【晨星焦点基金系列】：中等波动“固收+”的攻守之策

Core Viewpoint - The article highlights the performance and investment strategy of the FuGuo XinTianFeng Bond Fund, managed by Wu Lei, emphasizing its focus on high-quality credit bonds and flexible investment in convertible bonds to enhance returns while maintaining a stable investment style [2][3][16]. Fund Overview - Fund Code: 161019 - Fund Type: Ordinary Bond - Benchmark Index: China Ordinary Bond - Establishment Date: May 7, 2012 - Fund Size: 12.69 billion yuan as of June 30, 2025 - Annual Comprehensive Fee Rate: 0.88%, lower than the average of 0.92% for similar funds [2][23]. Performance Metrics - The fund achieved an annualized return of 5.09% under Wu Lei's management, ranking in the 10th percentile among ordinary bond funds [2][16]. - The fund's volatility is slightly higher than the average of similar funds, but it has a strong risk-adjusted return, with a Sharpe ratio in the top 10% of its category [16]. Investment Strategy - The fund primarily invests in medium to high-grade credit bonds to secure basic coupon income, while actively capturing interest rate fluctuations and flexibly investing in convertible bonds to enhance returns [3][11]. - The allocation to interest rate bonds is maintained between 0-30%, with a duration range of 1.5-4.5 years, allowing for flexible adjustments based on market conditions [2][11]. - The fund's investment process has been tested through complete market cycles, focusing on credit risk prevention and diversified investments [3][11]. Fund Management - Wu Lei, the fund manager, has 14 years of bond investment research experience and 8 years in public fund management, having joined FuGuo Fund in December 2016 [5]. - Under his leadership, the fund has maintained a stable investment process, with a focus on risk control and diversified strategies to enhance returns [11][16]. Asset Allocation - As of June 30, 2025, the fund's asset allocation includes 103.60% in bonds, with a negligible cash position of 0.50% [13]. - The fund's bond holdings are diversified, with a focus on high-quality, liquid credit bonds, and a maximum exposure to AAA-rated bonds typically kept below 20% [11][12]. Key Holdings - The top bond holdings include: - 23国开02: 5.61% - 25农行永续债01BC: 5.53% - 24光大银行债01: 4.82% - 兴业转债: 4.42% [15]. Risk Management - The fund has demonstrated strong performance in controlling drawdowns, with a maximum annual drawdown of only 1.69% [15]. - The fund's institutional ownership is high, exceeding 90%, which poses a risk of large redemptions due to the homogeneity of institutional behavior [15][16].