Core Viewpoint - The article emphasizes the difficulty for investors to find long-term investment products that provide stable returns with low volatility, highlighting a stringent selection criterion of annualized returns of at least 10% over five years and annual drawdowns of no more than 10% [2]. Group 1: Performance of Private Equity Products - Among 1,639 private equity products with performance data over the past five years, only 65 products (3.96%) met the criteria of annualized returns ≥ 10% and annual drawdowns ≤ 10% [2]. - As of February 2026, only 10 out of 267 products (3.75%) from billion-yuan private equity firms met the same criteria [3]. - In the 50-100 billion category, only 8 out of 126 products (6.35%) satisfied the criteria [6]. - For the 20-50 billion category, only 6 out of 201 products (2.99%) met the criteria [8]. - In the 10-20 billion category, only 9 out of 186 products (4.84%) qualified [10]. - In the 5-10 billion category, 14 out of 229 products (6.11%) met the criteria [12]. - For the 0-5 billion category, only 17 out of 630 products (2.70%) satisfied the criteria [15]. Group 2: Notable Products and Managers - The top-performing products include three multi-asset strategy products from Jing'an Investment, all managed by the same team, which have shown impressive performance metrics [4]. - Notable products from Junfu Investment include six multi-asset strategy products, with one achieving an annualized return of ***% [7]. - Dualong Investment has two products in the futures and derivatives strategy category, with one product showing an annualized return of ***% [9]. - Huayan Private Equity has five stock strategy products, with one achieving an annualized return of ***% [17].

Core Viewpoint - The article highlights the performance and investment strategy of the Guangfa Jiyuan Bond Fund, managed by Zhang Xue, emphasizing its ability to control drawdowns while capturing investment opportunities in a volatile market environment [1][2][3]. Performance Summary - Since its inception, the Guangfa Jiyuan Bond Fund has achieved a return of 11.68%, significantly outperforming its benchmark of 5.98% [1]. - For the year 2025, the fund's net value growth rate was 5.51%, while its benchmark yielded -0.16%, with a maximum drawdown of only 0.80%, placing it in the top 10% among 530 similar funds [2][3]. - The fund's Calmar ratio, which measures return per unit of drawdown, reached 6.92, ranking in the top 3% of its category [2][3]. Investment Strategy - The fund employs a strategy of using bonds as a base while enhancing returns through equity investments, without engaging in convertible bond investments [3][4]. - Throughout 2025, the fund maintained a stock allocation above 7%, adjusting its positions based on market conditions, such as reducing stock exposure after significant market gains [3][4]. Asset Allocation - The fund's bond strategy focuses on "short duration, high quality" assets, reducing duration levels compared to 2024, with an average leverage ratio of 115% [4]. - In equity investments, the fund capitalized on structural opportunities, particularly in Hong Kong stocks and sectors like internet, gold, and real estate, with Hong Kong stocks comprising 30%-50% of its portfolio [5]. Manager Expertise - Zhang Xue, the fund manager, has 17.6 years of experience in securities and 11 years in public fund management, navigating multiple market cycles since 2008 [1][2]. - The fund's performance reflects Zhang's ability to dynamically optimize asset allocation based on in-depth research of various asset classes [6]. Future Outlook - Looking ahead to 2026, the fund is expected to continue serving as a stabilizing component in investment portfolios, leveraging its risk control capabilities and multi-asset allocation experience [6].

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]