Core Insights - The event titled "The Long-Term Viability of 'Fixed Income+' Strategies" was held in Shanghai, focusing on the positioning and future development paths of such products in a low-volatility environment [1] - The current low interest rate and market volatility have led to a "yield drought," prompting investors to seek better returns through 'Fixed Income+' strategies, which combine equity and debt [1][4] - The roundtable featured discussions on achieving better returns while maintaining strict drawdown controls, highlighting the importance of risk management in 'Fixed Income+' products [1][4] Group 1: Investment Strategies - Yujianfeng from Dongfanghong Asset Management employs a unified investment framework that includes a target volatility model and a maximum drawdown control model to manage risk and enhance returns [7][8] - The strategy involves selecting benchmark indices for both stocks and bonds, with a focus on maintaining a low drawdown target of 2%-4% for open-end products [8][10] - Guo Liyan from Huazheng Fund emphasizes the importance of buying quality assets at good prices and dynamically adjusting market risk factors based on market conditions [9][10] Group 2: Risk Management - Yujianfeng argues that the term 'Fixed Income+' should not separate fixed income from equities, as both asset classes can exhibit low correlation, allowing for better risk-adjusted returns [12][13] - Guo Liyan highlights the need for disciplined position sizing and a robust risk management mechanism to prevent 'Fixed Income+' products from turning into 'Fixed Income-' [14][15] - Both managers stress the importance of controlling concentration risk and ensuring that the portfolio is well-diversified to mitigate potential market shocks [10][15] Group 3: Market Outlook - Yujianfeng predicts that the long-term trend of declining interest rates will continue, making it challenging to achieve traditional returns from bonds alone [24][25] - Guo Liyan identifies new economic sectors, such as AI and advanced manufacturing, as key areas for investment, anticipating a shift in market dynamics as these sectors gain prominence [26][27] - The managers agree that while short-term market conditions may present challenges, the focus should remain on long-term structural opportunities within the evolving economic landscape [26][27]

Core Viewpoint - The article discusses the strategies and insights shared by industry experts on how to achieve better returns in a low-volatility environment through "fixed income plus" strategies, emphasizing risk management and disciplined investment approaches [1][2]. Group 1: Strict Control of Drawdown - Two main paths for strict drawdown control are identified: model-based constraints and refined security selection [4]. - The investment framework includes a unified approach across different product types, utilizing a target volatility model and a maximum drawdown control model to manage risk [5][6]. - For low-volatility products, a drawdown target of 2% is considered low, while a range of 2%-4% is aimed for open-end products [6][7]. Group 2: Avoiding "Fixed Income Minus" Risks - The article emphasizes the importance of maintaining a clear risk-return profile to prevent "fixed income minus" scenarios, especially during market upswings [10][11]. - A disciplined position design is crucial, with a focus on maintaining a maximum stock allocation of 12% and the possibility of reducing stock positions to zero when valuations are too high [13][14]. - Daily liquidity and risk management mechanisms are highlighted, including strict evaluation of risk-reward ratios for individual securities [14]. Group 3: Methodological Origins - The investment framework is rooted in asset pricing theory, focusing on managing volatility and diversifying risk rather than relying solely on macro timing [15][16]. - A three-layer system for portfolio construction is proposed, which includes style structure, industry allocation, and individual security selection [18][19][20]. Group 4: Future Outlook in a Low-Interest Rate Environment - The article notes that as interest rates decline, the investment logic for "fixed income plus" products must evolve, with a potential long-term return of 2%-2.5% expected from bonds [23][24]. - The shift towards equity over bonds is suggested as a strategy to achieve higher returns in a low-yield environment, with a focus on sectors like technology and cyclical finance [25][26]. - The importance of balanced allocation and diversification is emphasized, particularly in the context of emerging industries such as AI and robotics [27].

在理财收益率整体下行的市场环境中，"固收+"策略凭借其股债混合的配置特性，日益成为投资者理财替代的重要工具。因此， 基金经理100的首场活动以"固收+"策略为核心议题，来自多家头部公募基金的"固收+"策略负责人、基金经理齐聚一堂，共同探 讨低波时代下该类产品的定位与未来发展路径。 与侧重于战术调整或风格轮动的视角不同，余剑峰的框架透露出浓厚的数理逻辑与组合管理思维，他将风险管理置于收益追求 之前，为"固收+"产品提供了一条更为系统化、纪律化的运作路径。 21世纪经济报道记者杨娜娜 上海报道 " 长期来看，合理的风险管理才是投资领域唯一 ' 免费的午餐 ' 。 " " 我始终坚信资产管理机构的专业性在于对风险的管理。 " 股债混合型产品，本质上是资产配置的问题。需要利用股债资产之间的低相关甚至负相关性，通过组合管理来达到产品设计的 风险收益目标。 " 在10月22日"'固收+'策略的长期生命力"闭门研讨会上，东方红资产管理公募固定收益投资部基金经理余剑峰在题为"低波动下， 如何实现更好的收益？"的圆桌讨论中，分享了自己对"固收+"策略的独特理解。 这场研讨会系"长期投资·价值投资——基金经理100系列高端访谈" ...

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].