Core Viewpoint - The article highlights the increasing demands on "fixed income +" strategy managers due to global macroeconomic fluctuations and structural changes in domestic capital markets, emphasizing the importance of capturing enhanced returns while controlling net value drawdowns [1] Group 1: Investment Strategy - The core fund manager of Tianhong Fund's "fixed income +" team, Du Guang, focuses on defensive strategies, maintaining a low valuation and high dividend investment capability in stock allocations, and cautiously positioning in convertible bonds to capture structural opportunities [1] - Du Guang's investment philosophy is rooted in value investing and proficient use of multi-asset tools, leading to stable performance in multiple "fixed income +" products, with notable yield elasticity [1] - The Tianhong Multi-Asset Income A fund managed by Du Guang achieved net value growth rates of 22.96% and 36.93% over the past 3 and 5 years, respectively, significantly outperforming its benchmarks [1] Group 2: Convertible Bonds - Convertible bonds are a key tool for Du Guang in enhancing returns, with a strategy focused on risk avoidance, particularly in a market where valuations are at historical highs [2] - Du Guang has reduced non-bank convertible bond positions to historically low levels to avoid "permanent capital loss," prioritizing risk management [2] - In equity investments, Du Guang concentrates on "monopolistic and semi-monopolistic excellent assets," with an overall ROE of 16% and a PE ratio of 8-10 times, alongside a dividend yield of 4%-5% [2] Group 3: Research and Collaboration - Du Guang's investment practices are integrated within Tianhong Fund's platform-based and systematic "fixed income +" research ecosystem, which is a core strategic direction for meeting investors' needs for stable returns [3] - The company has established a collaborative research platform that integrates macro strategy, fixed income, and mixed asset departments, supported by credit research, equity investment, and industry research departments [3] - This platform allows fund managers with different styles to focus on executing and optimizing investment strategies while leveraging shared resources and specialized research depth [3]