西部利得固定收益团队：十年主动固收业绩第一的路径与逻辑

Core Viewpoint - The shift in China's economic focus from high-speed growth to high-quality development has led to a change in wealth management priorities from "pursuing appreciation" to "prioritizing preservation of value" [1] Group 1: Fixed Income Investment Insights - Fixed income assets are preferred as the "core position" in investment portfolios due to their stable returns and lower volatility, while equity assets serve as "satellite positions" for higher elastic returns [1] - The selection logic for fixed income products differs fundamentally from equity products, requiring a comprehensive capability matrix across macro asset allocation, medium asset pricing, micro bond trading, and credit risk identification [1] - Evaluating fixed income managers should focus on team structure, the depth of collaboration across the research-decision-trading-risk management chain, and the presence of a sustainable knowledge management system [1] Group 2: Performance Rankings - According to recent rankings by Guotai Haitong Securities, Western Li De Fund's active fixed income products achieved a return of 91.87% over the past decade, ranking first among 71 firms [2][3] Group 3: Historical Context and Competitive Advantage - The past decade has seen fixed income investment undergo two macro paradigm shifts, with different core drivers and success factors in each phase [4] - Western Li De Fund's fixed income team has maintained a leading position due to its competitive advantages, including a strong team structure and effective collaboration [4] Group 4: Risk Management Philosophy - Western Li De defines fixed income investment as "winning the loser's game," emphasizing the importance of avoiding significant losses rather than solely chasing high returns [6] - The team culture emphasizes market respect and sets a "zero credit risk event" as a non-negotiable discipline [7] Group 5: Evaluation and Strategy - Performance evaluation is extended over three to five years to mitigate the impact of short-term performance chasing [8][9] - The WISE platform developed by Western Li De enables comprehensive digital management of the investment process, enhancing decision-making and risk monitoring [10] Group 6: Investment Principles - The four core principles for long-term performance in fixed income investment include maintaining low-risk exposure, adhering to absolute return goals, ensuring product strategy stability, and believing in the value of research [12][13][14] Group 7: Team Development and Collaboration - The fixed income team at Western Li De emphasizes internal talent development, fostering a unified value system and efficient collaboration [17][18] - The team comprises members with diverse expertise, allowing for complementary skills and collective decision-making [19][20] Group 8: Technological Empowerment - The WISE system enhances operational efficiency and decision quality, crucial for navigating the new alpha era in fixed income investment [21][22] - The initial investments in risk control and team development have yielded significant long-term performance benefits, positioning Western Li De as a leader in the industry [23]