我们的TOP固收基金经理榜单，到底跑赢了多少

Core Viewpoint - The article emphasizes that the 2025 fixed income market has faced significant challenges, with a notable decline in the performance of long-term bonds compared to previous years, indicating the end of the "golden era" for fixed income investments [6][9]. Summary by Sections 2025 Fixed Income Market Review - The long-term government bond yields experienced significant fluctuations, rising from 1.59% to 1.85% in the first half of 2025 [4]. - The performance of pure bond funds in 2025 was below the average returns from 2014 to 2024, confirming the end of the favorable conditions for fixed income investments [10]. Fund Performance Metrics - The annualized returns and maximum drawdowns for various bond indices in 2025 were as follows: - Long-term pure bond index: 0.86% return, -0.88% drawdown - Short-term pure bond index: 1.44% return, -0.24% drawdown - Money market fund index: 1.34% return, 0.00% drawdown [8]. Fund Manager Challenges - The article notes that 2025 was a year of significant turnover among fund managers due to salary cuts and reforms, impacting the performance of selected funds [17]. - Despite the challenges, the selected funds generally outperformed the market average, with only short-term bond funds slightly underperforming [17]. Asset Allocation Importance - The article highlights the increasing importance of asset allocation skills, suggesting that investors should focus on bond-oriented funds of funds (FOFs) for better risk-adjusted returns [12][29]. - In 2025, bond-oriented FOFs showed better volatility and drawdown control compared to traditional bond funds, indicating a shift in investment strategy [13]. Outlook for 2026 - The article anticipates continued volatility in interest rates, with potential for both increases and decreases, making the fixed income market challenging [24]. - The upcoming 2026 fixed income fund rankings will place greater emphasis on funds with asset allocation advantages, reflecting the evolving market landscape [26][29].