Core Viewpoint - The investment philosophy of Hu Yu from Tianhong Fund emphasizes the balance between odds and risks, focusing on defensive strategies to provide certainty in returns amidst a low-interest and high-volatility macro environment [1][2] Group 1: Investment Strategy - Hu Yu's management of "fixed income +" products showcases a conservative operational strategy, demonstrating strong discipline in decision-making [1] - In response to the high valuations in the convertible bond market, Hu Yu has chosen to reduce positions to avoid permanent capital loss, adopting a strategy where "losing less is winning" [1] - The primary task of "fixed income +" products remains defensive, prioritizing the maintenance of a drawdown limit even at the cost of sacrificing some offensive returns [2] Group 2: Market Conditions - The current state of convertible bond assets is described as being in a very expensive valuation range due to market volatility [2] - The equity market is experiencing severe differentiation, with mediocre companies seeing inflated prices driven by liquidity, while quality companies are being undervalued due to a lack of market momentum [2] Group 3: Team and Culture - Tianhong Fund's "fixed income +" team has developed a collaborative and integrated research system, effectively combining the professional advantages of different fund managers [2] - The core members of the "fixed income +" team have an average industry experience of over 10 years, covering a wide range of research areas including macro research, pure bonds, convertible bonds, equities, and strategies [2] - The team possesses quantitative research capabilities and has been tested through complete market cycles, accumulating rich investment and research achievements in their respective fields [2]