招商基金固定收益混合投资团队：以左侧逆向为核心的绝对收益之路

Core Viewpoint - The article discusses the evolution and characteristics of "fixed income +" products, emphasizing the need for more flexible investment strategies as traditional models become homogenized. The focus is on the unique investment approach of the mixed investment team at China Merchants Fund, which aims to provide diverse absolute return options for investors [1][2]. Group 1: Investment Style - The mixed investment team at China Merchants Fund adopts a left-side contrarian investment style, buying during market panic and selling during exuberance, driven by three core investment philosophies: absolute return, cyclical thinking, and valuation protection [4][5][6]. - The team has successfully executed left-side contrarian trades in both stock and bond investments over the past year, demonstrating their ability to navigate market fluctuations effectively [5][6]. Group 2: Asset Allocation - As bond yields decline, the importance of large-scale asset allocation in "fixed income +" investments increases. The team effectively analyzes macroeconomic data, global policy directions, and asset valuations to make timely investment decisions [8][9]. - The team has demonstrated the ability to capitalize on market volatility, turning high volatility into a source of returns through strategic asset allocation [9]. Group 3: Non-Conservative Investment in Rights - The mixed investment team does not adhere to conservative investment strategies in rights investments, focusing instead on growth and flexibility. Their portfolio is balanced across various sectors, avoiding concentration in any single industry [11][12]. - Over the past year, several products from the team have achieved returns exceeding 10%, showcasing the benefits of their non-conservative approach [12]. Group 4: Diverse Investment Strategies - The team employs a variety of investment strategies, including stock selection, convertible bond investments, credit bond trading, tactical asset allocation, and the use of quantitative tools, enhancing their adaptability to different market conditions [13][14]. - Continuous innovation in product design, investment methods, and assessment models is a hallmark of the team, aimed at achieving sustained excess returns and an all-weather product model [14][20]. Group 5: User-Centric Assessment - The team has established a user-centric assessment framework that includes team-based product responsibility, long-term performance evaluation, differentiated assessment based on user channels, and customer profit share as key metrics [17][19]. - This approach aligns the interests of fund managers with those of investors, fostering a focus on long-term value creation [19]. Group 6: Continuous Innovation - Innovation is identified as a key driver of growth in the asset management industry, with the mixed investment team at China Merchants Fund leading in product evolution and management practices [20][21]. - The team is exploring a wide range of asset classes and strategies, including the integration of commodity stocks and external funds, to enhance the diversity and resilience of their product offerings [21][22].