Core Viewpoint - The article discusses the changing demands of fund holders as the Shanghai Composite Index rises above 3600 points, emphasizing a shift towards rational and calm investment strategies focused on controlled drawdowns and enhanced returns rather than high-risk, high-reward products [1][3]. Group 1: Investment Philosophy and Risk Management - Yu Jianfeng, the fund manager at Dongfanghong Asset Management, prioritizes risk management in both asset allocation and alpha strategies, ensuring stable product volatility for investors [3][4]. - His investment framework is rooted in the scientific principles of asset pricing, believing that risk premium theories apply universally across markets [5][6]. - The core of his asset pricing approach is centered around risk premium, using maximum drawdown as a primary constraint for product classification [6][7]. Group 2: Asset Allocation Strategies - Yu Jianfeng employs a dynamic adjustment strategy based on the correlation between stocks and bonds, utilizing benchmarks like the CSI A500 for stocks and the China Bond Composite Index for bonds [9][10]. - He tracks daily correlations to manage risks effectively, adjusting positions based on volatility and net asset value movements [10][11]. - The focus on maintaining a stable risk profile allows for better preemptive risk control, enhancing user experience [10][12]. Group 3: Alpha Generation Techniques - In stock selection, Yu utilizes a multi-factor model to enhance returns while adhering to risk management principles [13][22]. - His bond strategy incorporates a riding strategy that capitalizes on the downward movement of yield curves, aiming for capital gains [13][25]. - The introduction of a Long Gamma strategy in convertible bonds allows for the exploitation of the convexity and undervaluation of options, contributing to consistent returns [13][26]. Group 4: Performance Metrics - The Dongfanghong Mingjian Preferred Mixed Fund achieved a net value growth rate of 15.22% in 2024, with an additional 7.39% increase in the first half of the year, significantly outperforming its benchmark [14][30]. - Yu Jianfeng's commitment to risk management is reflected in the strong performance of his funds, which have consistently provided higher returns with controlled risks [14][29]. Group 5: Market Context and Product Demand - In a low-interest-rate environment, low-volatility fixed income plus products are increasingly sought after by investors who prioritize capital preservation alongside reasonable returns [16][17]. - The confidence of fund managers in their own products, as evidenced by significant personal investments, enhances credibility and investor trust [16].