in Q4 2025, and the scale of second - tier bond funds expanded most significantly [20][25]. - In terms of the price of convertible bonds held by public funds in Q4 2025, the proportion of balanced convertible bonds slightly increased, the position of bank convertible bonds remained stable, and the proportion of high - priced convertible bonds slightly decreased [27]. 3.2 2025 Q4 All Types of Fund Return Statistics - In Q4 2025, convertible bond funds led active - type funds, and the performance variance of active equity - oriented funds was extremely large. The average quarterly returns of ordinary stock funds and partial - equity hybrid funds were - 1.59% and - 1.94% respectively, with performance variances of 6.72% and 7.5% respectively. The average quarterly return of convertible bond funds was 0.86% [2][43]. - Most convertible bond funds achieved positive returns, and the trend of funds flowing from passive to active products was obvious. The median return of 41 convertible bond funds (including convertible bond funds, Xingquan Convertible Bond, and two ETFs) in Q4 was + 1.09%, and the return of convertible bond ETFs was 1.45%. The median return of these 41 products in the past year was 1.21% [46]. - Among the high - performing products, Fund A, which ranked first in returns, adopted a quantitative strategy, with the proportion of convertible bonds in the fund's total assets increasing significantly in Q4. It had outstanding asset - switching ability. Fund B, which ranked second, had excellent bond - selection ability, heavily invested in securities and technology, and significantly outperformed the index during the rising stage [3][51][62].