Core Viewpoint - The fund, Dongfanghong Huili Bond Fund, aims to provide stable long-term returns through a diversified investment strategy that combines pure bonds with flexible allocations in convertible bonds and stocks, managed by experienced fund manager Kong Lingchao [2][4][10]. Fund Overview - Fund Code: 002651 - Fund Type: Active Bond - Benchmark Index: China Active Bond Benchmark Index [1] Fund Performance - As of June 30, 2025, the fund achieved an annualized return of 4.42% during Kong Lingchao's management, ranking in the top 27% among similar active bond funds [2][10]. - The fund's annual comprehensive fee rate is 1.27%, lower than the average of 1.35% for similar funds [23]. Investment Strategy - The fund employs a diversified asset allocation strategy, primarily focusing on pure bonds while also incorporating convertible bonds and stocks to enhance returns [8][10]. - The stock investment approach involves selecting undervalued stocks with competitive advantages, determining industry allocation ratios based on macroeconomic trends [8][9]. - Convertible bonds are added when valuations are low, with a preference for debt-oriented and balanced types [9][10]. Risk Management - The fund's diversified strategy has shown resilience during market volatility, outperforming peers in risk-adjusted returns [3][10]. - The fund maintains a conservative duration strategy, resulting in lower performance volatility compared to similar funds [10][11]. Fund Manager Profile - Kong Lingchao has over 13 years of experience in the securities industry and has managed the fund since August 2016, overseeing approximately 144 billion yuan in assets across multiple similar funds [4][10]. Asset Allocation - The fund's asset allocation typically centers around 15% in equity assets, with dynamic adjustments based on macroeconomic forecasts [8][10]. - The credit bond allocation generally ranges from 40% to 95%, focusing on high-grade bonds with a low exposure to lower-rated credits [9][10]. Performance Metrics - The fund's standard deviation is 3.84%, outperforming 54% of peers, with a maximum drawdown of -4.03%, better than 80% of similar funds [19]. - The fund's Sharpe ratio stands at 0.46, outperforming 74% of peers, indicating strong risk-adjusted performance [20].