最早提出并践行"全天候投资策略"的桥水基金达利欧曾说过： "所有让你震惊的市场巨变，其实都只是历史 周期的重演。" 一次次的危机给予了达利欧足够的经验和定力。而如今站在2026年伊始，复盘2025年的市场，或许也会给 我们的投资以莫大的启发。 刚过去的2025年，虽然大盘整体赚钱效应明显，但受4月关税战影响、11月中旬市场回调，以及愈加快速的 风格轮动，不少投资者的组合曾阶段性出现回撤。 启示也显而易见——在投资权益资产时，以不同Beta产品去应对不同市场风格，或许是未来投资的一个高分 答案。而这也是"全天候风格策略投资"的精华所在——以权益策略内部Beta的多样化，来提高Alpha的稳定 性。 在头部公募基金公司中，广发基金旗下证券从业19年、投资年限16年的老将杨冬，从2022年开始带领团队 探索全天候风格策略投资。目前，团队成员有6名，平均从业年限超10年。 团队以多策略为核心、以量化赋能主动投资，通过大类资产配置、中观行业比较、个股选择、策略构建等维度构 建Alpha来源，并布局低相关性、超额多元化的产品矩阵，以"多产品+优业绩"来穿越市场周期。 | 杨冬团队产品情况 | | | | | | | -- ...

Core Viewpoint - The "fixed income +" funds are experiencing a resurgence, with significant net subscriptions and a return to a total scale of over 2 trillion yuan for the first time since 2024 [1][2]. Group 1: Market Performance - As of the end of the first quarter, there were 2,161 "fixed income +" funds with a net subscription of 49.9 billion units, marking a 6.7% quarter-on-quarter increase [1]. - The CSI Convertible Bond Index achieved a year-to-date increase of 3.08%, outperforming the pure bond fund index, which only rose by 0.38% [2]. - Specific funds managed by Huafu Fund, such as Huafu Convertible Bond A and Huafu Anxin A, reported year-to-date returns of 6.13% and 6.45%, respectively, with one-year returns of 11.49% and 11.09% [2]. Group 2: Investment Strategy - The strong performance of "fixed income +" products is attributed to several factors, including the optimization of supply and demand for convertible bonds and positive contributions from bond investments [3]. - The investment strategy emphasizes a systematic approach, focusing on macro hedging and risk parity to manage market volatility and control drawdowns [4]. - The strategy also includes a diversified asset allocation, targeting structural opportunities in AI technology, new consumption, and value dividend stocks [5]. Group 3: Fund Management Insights - Fund manager Dai Hongyi highlights the importance of disciplined investment strategies, including clear risk budgets and dynamic safety margins to manage risk exposure [4][6]. - The investment approach is inspired by Bridgewater's all-weather strategy, tailored to the Chinese market, utilizing macroeconomic indicators to construct diversified asset portfolios [6]. - Huafu Fund has developed a robust team with extensive experience in product creation and investment management, contributing to its growth and innovation in the asset management industry [7].