Core Viewpoint - The "fixed income plus" funds have gained popularity among investors, particularly those with lower risk tolerance, due to their unique advantage of balancing risk and return amid market volatility, as evidenced by the growth in total assets of these funds from 1.38 trillion yuan to 1.48 trillion yuan in the second quarter of this year [1][2]. Group 1: Market Performance - The A-share market has successfully risen above 3,800 points since the rebound at the end of September last year, although volatility remains present, such as a pullback at the end of the first quarter this year [1]. - As of the end of August, the average return of 1,647 "fixed income plus" funds over the past year was 9.63%, with an overall positive return rate of 99% and an average maximum drawdown of -2.51% [2]. Group 2: Fund Characteristics - "Fixed income plus" funds are characterized by their focus on stability and pursuit of returns, making them suitable for conservative investors and as a foundational investment for more aggressive investors [1][2]. - Investors are advised to select funds with a stable style and clear strategies that have been tested in the medium to long term [2]. Group 3: Fund Performance Examples - The Guofu Hengrui Bond Fund, managed by Zhao Xiaodong, achieved a one-year return of 10.71% and a three-year return of 15.97%, outperforming the average returns of similar funds [3]. - The maximum drawdown for the Guofu Hengrui Fund was -2.32% over the past year and -3.77% over three years, both lower than the average maximum drawdowns of comparable funds [3]. - Other funds under the same product line, such as Guofu Xinyi Yield and Guofu Anyi Stable 6-Month Holding, also demonstrated solid performance with one-year returns of 8.47% and 7.06%, respectively, and significantly lower maximum drawdowns compared to their peers [3].

Core Viewpoint - The article discusses the significant divergence in performance among bond funds, attributing it to the different "schools" or types of bond funds available in the market [1]. Summary by Category Bond Fund Types - **Short to Medium-Term Bond Funds**: Focus on bonds with maturities of 1-3 years, primarily investing in high-rated government bonds and credit bonds. They generally offer annualized returns higher than money market funds, suitable for short-term capital (half a year to 1 year) and conservative investors. High liquidity allows for easy redemption [1]. - **Long-Term Bond Funds**: Invest in bonds with maturities of 5-10 years, typically offering annualized returns higher than short to medium-term bond funds. These funds are suitable for long-term idle capital and investors who can tolerate volatility over a period of 1 year or more [2]. - **Pure Bond Index Funds**: Track specific bond indices (e.g., government bonds, policy bank bonds) and generally provide slightly lower returns than actively managed funds. They are suitable for investors preferring transparency and low-cost allocation, with moderate liquidity requiring attention to index rebalancing cycles [2]. - **Enhanced Bond Funds**: Comprise at least 80% bonds and may include convertible bonds or stocks (up to 20%). They typically offer higher returns than pure bond indices and are suitable for investors seeking yield enhancement while being able to accept short-term drawdowns [2]. - **Mixed Bond Funds**: Invest 60%-80% in bonds and 20%-40% in stocks, generally exhibiting higher volatility. They are suitable for investors with strong risk tolerance and are recommended for long-term holding (3 years or more) [2].