Core Viewpoint - Convertible bonds, known as "convertible corporate bonds," provide a balance of debt protection and equity upside, allowing investors to lock in downside risk while benefiting from stock price appreciation. In the past year, A-shares' recovery has led convertible bond funds to achieve an average annual return of 22.28%, outperforming other fixed-income funds. In a low-interest-rate and volatile bond market, convertible bond funds have garnered significant investor interest. This article introduces two funds that primarily focus on convertible bond strategies, highlighting their differences in asset allocation and security selection, which result in varying risk-return profiles [1]. Group 1: Fund Basic Information - The two funds discussed are the Dongfanghong Ju Li Bond Fund and the Xingquan Convertible Bond Mixed Fund, with the former established in September 2019 and managed by Kong Lingchao, who has 14 years of experience in securities management. The latter has been managed by Yu Miao since January 2019, with 15 years of experience in the same field [3][4]. Group 2: Investment Team - Kong Lingchao has a background in macro interest rates and stock strategy research, while Yu Miao focuses on rights-related assets. Both managers maintain a stable workload, with Kong managing 8 products totaling 25.3 billion and Yu managing 3 products totaling 4.1 billion [4][5]. Group 3: Investment Process - The Dongfanghong Ju Li Bond Fund adopts a bottom-up approach for selecting convertible bonds, while the Xingquan Convertible Bond Mixed Fund has a higher stock allocation limit of 30%. The former can flexibly adjust its convertible bond allocation between 0%-140%, while the latter maintains a stock allocation of 20%-30% and a convertible bond allocation of 50%-65% [7][8]. Group 4: Performance Comparison - Both funds generally maintain lower convertible bond allocation ratios compared to their peers. The Xingquan fund exhibits a more stable stock investment approach, focusing on value style, while the Dongfanghong fund's flexible allocation may underperform during high valuation periods but shows stronger resilience during market volatility [12][13]. Group 5: Fees - Both funds have comprehensive fee rates below the industry average, with the Dongfanghong Ju Li Bond Fund having lower management, custody, and transaction fees compared to the Xingquan Convertible Bond Mixed Fund [15].