Core Viewpoint - The article discusses the increasing focus on "fixed income +" funds, particularly those utilizing quantitative strategies to enhance returns amid a declining bond market and a stable stock market [1][2]. Group 1: Investment Strategy - The "fixed income +" funds are gaining attention from investors, with a notable shift towards quantitative strategies that aim to capture equity alpha [1]. - Wu Di, the General Manager of the Specific Strategy Investment Department at GF Fund, emphasizes the importance of a quantitative alpha strategy model to optimize stock selection and convertible bond allocation [1][3]. - The investment style of Wu Di is characterized by "stability" and "precision," focusing on small wins to achieve larger victories through meticulous management [2]. Group 2: Performance Metrics - The fund "GF Xinhe" recorded a return of 13.50% in 2024, with a maximum drawdown of only 1.03%, showcasing strong performance in its category [2]. - Over the past year, "GF Xinhe" achieved an 8.11% return, and a 13.82% return over the past two years, ranking among the top in its peer group [2]. Group 3: Quantitative Integration - The integration of quantitative strategies into "fixed income +" funds is becoming a trend, with teams adding quantitative research personnel to enhance stock selection [3][4]. - The introduction of quantitative models allows for comprehensive coverage of market themes and the construction of cost-effective portfolios based on data analysis and factor modeling [3]. Group 4: Risk and Return Management - Balancing returns and drawdowns is a primary challenge in the mid-to-high volatility "fixed income +" strategy, with a focus on the speed of drawdown recovery and the relationship between returns and drawdowns [5]. - Wu Di's team emphasizes four optimization paths: strict credit risk control, maintaining high liquidity assets, diversified investments, and dynamic allocation of high cost-performance assets [5]. Group 5: Future Outlook - The article suggests that the deep integration of quantitative strategies with active management may become a significant trend in the industry, as market conditions continue to evolve [5]. - The company aims to further explore the synergy between quantitative methods and multi-asset strategies to enhance risk control and provide better investment experiences for clients [5].

Core Viewpoint - The "fixed income +" fund market has been experiencing continuous growth since 2025, reaching approximately 1.5 trillion yuan by the end of June, with an increasing number of funds incorporating quantitative strategies [1] Group 1: Fund Performance - The "fixed income +" fund managed by Wu Di, namely Guangfa Xinhao, achieved a one-year return of 8.23% as of July 25, with a maximum drawdown of 1.94%, resulting in a Calmar ratio of 4.28, indicating a favorable risk-return profile [1] - Two other funds managed by Wu Di, Guangfa Hengxiang and Guangfa Jirui, reported net value growth rates of 4.91% and 3.54% respectively over the last six months, significantly outperforming their benchmarks [2] - The maximum drawdown for both Guangfa Hengxiang and Guangfa Jirui was kept under 2%, showcasing excellent risk-return characteristics [2] Group 2: Investment Strategy - The investment strategy for the bond segment involves an active flexible duration approach to enhance win rates in a volatile bond market [3] - For the equity segment, both stocks and convertible bonds are managed using quantitative long strategies, employing data analysis, factor modeling, and deep learning to cover various market themes comprehensively [3] Group 3: Asset Allocation - Guangfa Hengxiang limits its equity investments to no more than 20% of its total assets, with a maximum of 50% of that in Hong Kong stock connect stocks, while Guangfa Jirui also maintains a similar cap on equity investments [2] - As of the latest disclosures, Guangfa Hengxiang's equity investments accounted for nearly 18% of its assets, with stock investments at approximately 9.41% and convertible bonds at 8.07% [2] - Guangfa Jirui's equity investments totaled around 10%, with stock investments at about 5.24% and convertible bonds at 4.64% [2]

Core Viewpoint - The "fixed income +" fund market has been experiencing continuous growth since 2025, reaching approximately 1.5 trillion yuan by the end of June, with an increasing number of funds incorporating quantitative strategies [1] Group 1: Fund Performance - The "fixed income +" funds managed by Wu Di, including Guangfa Xinhao, Guangfa Hengxiang, and Guangfa Jirui, have shown strong performance, with Guangfa Xinhao achieving a one-year return of 8.23% and a maximum drawdown of 1.94% as of July 25 [1] - Guangfa Hengxiang and Guangfa Jirui, which Wu Di took over on May 7, reported net value growth rates of 4.91% and 3.54% over the last six months, significantly outperforming their benchmarks [2] - The maximum drawdown for both Guangfa Hengxiang and Guangfa Jirui was kept under 2%, indicating excellent risk-return characteristics [2] Group 2: Investment Strategy - The investment strategy for "fixed income +" funds requires high standards for both bond and equity investments, utilizing an active duration strategy in the bond market to enhance win rates [3] - On the equity side, a quantitative long strategy is employed, leveraging data analysis, factor modeling, and deep learning to cover various market themes comprehensively [3] Group 3: Asset Allocation - Guangfa Hengxiang limits its equity investments to no more than 20% of total assets, with a maximum of 50% in Hong Kong stock connect stocks, while Guangfa Jirui also maintains a similar cap on equity assets [2] - As of the latest reports, Guangfa Hengxiang's equity investments accounted for nearly 18% of total assets, with stock investments at approximately 9.41% and convertible bonds at 8.07% [2] - Guangfa Jirui's equity investments totaled around 10%, with stock investments at about 5.24% and convertible bonds at 4.64% [2]

Group 1 - The core viewpoint is that the "fixed income +" fund scale has been continuously growing, reaching approximately 1.5 trillion yuan by the end of June 2025, benefiting from a favorable stock market [1] - The introduction of quantitative strategies in "fixed income +" products is increasing, with models optimizing stock and convertible bond investments to enhance returns while controlling drawdowns [1] - The performance of the "fixed income +" funds managed by Wu Di shows a one-year return of 8.23% for Guangfa Xinhao, with a maximum drawdown of 1.94% and a Calmar ratio of 4.28, indicating a good risk-return profile [1] Group 2 - Guangfa Hengxiang and Guangfa Jirui, managed by Wu Di since May 7, have also achieved good performance, with net value growth rates of 4.91% and 3.54% respectively over the last six months, significantly outperforming their benchmarks [2] - The investment in equity assets for Guangfa Hengxiang is capped at 20% of the fund's assets, with recent reports showing an equity investment ratio of nearly 18%, including approximately 9.41% in stocks and 8.07% in convertible bonds [2] - The top ten holdings of Guangfa Hengxiang and Guangfa Jirui exhibit characteristics of industry and individual stock diversification, with the total market value of the top ten holdings being relatively low compared to the fund's net value [2] Group 3 - The "fixed income +" strategy imposes high requirements for both bond and equity investments, utilizing an active flexible duration strategy in the bond market to enhance win rates through refined trading [3] - For equity investments, the strategy employs quantitative long strategies, leveraging data analysis, factor modeling, and deep learning to cover various market themes comprehensively [3]