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].