增速居首！“固收+”大爆发，甚至跑赢偏股基金

Core Viewpoint - The "fixed income +" fund market has experienced significant growth in 2023, driven by a shift in investor preferences towards stable assets amid declining deposit rates and a search for controlled-risk investments [1][3]. Fund Growth - "Fixed income +" funds achieved a 7% and 5% growth in scale during the first and second quarters of 2023, respectively, with a remarkable 27% increase in the third quarter, leading all fund types in growth rate [2][3]. - As of November 24, 2023, the total scale of "fixed income +" funds reached 2.53 trillion, surpassing the 2 trillion mark and increasing by over 700 billion since the beginning of the year, contributing approximately 20% to the overall growth of the public fund market [2][3]. Performance Disparity - Despite the overall growth in scale, the performance of "fixed income +" funds has shown significant divergence, with the best-performing fund, Huaan Zhilian, rising by 43.91%, while the worst, Huatai Baoxing Kuiren, fell by 4.69%, resulting in a nearly 50 percentage point difference [4][5]. - The top-performing funds have substantial equity positions, with Huaan Zhilian holding about 45% in stocks, primarily in technology growth stocks, contributing to its strong performance [4][5]. Future Outlook - Looking ahead, several institutions believe that "fixed income +" funds will continue to thrive, although return expectations may be slightly lower than in 2023 due to market conditions [6][7]. - The anticipated economic environment for 2026 suggests a continuation of moderate monetary policy and active fiscal measures, which could support the bond market and provide stable returns for "fixed income +" funds [6][7].