在资产波动加剧的市场环境中，对于权益类及含权类基金而言，在追求收益的同时做好回撤控制并非易 事。尤其对股债混合型基金来说，在股债波动加大、行业分化凸显的市场环境下，更加考验基金经理的 研判能力与投资心态。正因如此，张雪管理的广发集远债券呈现的"低回撤、高卡玛"特性备受关注。 根据该基金2025年第4季度报告和银河证券基金评价中心数据，广发集远债券A的2025年度净值增长率 为5.51%，同期业绩比较基准收益率为-0.16%，同期其最大回撤仅为0.80%，这一回撤控制水平使其在 530只同类基金（普通债券型基金二级A类，下同）中排名前10%（第43名）。更为亮眼的是，该基金 的2025年度卡玛比率（代表"平均每单位回撤能换取多少收益"）达6.92倍，排名居同类前3%（11/530） 分位。这意味着，该基金以较低的波动，为投资者创造了相对更优的回报，展现出不错的投资性价比。 （过往业绩不预示未来，更多业绩详情请见文末） 在波动的资本市场中，越来越多投资者关注能够"控得住回撤、抓得住机会"的稳健型产品。由广发基金 混合资产投资部副总经理张雪管理的广发集远债券（A类016003；C类016004），在2025年展现出 ...

Group 1 - The article emphasizes the increasing preference for stable return fund products among investors in a low interest rate environment and volatile stock market, focusing on achieving both "sense of gain" and "sense of security" [1] - The core strategy involves selecting underlying assets that align with the investment goals of the products, aiming for stable absolute returns while minimizing drawdowns [1] Group 2 - In stock selection, the focus should be on "low volatility + stable returns," prioritizing stocks with controllable drawdowns and steady returns, including dividend value stocks and stable growth stocks [2][3] - Dividend value stocks are highlighted for their long-term sustainable dividend yields, reflecting the stability of the company's business model and profit quality, which historically outperform the market [2] - Stable growth stocks are characterized by low valuations and high-quality business models, with an emphasis on quality and valuation over short-term market conditions [2] Group 3 - The strategy includes selectively participating in high-growth industries such as AI and innovative pharmaceuticals, while strictly controlling positions and drawdowns to enhance returns and balance styles [3] Group 4 - For convertible bonds, the focus is on low-priced convertible bonds, which are seen as a tool for low-cost participation in stock investments, with a clear pricing logic [4][5] - The investment approach involves identifying low-priced convertible bonds that are close to their bond floor, allowing for the acquisition of upside potential while minimizing risk [5] Group 5 - The bond strategy emphasizes the negative correlation between stocks and bonds, which is crucial for portfolio stability, with a focus on high-grade credit bonds to mitigate credit risk [7] - Active management of positions and balanced allocation is essential, with equity positions controlled at around 10% to avoid excessive exposure to equity risk [8] Group 6 - The overall investment strategy aims to achieve "low drawdown + stable returns" by selecting high-risk-return ratio underlying assets, optimizing portfolio configuration, and dynamically controlling risks [8]