是时候来盘点一轮“固收+”产品了

Core Viewpoint - The article discusses the rising popularity of "Fixed Income +" products as a solution for conservative investors facing low returns from traditional low-risk products and high volatility in the stock market [2][29]. Summary by Sections Concept of "Fixed Income +" - "Fixed Income +" is essentially an asset allocation strategy that combines low-risk fixed income assets, such as bonds, to secure a base return, while also including a moderate allocation to higher-risk equity assets to enhance returns [2][3]. - The typical allocation for equity assets is set between 10% to 20%, with a minimum of 5% and a maximum of 30%, while fixed income assets must constitute at least 50% of the portfolio [2]. Risk Control Measures - A "Double 5 Requirement" is often applied, meaning that both the maximum drawdown and annualized volatility should not exceed 5% [3]. Types of "Fixed Income +" Products - The products that meet the above criteria are primarily found in secondary bond funds and flexible allocation funds, with some inclusion of primary bond funds and mixed bond funds [3]. Featured "Fixed Income +" Products 1. Guofu Hengrui Bond Fund - Established on January 25, 2016, it has an average stock allocation of 15.28% and a bond allocation of 80.28% as of Q1 2025 [5][6]. - Cumulative total return as of May 31, 2025, is 61.49%, with an annualized return of approximately 5.28% and a maximum drawdown of -3.77% [8]. 2. Anxin New Trend Fund - Launched on December 9, 2016, it has an average stock allocation of 10.88% and a bond allocation of 98.13% as of Q1 2025 [12]. - Cumulative total return as of May 31, 2025, is 54.50%, with an annualized return of about 5.27% and a maximum drawdown of -3.27% [15]. 3. Zhongou Jintong Fund - Established on November 17, 2015, it has an average stock allocation of 11.90% and a bond allocation of 105.92% as of Q1 2025 [21]. - Cumulative total return as of May 31, 2025, is 64.50%, with an annualized return of approximately 5.36% and a maximum drawdown of -3.52% [24]. 4. Jingshun Changcheng Jingi Shuangli Bond Fund - Founded on November 13, 2013, it has an average stock allocation of 16.63% and a bond allocation of 89.77% from Q4 2020 to Q1 2025 [26]. - Cumulative total return from October 30, 2020, to May 31, 2025, is 23.37%, with an annualized return of about 4.69% and a maximum drawdown of -3.90% [27]. Investment Strategy and Manager Profiles - Each of the featured funds is managed by experienced fund managers with distinct investment styles, contributing to the overall performance and risk management of the "Fixed Income +" products [10][19][32]. - The article emphasizes the importance of considering both risk control and the sustainability of returns when investing in "Fixed Income +" products, highlighting the need for skilled fund managers and robust investment strategies [29][30].