365天组合近期创新高，收益来源有哪些？适合投资吗？｜第412期精品课程

Core Viewpoint - The 365-day investment advisory portfolio is characterized as a "fixed income plus" product, primarily investing in bond funds while maintaining a small portion of stocks to enhance returns with manageable volatility [8][52]. Group 1: Portfolio Characteristics - The portfolio mainly consists of bond funds, diversifying investments to reduce risk, with a focus on interest rate bonds and a limited exposure to credit bonds to avoid default risks [10][11]. - It utilizes the negative correlation between stocks and bonds to minimize volatility risk, allowing for strategic positioning in both bull and bear markets [12][17]. - The portfolio employs a rebalancing strategy that automatically adjusts stock and bond allocations, effectively implementing a "buy low, sell high" approach without requiring investor intervention [19][40]. Group 2: Performance and Adjustments - As of November 7, 2025, the 365-day portfolio outperformed the secondary bond index by 2.58%, with a maximum historical drawdown of -4.15%, significantly lower than the index's volatility [5][52]. - In October 2025, the portfolio underwent a rebalancing due to a rise in stock market performance, reducing the stock and convertible bond ratio from 17% to 14% and increasing the bond and cash ratio from 83% to 86% [21][22]. Group 3: Sources of Returns - The portfolio's returns are derived from three main sources: the stock component, which focuses on value stocks with lower volatility and higher dividend yields [25][27]; the bond component, where interest rates significantly influence returns [28][29]; and the rebalancing strategy that capitalizes on market fluctuations [40][41]. - The stock portion is characterized by a value style, emphasizing stability and consistent dividend income, while the bond portion primarily consists of short- to medium-term bonds to mitigate interest rate risk [46][38]. Group 4: Investment Suitability - The 365-day investment advisory portfolio is suitable for investors with idle funds that will not be needed for over a year, providing a stable investment option with a low risk of significant volatility [43][46]. - The portfolio is currently considered a viable investment option, especially for those seeking a "fixed income plus" strategy to participate in the market with reduced risk [52][53].