Core Insights - The "fixed income +" funds have shown significant resilience in 2025, with over 95% of products achieving positive returns, driven by a recovery in the equity market [1][2][11] - Convertible bond funds have emerged as leaders, with some products reporting annual returns exceeding 38% [1][2] - The "fixed income +" strategy is increasingly recognized as an important asset allocation tool, particularly in a low-interest-rate environment [21][22] Performance Metrics - As of October 14, 2025, key indices for various "fixed income +" fund categories have shown notable increases: mixed bond type primary index (2.09%), mixed bond type secondary index (4.8%), bond-mixed fund index (5.68%), and convertible bond fund index (19.05%) [1][2] - Among the 3,800+ "fixed income +" funds, nearly 5% have achieved returns exceeding 15% this year [2] Fund Management and Strategy - The competitive landscape for "fixed income +" funds has become increasingly pronounced, with top-performing funds often focusing on technology and financial convertible bonds [3][5] - The top three "fixed income +" funds by performance include Southern Changyuan Convertible Bond A, Penghua Convertible Bond A, and招商安瑞进取A, with returns of 38.35%, 28.59%, and 28.02% respectively [4][5] Market Trends and Growth - The "fixed income +" market has experienced two significant expansion phases since its recognition as an independent product in 2019, with a potential third expansion phase underway [8][11] - The total scale of "fixed income +" funds has surpassed 2 trillion yuan, marking a clear growth trend [11][15] Investor Preferences and Risk Management - The current market conditions have led to a structural shift in investor preferences, with a notable increase in demand for "fixed income +" products as a stable investment option [15][21] - Fund managers emphasize the importance of risk management, particularly in maintaining a balance between absolute returns and risk exposure [22][23] Competitive Landscape - The "fixed income +" market has seen a shift towards a more competitive environment, with leading firms like E Fund,招商基金, and广发基金 dominating the market [16][18] - Despite the dominance of top firms, there is still room for smaller players to gain market share through differentiated strategies and product offerings [18][19]

Core Insights - The article emphasizes the importance of the Calmar Ratio as a key reference indicator for selecting funds, highlighting its role in assessing risk-adjusted returns [2][4]. Summary by Sections Basic Screening - The Calmar Ratio is defined as the annualized return divided by the maximum drawdown, with a higher ratio indicating better risk-adjusted returns [4]. - Initial screening can involve setting the Calmar Ratio as the first criterion, focusing on funds with a ratio greater than 1 to avoid those with unfavorable risk-return profiles [6]. - Comparing funds within the same category using the Calmar Ratio helps identify those with superior risk management and return generation capabilities [8]. - Evaluating the Calmar Ratio during bear markets can reveal funds that maintain high ratios, indicating strong risk control [10]. Advanced Analysis - Combining the Calmar Ratio with the Sharpe Ratio allows for a comprehensive assessment of a fund's risk-return characteristics, focusing on extreme risks versus daily volatility [12]. - The Calmar Ratio serves as a litmus test for assessing a fund manager's risk management skills, with a consistently high ratio reflecting a disciplined investment approach [14]. - The maximum drawdown is crucial for understanding an investor's psychological comfort level, with a higher Calmar Ratio suggesting a better holding experience [16]. Strategy Application - For systematic investment plans, prioritizing funds with high Calmar Ratios can reduce psychological stress during market downturns while ensuring decent returns during upswings [19]. - In constructing a fund portfolio, including high Calmar Ratio funds can stabilize overall portfolio performance and reduce volatility [22]. - The Calmar Ratio can help identify "pseudo" high-yield funds that may carry hidden risks, allowing investors to avoid those with unsustainable returns [24]. - Regular monitoring of the Calmar Ratio for held funds can provide early warnings of deteriorating risk-return profiles, prompting timely adjustments [27].

Core Insights - The article emphasizes the importance of financial education in safeguarding financial rights and enhancing quality of life, particularly through the actions of the fund industry [1] Fund Performance and Characteristics - Fixed income securities, including government bonds and central bank bills, are the primary investment objects for funds, with a performance of 3.03% and a maximum drawdown of -0.36% for 2024 [5] - Short-term pure bond funds are characterized by low risk, with most funds allocated to short-term bonds with maturities not exceeding 3 years [5] - Long-term pure bond funds have similar investment objects to short-term pure bond funds, with a performance of 4.59% and a maximum drawdown of -0.67% for 2024 [6] Risks Associated with Bond Funds - Credit risk arises when bonds in the fund default, affecting overall returns and potentially leading to losses [8] - Interest rate risk is highlighted as a core concern, where rising market interest rates inversely affect bond prices, potentially leading to losses [7] - Liquidity risk can occur during market tightness, leading to increased short-term bond rates and potential difficulties in buying or selling bonds at favorable prices [8] Investor Considerations - Investors should align their risk tolerance and return objectives with suitable fund types, such as short-term bond funds for lower risk tolerance and longer investment horizons for those with higher risk tolerance [9] - Historical performance metrics, including annualized returns and maximum drawdown, are essential for evaluating fund performance [10] - The Calmar ratio, which measures risk-adjusted returns, is a useful metric for assessing fund performance relative to risk [11] Fund Management and Team - The experience and historical performance of fund managers are critical, with a focus on those with extensive experience and a proven track record [12] - The strength of the research and risk management teams is also important, particularly for large fixed income fund companies with robust systems [12] Fund Holdings and Credit Risk Assessment - Regular reports should be reviewed to assess the top five bond holdings and their credit ratings, prioritizing funds with a high proportion of high-rated bonds to mitigate credit risk [13] Fund Size Considerations - It is advisable to consider funds of moderate size to avoid issues related to small fund sizes, such as the risk of liquidation [14]

Core Insights - The bond market is currently in a low-yield, high-volatility state, contrasting with the previous year's high-yield, high-volatility environment. This shift suggests frequent "mispricing" opportunities, prompting investors to adopt a "low position + high win rate" strategy for defensive counterattacks and to capitalize on oversold rebound opportunities [1][10][21]. Group 1: Market Conditions - Since the beginning of 2025, the 10-year government bond yield has shown significant volatility, rising from approximately 1.60% at the start of the year to around 1.78% by August 20, with a peak close to 1.90%. The rolling standard deviation indicates that the yield's volatility has increased, with a median of about 0.03%, higher than the median of 0.028% from 2021 to 2024 [10][11]. - The performance of bond funds has declined in 2025, with the median annualized return for medium to long-term pure bond funds at 0.83%, significantly lower than the 3.98%, 2.36%, 3.47%, and 4.58% returns from 2021 to 2024. Short-term pure bond funds also reflect a similar trend, with a median return of 1.41% [11][12]. Group 2: Fund Evaluation - The Calmar ratio is deemed more reflective of true risk compared to the Sharpe ratio, although both should be used in conjunction. The Sharpe ratio is more suitable for short and pure bond funds with lower volatility and drawdown, while the Calmar ratio is better for long bond funds and secondary bond funds that exhibit higher volatility and deeper drawdowns [2][16]. - In 2025, investors are advised to prioritize the Calmar ratio alongside the Sharpe ratio to better select bond funds, as the low-yield, high-volatility environment increases the demand for fund managers' ability to control drawdowns [19][20]. Group 3: Investment Strategy Adjustments - The bond market is still in a headwind phase, with the trend for bullish positions delayed. Despite rising interest rates and a steepening curve reducing bullish sentiment, the high volatility presents frequent "mispricing" opportunities. Investors are encouraged to maintain a "high-grade, short-duration, high-liquidity" base to better control drawdowns while selectively participating in long and ultra-long bonds after significant declines [3][21][22]. - The strategy should focus on quick trades and timely profit-taking, as the current market conditions do not favor long-term bullish positions. Historical data indicates that after significant declines, the 10-year government bond typically experiences a short-term rebound [22][24].

Core Insights - The performance of ordinary equity funds in the first half of 2025 shows significant differentiation, with pharmaceutical-themed funds demonstrating a comparative advantage in both returns and risk control [1][2] - The Calmar Ratio indicates a stark contrast in investor experience, with pharmaceutical funds dominating the top rankings [1][2] Performance of Pharmaceutical Funds - The top 10 pharmaceutical funds achieved an average return of 52.75%, with Huaan Pharmaceutical Biotechnology A leading at 65.03% [2] - These funds exhibited effective drawdown control, with maximum drawdowns ranging from -9.90% to -15.82%, outperforming the industry average [2] - Huaan Pharmaceutical Biotechnology A has a Calmar Ratio of 14.60, indicating a significant risk-return advantage, while Zhongyin Health A and Fuguo Pharmaceutical Innovation A also showed strong performance with Calmar Ratios of 13.38 and 11.08, respectively [2][4] Underperformance of Technology and Low-Carbon Funds - Funds focused on technology and low-carbon themes displayed a mismatch between returns and risks, characterized by low returns and high drawdowns [2][4] - The bottom 10 funds had an average return of only 3.04% with maximum drawdowns reaching -30.77% [2][3] Comparison of Fund Performance - The worst-performing fund, Invesco Great Wall Quality Growth A, had a Calmar Ratio of 0.22, with a maximum drawdown of -30.77% for a mere 3.21% return [3][4] - The average Calmar Ratio of the bottom three funds was 0.24, indicating significant risk control shortcomings [4] Defensive Characteristics of Pharmaceutical Sector - The defensive nature of the pharmaceutical sector, supported by essential consumption and policy backing, provides a natural buffer against market volatility [4] - High Calmar Ratio pharmaceutical funds tend to have smaller asset sizes (1-10 billion), allowing for more flexible adjustments, while larger funds like Invesco Great Wall Research Select A (31.77 billion) face strategic implementation constraints [4] Importance of Risk-Adjusted Metrics - The data from the first half of 2025 emphasizes that solely pursuing high returns may obscure potential risks [5] - Investors are advised to focus on risk-adjusted return metrics like the Calmar Ratio, particularly for funds with returns below 5% but drawdowns exceeding 20% [5]

Group 1 - The core concept emphasizes the importance of foundational knowledge in investment and fund selection, suggesting that solid fundamentals are crucial for successful investing [2] - The article introduces the Kappa ratio, which compares annualized returns to maximum drawdown, indicating that a higher ratio signifies better returns while controlling for maximum drawdown, particularly relevant for fixed income plus products [3] Group 2 - The article promotes a special event for fund holders, offering prizes and incentives, which may enhance engagement and attract more investors [5]

Core Viewpoint - Enhancing investor experience in fund investments is a core task for fund investors and managers, increasingly emphasized by regulators [2] Summary by Relevant Sections Investment Performance - Focusing solely on performance results is insufficient; absolute returns significantly impact investor experience, while relative returns are less critical in a positive return environment [4] - Historical performance can obscure the volatility experienced during the investment period, making the timing of investment crucial for the overall experience [4] Risk Assessment - Various risk indicators exist, such as volatility and maximum drawdown, which reflect the fluctuations in net value; different investors perceive risk differently [7] - For investors focused on retirement products, evaluating funds based on cost-effectiveness from a risk-return perspective is recommended [7] Dimensions Affecting Investor Experience - The overall investor experience, particularly for conservative investors, should encompass several dimensions, including: - **Return Dimension**: Performance over different time frames (1 year, 2 years, etc.) - **Risk Dimension**: Volatility, correlation with the market (Beta), maximum drawdown, recovery time from maximum drawdown, daily positive return rate - **Risk-Adjusted Return Dimension**: Sharpe ratio, Calmar ratio, information ratio - **Fund Manager Capability Dimension**: Strategic allocation, industry allocation, timing ability, security selection ability - **Manager Investment Service Dimension**: Responsiveness, coverage, satisfaction, companionship [9][10] Case Study: Focus on Investor Experience in Retirement FOF - The "Zhongtai Furu Stable Retirement One-Year Holding FOF" was analyzed to illustrate how a retirement-targeted FOF can prioritize investor experience while achieving investment results [12] - As of April 30, 2025, the fund's net value growth rate was 5.08%, outperforming its benchmark growth rate of 4.80% and the Wande Bond Mixed FOF Index return of 4.36% [13] - The fund's daily positive return probability was 64.04%, significantly higher than the average of 51.92% for similar products, enhancing investor experience [13][14] - The fund's maximum drawdown was -1.96%, compared to -2.91% for the Wande Bond Mixed FOF Index, indicating better risk management [13][14] - The Calmar ratio for the fund was 2.49, higher than the Wande Bond Mixed FOF Index's 1.36 and the CSI 300's 0.40, demonstrating superior returns per unit of drawdown risk [14]