Core Viewpoint - The article emphasizes the selection of low-volatility fixed income plus funds as a suitable investment option for medium-term unused funds or remaining amounts from long-term investments, highlighting six recommended funds based on specific criteria [3][22]. Selection Criteria - The funds must have a scale of over 200 million yuan to avoid the risk of liquidation and ensure adequate attention from the fund company [5]. - The maximum drawdown over the past five years should be less than 5% to maintain low volatility [8]. - The equity allocation should be between 5% and 10% to balance between ensuring some equity exposure and minimizing volatility [8]. - The funds should be open-ended and established for more than five years to provide a reliable performance reference [8]. - The annualized return over the past five years should exceed 5% to ensure relatively high returns alongside low volatility [8]. Fund Performance Summary - The selected funds include: - **Huatai Bairui Dingli Mixed A**: Annualized return of 7.78%, maximum drawdown of 4.23%, and a fund size of 3.746 billion yuan [7]. - **Jiaoyin Zengli Enhanced Bond A**: Annualized return of 6.94%, maximum drawdown of 4.68%, and a fund size of 1.2 billion yuan [7]. - **Huaxia Dinghong Bond A**: Annualized return of 5.46%, maximum drawdown of 4.81%, and a fund size of 1.1 billion yuan [7]. - **Southern Songguang A**: Annualized return of 5.30%, maximum drawdown of 2.02%, and a fund size of 200 million yuan [7]. - **Jinying Xinrui Mixed A**: Annualized return of 4.97%, maximum drawdown of 4.08%, and a fund size of 2.4 billion yuan [7]. - **Fengchao Hengli Bond A**: Annualized return of 4.31%, maximum drawdown of 4.14%, and a fund size of 4.17 billion yuan [7]. Investment Advantages - Low-volatility fixed income plus funds offer excellent risk management and drawdown control, resulting in a smoother net value curve for investors [19]. - They provide better return potential than pure bond funds, especially during structural opportunities in the stock market [20]. - These funds serve as a convenient tool for risk-averse investors to achieve a balanced stock-bond allocation without the hassle of manual adjustments [20]. Investment Considerations - The funds may exhibit limited return elasticity and could underperform in a bull market due to their low equity allocation [21]. - They are not entirely "capital-protected," as there remains a risk of loss during extreme market conditions [21]. - The success of these funds heavily relies on the fund manager's ability to make sound asset allocation and security selection decisions [21]. Conclusion - The article concludes that the six identified low-volatility fixed income plus funds are suitable for conservative investment strategies, emphasizing the importance of long-term holding to achieve positive returns despite potential short-term losses [22].

Core Viewpoint - The article discusses the performance and characteristics of low-volatility fixed income plus funds, highlighting their potential for investment based on historical data and metrics such as maximum drawdown and innovation high counts [5][6]. Group 1: Fund Performance Metrics - A total of 94 funds met the criteria of having a stock market value to net asset value ratio greater than 0 but less than 10% and achieved 80 innovation highs from September 1, 2020, to August 31, 2025 [5]. - After filtering for only A shares, 55 funds remained, with notable performance in terms of innovation highs, including Long An Xin Yi Enhanced Mixed A with 633 highs, Penghua Hong Tai Mixed A with 327 highs, and Chuang Jin He Xin Li Mixed A with 294 highs [6]. Group 2: Fund Manager Performance - Among the remaining 28 funds, the top two funds based on annualized return since the fund manager's tenure are managed by Zheng Qing, with returns of 9.87% and 8.01% respectively [8]. - The article lists the performance of these funds, emphasizing the importance of fund manager experience and historical performance in investment decisions [12]. Group 3: Risk and Return Analysis - The article provides a detailed analysis of the funds based on metrics such as annualized return, maximum drawdown, Sharpe ratio, and Calmar ratio, ranking them accordingly [10]. - The fund "E Fund Hengsheng 3-Month Regular Open Mixed" has a 100% institutional holding ratio, indicating strong institutional confidence [11]. Group 4: Top Performing Funds - The top-performing funds based on Sharpe ratio and Calmar ratio include "Huatai Bairui Dingli Mixed A," which has the best data metrics and the largest scale at 117.74 billion [12].

Core Insights - The report highlights a decline in the proportion of individual investors holding equity funds in 2024 compared to 2023, indicating a shift in the investor landscape [1][2][3] Individual Investor Holdings - As of the end of 2024, individual investors held 15.69 trillion units of public funds, accounting for 53.89% of the total, while institutional investors held 13.43 trillion units, representing 46.11% [1] - The share of individual investors in stock funds decreased significantly by 7.29 percentage points, while their holdings in mixed funds and bond funds increased [2] - The most held fund by individual investors was the招商中证白酒指数A, with over 4.8 million holders, where individual investors accounted for 97.91% of the shares [2] Fund Turnover Rates - The overall turnover rate of public funds increased in 2024, with open-end funds showing a turnover rate of 2.3895 times, up from 2.2376 times in 2023 [3][4] - Over 60% of fund companies reported an increase in turnover rates, with 兴合基金 leading at 20.3 times [4] - A total of 63 equity funds had turnover rates exceeding 10 times, primarily those with lower asset sizes [4][5] Fund Manager Strategies - Some fund managers opted for a more static approach, particularly among large funds exceeding 100 billion in size, where only six funds had turnover rates above 1 time [5] - Notably, several large funds, such as 易方达消费行业股票, exhibited very low turnover rates, below 0.2 times [5]