新基发行，中泰双鑫6个月持有债券基金十问十答

Core Viewpoint - The article discusses the characteristics, risk-return profile, and management strategies of a mixed secondary bond fund, highlighting its potential as a stable investment option in a low-interest-rate environment [2][3][7]. Group 1: Fund Types and Characteristics - The fund is categorized as a mixed secondary bond fund, investing at least 80% of its assets in bonds and up to 20% in equity and convertible bonds, often referred to as "fixed income plus" products [2]. - The fund's expected return and risk level are lower than equity funds but higher than pure bond and money market funds, aiming to align with the medium to long-term bond index [3]. Group 2: Historical Performance - Over the past 20 years, the secondary bond fund index has increased by 372.10%, significantly outperforming the China Bond Index, which rose by 146.90% during the same period [3]. - In the last ten years, the secondary bond fund index had positive returns in seven years, with two years benefiting from the A-share market, achieving annual gains exceeding 10% [5]. Group 3: Current Market Conditions - With the recent decline in bank deposit rates and a drop in the 10-year government bond yield to around 1.7%, traditional cash management products and pure bond funds are increasingly unable to meet investors' demand for stable returns [7]. - The fund's "fixed income plus" strategy is positioned as a solution for conservative investors seeking to enhance yield [7]. Group 4: Investment Strategy - The fund employs a "fixed income plus" strategy, using bonds as a stable base and equities for potential higher returns, while also utilizing hedging tools to reduce portfolio volatility [8]. - The investment approach focuses on selecting high-quality bonds with a minimum credit rating of AA+ and emphasizes value investing in equities, targeting industry leaders and mature companies [8]. Group 5: Risk Management - The fund aims for low volatility and low drawdown by determining the stock-bond ratio through macro analysis and selecting foundational bonds and equity assets [9]. - Strict stop-loss operations and a focus on hedging are employed to control risks effectively [9]. Group 6: Fund Management Team - The fund will be managed by two experienced fund managers, Cheng Bing and Shang Yuanbo, who have extensive backgrounds in securities investment and management [10][11]. - The fund managers have previously managed similar products, achieving notable performance metrics, including a net value growth rate of 9.97% since inception [11]. Group 7: Market Opportunities - The fund managers recognize the current high volatility in the bond market due to external uncertainties but see potential opportunities in the equity market supported by favorable policies and low-interest rates [12][13]. - They plan to adjust leverage, portfolio duration, and asset distribution in response to market conditions, focusing on undervalued large-cap stocks [13]. Group 8: Fund Fees and Structure - The fund has a minimum holding period of six months, after which investors can redeem without incurring redemption fees, with various fee structures based on investment amounts [14][15]. Group 9: Management Company Overview - Zhongtai Securities Asset Management Co., Ltd. was established in 2014 and has grown to manage assets totaling 105.12 billion yuan as of December 31, 2024 [16]. - The company ranks highly among peers in both active stock and bond investment management over the past five years [16].