安信基金李君：“固收+”的资产配置理念

Core Viewpoint - The article discusses the asset allocation philosophy of "Fixed Income Plus" (固收+), emphasizing its growing importance in the context of high volatility in the A-share market and the evolution of mixed investment products since 2017 [3][4][6]. Group 1: Historical Context - The "Fixed Income Plus" strategy gained popularity around 2019, with the total market size of related products expanding significantly, now exceeding ten times the size from that year [4]. - The development of "Fixed Income Plus" products has been marked by increased sophistication and risk management capabilities among fund managers, leading to a more diversified product range [3][4]. Group 2: Market Characteristics - The A-share market exhibits high volatility, with returns and volatility often positively correlated, contrasting with the U.S. market where they are negatively correlated [5][6]. - The article highlights that during bull markets, A-shares can experience rapid price increases, leading to potential bubbles that require extended periods to digest [5]. Group 3: Value of "Fixed Income Plus" - "Fixed Income Plus" products serve to help investors with asset allocation in a volatile environment, aiming to optimize risk-return profiles [6][8]. - The strategy is designed to manage both conventional volatility and tail risks, with a focus on maintaining lower drawdowns while seeking returns [15][19]. Group 4: Investment Philosophy - The investment approach for "Fixed Income Plus" differs from traditional equity funds, focusing on dual parameters: optimizing returns while minimizing drawdowns [8][11]. - The strategy emphasizes a preference for assets with favorable risk-reward ratios, often favoring lower volatility assets over high-return but high-risk options [10][12]. Group 5: Risk Management - Effective risk management involves distinguishing between regular volatility and tail risks, with a structured approach to handle unexpected market events [15][16]. - The article stresses the importance of systemic error tolerance in investment strategies, aiming for long-term stability over short-term gains [19][20].