【晨星焦点基金系列】稳中求胜的固收+基金

Core Viewpoint - The article highlights the performance and investment strategy of the E Fund Stable Income Bond Fund, managed by Hu Jian, emphasizing its ability to generate stable and competitive returns through strategic asset allocation and investment selection [3][4][8]. Fund Overview - Fund Code: 110008 - Fund Type: Active Bond - Benchmark Index: CSI Target Conservative - Establishment Date: September 19, 2005 - Fund Size: 387.40 billion [2] - Annual Comprehensive Fee Rate: 1.31%, slightly above the average of 1.27% for similar funds [22]. Investment Strategy - The fund employs a combination of top-down and bottom-up investment approaches, focusing on asset allocation, duration and leverage adjustments, and security selection to achieve excess returns [8]. - Equity investments are primarily allocated around 15%, with a range of 10% to 20%, focusing on undervalued, stable, and liquid large-cap blue-chip stocks [8]. - The fund maintains a flexible allocation of convertible bonds between 0% and 30%, actively engaging during systemic opportunities [8]. - Bond investments are primarily in credit bonds, with a position between 60% and 100%, focusing on high credit quality, mainly AAA-rated bonds [8]. Performance Metrics - As of December 31, 2025, the fund achieved an annualized return of 7.99%, ranking in the top 3% among active bond funds [2][15]. - The fund's volatility during Hu Jian's management period is lower than the average of similar funds, with a risk-adjusted return ranking in the top 4% [15]. Management Team - Hu Jian, with 19 years of investment research experience, has managed the fund since February 2012, supported by a strong research team [4][3]. - Ji Lingyun, the assistant fund manager, has been with E Fund since 2009, specializing in pure bond asset investment [4]. Asset Allocation - As of the latest data, the fund's asset distribution includes: - Stocks: 12.49% (compared to the average of 11.20%) - Bonds: 110.67% (compared to the average of 94.14%) - Cash: 0.30% (compared to the average of 4.79%) [11]. Bond Composition - The bond types and their respective allocations include: - Interest Rate Bonds: 38.33% - Credit Bonds: 40.07% - Convertible Bonds: 2.37% [14]. - Major bond holdings include: - 25国开08: 23.64% - 25国开03: 18.66% - 25国开20: 12.79% [15].