股债跷跷板又来了！资产要“搬家”吗？

Core Viewpoint - The article discusses the cyclical nature of the stock and bond markets, highlighting the contrasting performance of equities and bonds, and suggests a balanced asset allocation strategy to mitigate risks and enhance returns [1][2][3]. Group 1: Stock and Bond Market Dynamics - The stock market has seen significant gains since July, while the bond market has experienced volatility, leading to a "see-saw" effect between the two asset classes [1][2]. - Historical data shows that from 2015 onwards, there have been six periods where the performance of the CSI 300 and the China Bond Index moved in opposite directions [2][5]. Group 2: Asset Allocation Strategy - It is recommended to avoid concentrating investments in either stocks or bonds exclusively, as this could lead to poor performance during market fluctuations [3][6]. - A balanced approach, where bonds are the primary investment and stocks are a supplementary component, is suggested to create a more resilient asset allocation [7][8]. Group 3: Performance of Mixed Investment Strategies - Funds that adopt a fixed income enhancement strategy, investing primarily in bonds with a smaller allocation to stocks, have historically outperformed both the CSI 300 Index and the China Bond Index over the past 20 years [9][10]. - The cumulative returns of mixed investment strategies, such as the bond-enhanced fund index, have exceeded those of pure equity and bond indices, with lower volatility [10]. Group 4: Fund Selection and Performance - The article highlights the performance of the Guofu Anyi Stable 6-Month Holding Period Mixed Fund, which has shown positive returns across various time frames, indicating effective risk management [11][13]. - Key performance metrics for the fund, such as annualized volatility and maximum drawdown, demonstrate superior risk control compared to its peers [15].