华夏基金吴凡：被机构大举增持的固收择时派

Core Viewpoint - The article discusses the increasing interest in mixed equity and fixed income products, particularly the "fixed income +" products, as investors seek absolute returns while benefiting from equity markets. It highlights the success of the Huaxia Hope Bond managed by Wu Fan, which saw significant institutional investment and achieved a 6.43% absolute return with a maximum drawdown of less than 1% in 2024 [1]. Group 1: Investment Strategy and Performance - Wu Fan's investment strategy is characterized by a top-down timing approach, which has been a major source of excess returns. She has successfully navigated key market events, such as the pandemic-induced downturn and subsequent recovery phases [2]. - The ability to time styles and sectors is also a key aspect of Wu Fan's strategy. For instance, she focused on small-cap stocks in early 2021, which yielded good returns, and later capitalized on better-performing Hong Kong dividend stocks [3]. - Wu Fan's high macro sensitivity and lack of industry bias allow for more objective sector and style allocations, enhancing her timing framework [3]. Group 2: Risk Management and Asset Selection - Wu Fan avoids high-valuation assets, focusing on undervalued convertible bonds and stocks. This risk-averse approach helps manage drawdowns during market volatility [4]. - The balance between work and life is emphasized as crucial for sustainable performance. Wu Fan's background and training at Huaxia Fund have contributed to her disciplined investment approach [5]. Group 3: Product Development and Market Trends - The article outlines the evolution of Huaxia's fixed income + products from a simple stock-bond mix to a more diversified strategy that includes low, medium, and high volatility approaches, catering to varying investor needs [18]. - The design of products is aligned with equity allocation and drawdown targets, ensuring that products with a 30% equity allocation cannot maintain a drawdown of 2-3% [19]. - The dual fund manager structure allows for specialized management of equity and fixed income assets, enhancing overall performance [20]. Group 4: Market Outlook and Future Considerations - Wu Fan anticipates that the market will remain in a volatile state, with macro fundamentals stabilizing but not yet in a strong recovery phase. The focus will be on corporate earnings recovery as a key driver of market direction [53]. - The article suggests that the trend towards low-volatility fixed income + products will continue as investors seek to balance risk and return in a low-interest-rate environment [62].