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纯债基金上调久期配置,优选组合持续贡献超额:固收+及纯债基金月度跟踪(2025年11月)-20251106
Huafu Securities· 2025-11-06 08:59
Group 1: Fixed Income + Fund Tracking - The performance of fixed income + funds has shown significant volatility this year, with mixed results in October. The mixed, stock, and convertible bond funds increased by 0.16%, 0.17%, and 0.49% respectively in October [2][13] - Fixed income + funds have adjusted their growth allocation, becoming more cautious in credit strategies while slightly increasing exposure to market capitalization factors. The overall equity position remains stable, with a reduction in exposure to convertible bonds [4][18][23] - The selected fixed income + fund portfolio has outperformed the secondary bond index by 0.19% in October and by 0.54% year-to-date [5][28] Group 2: Pure Bond Fund Tracking - The mid-to-long-term pure bond fund index rose by 0.51% in October, with a year-to-date return of 0.80%. The short-term pure bond fund index increased by 0.28% in October and 1.21% year-to-date [6][36] - In terms of risk exposure, pure bond funds have increased their duration and high credit rating bond allocations, showing strong consistency in credit strategy adjustments [6][42][43] - The pure bond fund portfolio has also outperformed the mid-to-long-term pure bond fund index, with a 0.12% outperformance in October and a 0.19% excess return year-to-date [47][48]