Core Insights - The bond market's risk-free returns are being reshaped due to the onset of the Federal Reserve's interest rate cut cycle and a simultaneous loosening of domestic interest rates, making traditional bond investments less attractive [1][2] - The equity market is experiencing increased investment difficulty characterized by high volatility and rapid rotations, making it challenging to rely solely on a single asset class for returns [3][4] Bond Market Analysis - The safety net provided by pure bond assets is diminishing, indicating a narrowing space for stable returns from high coupon rates [2] - The proposed investment strategy emphasizes a high allocation to fixed income assets, particularly short-duration, high-grade credit bonds, to mitigate volatility and manage interest rate risks effectively [5][6] Investment Strategy - The 富国智悦稳健90天持有期混合型FOF (A类: 025509, C类: 025510) is designed to address current market challenges by combining a solid fixed income foundation with diversified asset allocation to enhance returns [3][9] - The fund employs a "core + satellite" strategy, using bonds as the core to stabilize the portfolio while allocating a portion to equities and commodities for additional yield and risk diversification [9][10] Performance Metrics - The 万得偏债混合型FOF指数 has shown a cumulative increase of 29.5% from January 2019 to June 2025, outperforming various other indices, indicating a favorable risk-return profile for fixed income-focused strategies [5][11] Fund Management - The fund will be managed by Zhang Ziyan, a seasoned fund manager with 14 years of experience, who will focus on dynamic asset allocation and selecting top-performing sub-funds [12][18] - Historical performance of Zhang's other funds demonstrates a strong ability to navigate market fluctuations, with notable outperformance during periods of market stress [15][17]
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中国基金报·2025-10-15 00:32