Core Viewpoint - The article discusses the challenges faced by investors in mutual funds due to redemption behaviors leading to friction costs, and how the company aims to innovate strategies to reduce volatility and enhance investor trust through a new "fixed income plus" fund. Group 1: Fund Strategy - The new "fixed income plus" fund, West China Asset Management Yu Feng Return Bond, will implement a "constant equity-debt ratio + central enterprise barbell strategy" to address the difficulties investors face when participating in fund investments through "buy high, sell low" behaviors [1][2] - The fund will maintain an equity position of 16%-20%, with adjustments made within ten trading days if the threshold is exceeded, aiming to counteract human behavioral weaknesses and stabilize the market [2] Group 2: Asset Selection - The fund emphasizes selecting assets with long-term value support, particularly focusing on central enterprises as key investment targets [3][4] - The barbell strategy will allocate 20% of the equity position to high-dividend central enterprise leaders for stability, while also investing in mid-cap central enterprises to seek alpha returns through quantitative multi-factor strategies [4][5] Group 3: Bond Investment Logic - The bond portion of the fund will serve as a "ballast," primarily composed of high-grade credit bonds to control credit risk, with 80% of the fund's assets allocated to this segment [6][7] - The fund manager is optimistic about local government bonds due to their higher yield compared to national bonds and expects liquidity to improve by 2025, enhancing their trading value [7] Group 4: Industry Trends - The asset management industry is shifting from focusing solely on returns to enhancing investor experience, with the company's "fixed income plus" strategy representing an innovative approach to reduce volatility and build investor trust [8]