如何选出长期绩优的“固收+”基金？关键看这几大点

Core Viewpoint - The article emphasizes the growing demand for "fixed income + funds" in the current low-interest-rate environment, highlighting their significant growth and appeal as a stable investment option amidst market volatility [4][8]. Group 1: Market Environment - In 2025, major broad market indices have risen over 50%, with some thematic indices exceeding 100% growth, yet investors are increasingly seeking stable returns [4]. - The scale of fixed income + funds reached 2.48 trillion yuan by the end of 2025, reflecting a year-on-year growth rate of 46.69%, indicating a strong demand for stable and low-volatility assets [4]. Group 2: Traditional Investment Challenges - Traditional investment products such as time deposits, money market funds, and short-term bond funds have seen declining yields, failing to meet investors' needs for stable asset appreciation [6]. - Institutional investors are also struggling with pure bond funds due to reduced coupon rates and increased market volatility [6]. Group 3: Advantages of Fixed Income + Strategy - The fixed income + strategy combines bond assets as a base with selected equity assets to enhance returns, offering a better risk-return profile compared to pure bond funds [7]. - This strategy provides higher return elasticity than pure equity funds while maintaining lower risk and volatility, resulting in a more favorable holding experience [7]. Group 4: Market Demand and Trends - The rapid growth of fixed income + funds, outpacing equity funds, indicates a strong investor preference for assets that balance risk and return in a low-interest, volatile market [8]. - The unique strategy of fixed income + funds positions them as a core asset for an increasing number of investors seeking to balance risk and return [8]. Group 5: Definition and Types of Fixed Income + Funds - Fixed income + funds are generally defined as those with a bond base and an equity allocation of 5% to 30%, including stocks, convertible bonds, and equity funds [10]. - Some flexible allocation funds that lean towards bonds can also be classified as fixed income + funds [11]. Group 6: Performance Evaluation of Fixed Income + Funds - To select high-performing fixed income + funds, investors should consider four core indicators: annualized volatility, maximum drawdown since inception, equity allocation ratio, and the Calmar ratio [15][16]. - A lower annualized volatility indicates more stable fund value, while a maximum drawdown within -5% reflects strong risk control capabilities [16]. - The equity allocation ratio is a primary source of volatility, with higher allocations typically leading to greater potential returns and risks [17].